Major Line Item definition

Major Line Item means, with respect to any Budget, the following major expense line items in such Budget: (i) administration (labor), (ii) administration (other), (iii) Scheduled and Routine Maintenance (including labor costs), (iv) outage costs, (v) regular labor (operations), (vi) Monthly Management Fee, (vii) utilities, (viii) auxiliary power, and (ix) other.

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Major Line Item shall have the meaning set forth in Section 2.2(b).

Major Line Item means one identified as such in an approved Annual Budget. In the event that Manager shall at any time determine that an expenditure is required that will not conform to the foregoing guidelines, Manager shall notify the Venture in writing of such expenditure, and the Venture shall within five (5) business days after receipt of such notice to reply to such notice. Unless the Venture shall reply to such notice by approving the expenditure within said five (5) business day period, the Venture shall be deemed not to consent to such expenditure. Notwithstanding the foregoing, Manager may make all expenditures necessary, whether or not within the guidelines set forth hereinabove or provided for in the Annual Budget, for any expenditure of an emergency nature as provided in Section 2.4 hereof. At any time that Manager determines that there is not sufficient income to cover current operating expenses, it shall promptly notify the Venture. Manager shall further provide such other financial information respecting actual operations of the Property as is reasonably requested by the Venture. As used in this Agreement, the fiscal year of the Venture shall be the calendar year unless and until the Venture gives Manager written notice of any change thereto in the manner provided for herein.

Examples of Major Line Item in a sentence

• The cost of any such insurance obtained by Operator in accordance with the preceding sentence shall be reimbursed or paid by Owner pursuant to Article V and shall not be included in the amount spent for purposes of determining, pursuant to Section 3.4, 5.1(b), 5.1(c) or 5.1(d) whether expenditures are more than 10% in excess of the aggregate amount of the Budget or the relevant Major Line Item, if applicable.

• Any costs incurred by Operator in responding to such requests shall be reimbursed or paid by Owner pursuant to Article V and shall not be included in the amount spent for purposes of determining, pursuant to Section 3.4, 5.1(b), 5.1(c) or 5.1(d), whether expenditures are more than 10% in excess of the aggregate amount of the Budget or the relevant Major Line Item, if applicable.

• Any such costs incurred by Operator shall be reimbursed or paid by Owner pursuant to Article V and shall not be included in the amount spent for purposes of determining, pursuant to Section 3.4, 5.1(b), 5.1(c) or 5.1(d) whether expenditures are more than 10% in excess of the aggregate amount of the Budget or the relevant Major Line Item, if applicable.

• Any costs incurred by Operator in handling any such event or emergency shall be reimbursed or paid by Owner pursuant to Article V and shall not be included in the amount spent for purposes of determining, pursuant to Section 3.4, 5.1(b), 5.1(c) or 5.1(d), whether expenditures are more than 10% in excess of the aggregate amount of the Budget or the relevant Major Line Item, if applicable.

• The cost of any such insurance obtained by Operator in accordance with the preceding sentence shall be reimbursed or paid by Owner pursuant to Article V and shall not be included in the amount spent for purposes of determining, pursuant to Sections 3.4, 5.1(b), 5.1(c) or 5.1(d) whether expenditures are more than 10% in excess of the aggregate amount of the Budget or the relevant Major Line Item, if applicable.

• Any costs incurred by Operator in handling any such event or emergency shall be reimbursed or paid by Owner pursuant to Article V and shall not be included in the amount spent for purposes of determining, pursuant to Sections 3.4, 5.1(b), 5.1(c) or 5.1(d), whether expenditures are more than 10% in excess of the aggregate amount of the Budget or the relevant Major Line Item, if applicable.

• Costs enumerated in this Section 5.1(b)(xii) shall be reimbursed or paid by Owner pursuant to this Article V and shall not be included for purposes of determining whether expenditures are more than ***** in excess of the aggregate amount of the Budget or the relevant Major Line Item, if applicable; *** Certain information on this page has been omitted and filed separately with the SEC.

• Any such costs incurred by Operator shall be reimbursed or paid by Owner pursuant to Article V and shall not be included in the amount spent for purposes of determining, pursuant to Sections 3.4, 5.1(b), 5.1(c) or 5.1(d) whether expenditures are more than 10% in excess of the aggregate amount of the Budget or the relevant Major Line Item, if applicable.

More Definitions of Major Line Item

Major Line Item. As defined in Article I of the Operating Agreement.

Major Line Item means those line items to be specified by the Board acting in respect of a Major Decision in connection with the approval of the Novation Date Business Plan and Budget.

Major Line Item with respect to the Budget means the following categories: (i) payroll, (ii) taxes, (iii) insurance, (iv) general and administrative, (v) property management fees, (vi) repairs and maintenance, (vii) capital expenditures/tenant improvements, and (viii) utility costs.