Budget Amount definition

Budget Amount means, as of any date of determination during any month, an amount equal to the difference between (i) the product of (A) 115% and (B) the “Cumulative Use of DIP Financing” set forth in the Budget for the last day of the applicable month and (ii) the aggregate principal amount of all mandatory prepayments made prior to such date of determination pursuant to Section 2.07(a) that result in a permanent reduction of the Loans.

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Budget Amount means the amount set forth on Exhibit “B” as the amount budgeted for the completion of LESSOR’S WORK and the amount budgeted for each individual component of LESSOR’S Work; provided, however, in the event LESSEE requests any changes to the scope of LESSOR’S Work set forth on Exhibit “B”, LESSOR and LESSEE shall mutually agree to a revised budgeted amount (the “New Budget Amount”) based upon the additions or deletions, as applicable, requested by LESSEE to the scope of LESSOR’S Work. LESSEE shall reimburse LESSOR for the amount of the New Budget Amount which exceeds Five Hundred Twenty-Five Thousand and No/100 Dollars ($525,000). Following the completion of LESSOR’S WORK, LESSOR shall provide to LESSEE copies of all invoices for LESSOR’S Work evidencing the total cost of LESSOR’S Work. In addition to the Improvement Allowance, LESSOR acknowledges that LESSEE is negotiating with certain governmental and quasi-governmental authorities for certain incentives (the “Incentives”) for relocating LESSEE’S distribution business to the City of Franklin, ▇▇▇▇▇▇▇ County, Kentucky. A portion of the Incentives may be paid in the form of a reimbursement for certain of the costs incurred by LESSOR in completing certain portions of LESSOR’S Work. LESSOR acknowledges and agrees that all such Incentives shall belong to LESSEE and in the event any of the Incentives are paid to LESSOR, such Incentives shall immediately be paid by LESSOR to LESSEE. The Incentives shall be in addition to the Improvement Allowance payable by LESSOR to LESSEE hereunder and in no event shall the Incentives reduce the amount of the Improvement Allowance payable by LESSOR to LESSEE. If LESSOR fails to pay the Improvement Allowance or any portion of the Incentives paid to LESSOR as set forth above, then the unpaid portion thereof shall accrue interest at the Default Rate (as defined below) until paid and, in addition to all other remedies available to LESSEE hereunder as the result of a default by LESSOR, at LESSEE’s option, LESSEE may offset the unpaid portion thereof, and all interest accrued thereon, against the rent payable hereunder. As used herein, the “Default Rate” shall mean the rate of interest equal to the lesser of (i) the maximum rate permitted by law or (ii) fifteen percent (15%) per anum.

Budget Amount means, as of any date of determination during any month, an amount equal to the difference between (i) the product of (A) 115% and (B) the "Cumulative Use of DIP Financing" set forth in the Budget for the last day of the applicable month and (ii) the aggregate principal amount of all mandatory prepayments made prior to such date of determination pursuant to Section 2.07(a) that result in a permanent reduction of the Loans.

Examples of Budget Amount in a sentence

• If a deficiency remains after application 1 of these funds, then either (i) the City may elect to advance the deficiency (in which event it may 2 later recover the advance, with interest at the Prime Rate plus two (2) percentage points, from 3 amounts otherwise payable in the future into the Budget Amount; or (ii) the City may terminate 4 this Agreement and cease use of the Coliseum as a Spectator Facility.

• In no event shall the City be obligated to 24 spend more than the Budget Amount (together with any unspent Budget Amounts from prior 25 Fiscal Years that have been carried forward) in any applicable Fiscal Year.

• If the City notifies PDC of 5 its election to trigger option (ii), PDC may instead advance the deficiency, in which event this 6 Agreement shall remain in effect and PDC shall be entitled to recover the advance, with interest 7 at the Prime Rate plus two (2) percentage points, from amounts otherwise payable in the future 8 into the Budget Amount.

• From that disbursement to the 5 City, one-half (1/2) shall be designated by the City for Capital Improvements and identified in 6 the Budget Amount, and the other one-half (1/2) shall be designated by the City for general City 7 purposes not limited to use in or for the Coliseum.

• If the Damage Estimate is less than the then 19 unused balance of the Budget Amount, then the damage shall be Restored by the City pursuant to 20 this Section 11 and the City shall disburse from the Budget Amount the amount of the actual cost 21 of the Restoration.

• The City and PDC shall meet 3 expenses for the upcoming Fiscal Year along with a list of potential projects on which the City 4 may elect to spend all or part of the Budget Amount or on which PDC may elect to spend sums 5 related to Repair and Maintenance of the Coliseum, or both.

• All unused funds remaining in the Budget Amount 2 shall be applied to any remaining deficiency.

• In the event the 29 Condemnation award is insufficient to cover the cost of the Restoration, all remaining funds in 30 the Budget Amount shall be applied to the deficiency.

• Further, the City’s 26 payment of any Budget Amount (and carried over unspent Budget Amounts) is subject to PDC 27 having first satisfied its funding obligations under Section 4.5.4. Any unspent Budget Amount in 1 a Fiscal Year shall be carried over to the next Fiscal Year and be additive to the next Fiscal 2 Year’s Budget Amount.

More Definitions of Budget Amount

Budget Amount. Funding Source: Public Saftey Fund 03 and General Fund 01 This agreement will eliminate dispatch services currently performed by Lebanon PD and move those services to the Laclede County Dispatch Center, eliminating the transfer of emergency calls between dispatch centers. This will reduce overall expenses for dispatch services for the community as a whole and greatly improve service delivery. Dispatch consolidation is expected to be complete by 12/31/2024. This agreement creates an advisory board to assist with these services. The annual expense to the city is $450,000 with an annual adjustment based upon CPI with a not to exceed 5% clause. Of these funds $50,000 will be dedicated to a capital fund for future needs at the dispatch center. The county follows the same guidelines for increases in operating costs as well as capital reserve requirements. The City will cover any expenses associated with consolidating call data from our software to county software. This agreement does not contain a term but does contain a 2 year cancellation clause.

Budget Amount. Means the estimated expenditure amount developed by Contractor and which has been approved for funding by Owner.

Budget Amount is defined in Section 4.5.7.