Compliance with Budgets. As of the end of each week, the aggregate amount of actual disbursements for operating expenses by members of the Transit Group during the period from the Closing Date to the end of such week shall not exceed the budgeted amounts for such period (as set forth in the related Initial Transit Budget, Second Transit Budget or Transit Budget, as the case may be) by more than (i) five percent (5%) for all budgeted line items in the aggregate and (ii) ten percent (10%) for any individual line item on such budget (such line items as to which such variance requirement shall apply to be determined by the Administrative Agent in its sole discretion).
Compliance with Budgets. 40 Section 5.13 Transit Payment Accounts; Payments....................................................41 Section 5.14 Payment of Taxes, Etc.................................................................41 Section 5.15
Compliance with Budgets. 50 7.15 TP&S Payment Account; Bonded Receivables; Payments; Reinvestment Account.......................50 7.16 Payment of Taxes, Etc..........................................................................51
Compliance with Budgets. Approved budgets shall be used by Operator as a guide for the actual operation of the Property. Written approval from Owner’s Executive Officer or such other person as Owner’s Executive Officer may designate shall be required to exceed any expense which exceeds the budgeted annual amount for that line item. Notwithstanding the foregoing, any increase in a Property expense which does not increase the budgeted amounts for such expense by more than 5% and which, when combined with any decreases in budgeted amounts made by Operator, does not cause an increase in the overall budget, shall not require approval.
Compliance with Budgets. The Annual Budget, after approval by Owner, shall be used by Operator as a guide for the actual operation of the Property. Except as expressly provided otherwise in this Agreement, Operator agrees not to make any expenditure for the maintenance and operation of the Property which would result in either (A) a particular category of the Annual Budget being exceeded by more than five percent (5%), (B) the amount of total expenditures under the Annual Budget being exceeded by more than five percent (5%), or (C) the debt coverage ratio for the year being below Owner's Debt Coverage Ratio, without in each case obtaining the prior written approval of Owner. For purposes of the preceding sentence, the debt coverage ratio for the year shall equal (i) the gross income of the Property for the year as defined in the attached Exhibit A less all operating expenses for the year, divided by (ii) the total debt service payments for the year. The operating expenses in the calculation of the debt coverage ratio for the year shall include all Owner paid expenses of which Owner advises Operator before preparation of the Annual Budget for the fiscal year, all operating expenses paid by Operator, and all management fees; the operating expenses shall exclude debt service and the cost of capital improvements. Owner may change the method of calculation of the debt coverage ratio by written notice to Operator from time to time.
Compliance with Budgets. 43 Section 5.13
Compliance with Budgets. Manager will use commercially reasonable efforts to cause the actual cots of maintaining and operating the Project not to exceed the applicable Budget in the aggregate (with the Operating Budget to be prorated on a daily basis for partial months).
Compliance with Budgets. As of the end of each week, the aggregate amount of actual disbursements for operating expenses by members of the TP&S Group during the period from the Closing Date to the end of such week shall not exceed the budgeted amounts for such period (as set forth in the related Initial TP&S Budget, Second 45-Day Budget or TP&S Budget, as the case may be) by more than (i) five percent (5%) for all budgeted line items in the aggregate and (ii) ten percent (10%) for any individual line item on such budget (such line items as to which such variance requirement shall apply to be determined by the Administrative Agent in its sole discretion).
Compliance with Budgets. Comply with the terms and requirements of the Budgets, PROVIDED THAT the total expenses paid by Borrower may exceed the total expenses set forth in the Budgets by not more than 5%, and provide an update to the Permanent Budget to Agent and Lenders every 30 days following the effective date of the Permanent Budget, which updates shall be satisfactory to Agent and Lenders in their sole discretion.
Compliance with Budgets. Except as otherwise expressly permitted under this Agreement, (i) incurring costs for Costs of Operation that are in excess of one-hundred and five percent (105%) of the applicable Annual Budget or (ii) incurring costs for Costs of Capital Improvements that are materially different from, or in excess of one-hundred and five percent (105%) of, the applicable Annual Budget.
