Permitted Budget Variance definition

Permitted Budget Variance means, with respect to any top level line item category in the Approved Budget (e.g., ADV-Leasing-Resident expense, Administrative Expenses, Property Maintenance Exp, Utility, Payroll, Real Estate Taxes, Property Insurance, Property Management Fees and Total Debt Service or such similar categories to be agreed upon in the Approved Budget) then in effect, an amount in excess of 15% of such line item; provided, however, that the aggregate of all line item variance shall not exceed 10% of the total expenses in the Approved Budget.
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Permitted Budget Variance means any variance in any of specified cost, expense or disbursement in the Approved Budget if after giving effect to such variance and all other expected variances to the Approved Budget, the aggregate amount of costs, expenses and disbursements are reasonably expected to not exceed the aggregate costs, expenses and disbursements in the Approved Budget plus 10%.
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Permitted Budget Variance means, for any Business Segment, the amount reflected on Schedule 7.15 opposite such Business Segment under the heading “Permitted Budget Variance” by which such Business Segment’s actual Cumulative Net Cash Flow in any Variance Period is permitted to be less than the forecasted Cumulative Net Cash Flow for such Variance Period as set forth in the Budget. To the extent actual Cumulative Net Cash Flow is greater than forecasted for any applicable Variance Period and applicable Business Segment, then such variance is permitted for purposes of the Loan Documents.
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Examples of Permitted Budget Variance in a sentence

  • From and after June 4, 2010, FC Golf shall use the proceeds of the extensions of credit under the Textron DIP Loan only for the purposes specifically set forth in the Textron DIP Loan Documents and this Final Order and in strict compliance with the Budget, subject to the Permitted Budget Variance, as limited pursuant to the terms hereof.

  • Proceeds of the Textron DIP Loan shall be used, in each case in a manner consistent with the terms and conditions of the Textron DIP Loan Documents, and in strict compliance with the Interim Budget (limited pursuant to this Interim Order to the Interim Period), subject to the Permitted Budget Variance, solely for the purposes set forth in the Interim Budget.

  • Proceeds of the DIP Loan shall be used, in each case in a manner consistent with the terms and conditions of the DIP Loan Documents, and in strict compliance with the Fifth Interim Budget (limited pursuant to this Fifth Interim Order to the Fifth Interim Period), subject to the Permitted Budget Variance, solely for the purposes set forth in the Fifth Interim Budget.

  • The proceeds of the Textron DIP Loan (net of any amounts used to pay fees, costs and expenses authorized under the Textron DIP Loan Documents) shall be used, in each case in a manner consistent with the terms and conditions of the Textron Term Sheet and the Textron DIP Loan Documents, and in accordance with the Budget and this Final Order , subject to the Permitted Budget Variance, solely for purposes set forth in the Budget.

  • From and after June 4, 2010, the Debtors shall use the proceeds of the extensions of credit under the DIP Loan only for the purposes specifically set forth in the DIP Loan Documents and this Third Interim Order and in strict compliance with the Third Interim Budget, subject to the Permitted Budget Variance, as limited pursuant to the terms hereof.

  • The Debtor may use the DIP Loan for payment of expenses other than those set forth in the Budget or in amounts greater than the Permitted Budget Variance only with prior written consent of the DIP Lender.

  • From and after June 4, 2010, FC Golf shall use the proceeds of the extensions of credit under the Textron DIP Loan only for the purposes specifically set forth in the Textron DIP Loan Documents and this Interim Order and instrict compliance with the Interim Budget, subject to the Permitted Budget Variance, as limited pursuant to the terms hereof.

  • The proceeds of the loan document (net of any amounts used to pay fees, costs and expenses under the Commitment Letter) shall be used, in each case, in a manner consistent with the terms and conditions of the loan documents, and in accordance with the Budget and this Interim Order, subject to the Permitted Budget Variance.

