Midyear Adjustment. 9.03.1 In addition to the provisions of Sections 9.02 and 9.04, the Authority shall have the right to adjust the estimated rates for rentals, fees, and charges payable by the Signatory Airlines at the midpoint of each Fiscal Year in accordance with this Section 9.03.
9.03.2 Approximately sixty (60) days prior to the end of the sixth month of the then current Fiscal Year, the Authority shall re-estimate the rates for rentals, fees, and charges payable hereunder, applicable to the last six months of
Midyear Adjustment. City will provide quarterly budget updates to airlines. If it appears to City during the course of any Fiscal Year, that the budgeted expenses or projected levels of airline activity City used to calculate the rents, fees, and charges set forth above are likely to vary by more than ten percent (10%) from actual results, City may make adjustments to such rents, fees, and charges at midyear. City shall provide Airline with at least thirty (30) days' advance written notice of any adjustments to be made under this paragraph, which shall include accompanying budget variances and calculations to demonstrate need for adjustment and resulting change in rates, fees and charges. Any such mid-year adjustment will be effective the first day of the month following notification period.
Midyear Adjustment. In the event revenues vary substantially and negatively from the amount projected in the Business Plan, Owner shall have the authority to request, negotiate and approve a midyear adjustment to the Business Plan.
