Permitted Overruns. Whenever any provision of this Agreement permits the Manager to make an expenditure or conduct a Development Activity or other operation as provided in the Budget, the Manager will be deemed to have made such expenditure or conducted such Development Activity or other operation in accordance with the Budget if (1) the aggregate expenditures during any Budget period do not exceed the amount set forth in the approved Budget for such Budget period for such Development Activity or other operation by more than 10.0% or (2) the expenditure(s) are reasonably determined by the Manager to be required in connection with an Emergency pursuant to Section 7.4; provided that in the event of an expenditure under (d)(1) or (d)(2), Manager shall promptly inform Owner of such expenditure and the reasons therefor.
Appears in 4 contracts
Samples: Management Services Agreement (Energy 11, L.P.), Management Services Agreement (Energy 11, L.P.), Management Services Agreement (Energy 11, L.P.)