  • Subject to the Annual Budget and the Permitted Budget Variance or as may be approved in writing by KBS Member, the Managing Member shall not expend on behalf of the Company or any Subsidiary more than what it in good faith believes to be the fair and reasonable market value at the time and place of contracting or any goods purchased or services engaged on behalf of the Company or any Subsidiary.

  • Proceeds of the Textron DIP Loan shall be used, in each case in a manner consistent with the terms and conditions of the Textron DIP Loan Documents, and in strict compliance with the Budget, subject to the Permitted Budget Variance, solely for the purposes set forth in the Budget.


More Definitions of Permitted Budget Variance

Permitted Budget Variance means, with respect to any Annual Budget, any disbursement of funds in any amount that would not result in a particular line item being exceeded 10% of such line item for the year in question or the total Annual Budget being exceeded by more than 5% in the aggregate.
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Permitted Budget Variance means any changes in budget line items (or new budget line items in the case of clause (i) below) (i) in amounts equal to the cost of any Emergency Repairs, (ii) to account for increases in Taxes, Insurance Premiums and utilities expenses and union wage and benefit costs, and (iii) up to ten percent (10%) of any other line item, provided in no event shall the aggregate amount of all such changes result in increases exceeding five percent (5%) of the aggregate amount set forth in the most recent Approved Annual Budget.
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Permitted Budget Variance means the percentage deviation for certain operating expenditure line items in the Budget as set forth in Section 5.17.
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Permitted Budget Variance shall have the meaning set forth in the Senior Loan Agreement.
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Permitted Budget Variance means a change or modification to the Approved Annual Budget (i) to address an emergency at the Property, which expenditure is necessary for the preservation or safety of the Property or persons or to avoid suspension of necessary services to the Property, (ii) to reallocate realized cost savings among line items, and (iii) to address a request from Xxxxxxxxx under the Bloomberg Lease that is not otherwise set forth in the Approved Annual Budget, but that will be fully reimbursed by Bloomberg to Borrower as a “pass-through” expense, and (iv) to reallocate up to ten percent (10%) of any line item; provided, however, in no event shall the aggregate amount of all such changes or modifications result in an increase exceeding five percent (5%) of the aggregate amount set forth in the last Approved Annual Budget actually approved by Lender.
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Related to Permitted Budget Variance

  • Capital Expenditure Budget shall constitute an estimate for the applicable period of the capital expenditures required to (i) accomplish capital enhancement projects included in the most recently approved Strategic Plan, (ii) maintain and preserve the Partnership's assets in good operating condition and repair and (iii) achieve or maintain compliance with any HSE Law.

  • Permitted Capital Expenditures has the meaning given that term in Section 9.12(b).

  • Permitted Variance has the meaning given in Section 6.15.

  • Expansion Capital Expenditures means cash expenditures for Acquisitions or Capital Improvements. Expansion Capital Expenditures shall include interest (including periodic net payments under related interest rate swap agreements) and related fees paid during the Construction Period on Construction Debt. Where cash expenditures are made in part for Expansion Capital Expenditures and in part for other purposes, the General Partner shall determine the allocation between the amounts paid for each.

  • Capital Expenditure means expenditure on: a) the acquisition of land and buildings; b) the erection, enlargement, improvement or demolition of any building including fixed plant, installation, wall, fence or other structure, or any playground or hard standing;

  • Net Capital Expenditures means for any period the amount by which Capital Expenditures during such period exceeds reimbursements for such items during such period from any fund established pursuant to the Loan Documents.

  • Maintenance Capital Expenditure means cash expenditures (including expenditures for the construction of new capital assets or the replacement, improvement or expansion of existing capital assets) by a Group Member made to maintain, over the long term, the operating capacity or operating income of the Partnership Group. For purposes of this definition, “long term” generally refers to a period of not less than twelve months.

  • Capital Budget has the meaning given in Section 3.11(a).

  • Budget means a resource, expressed in financial terms, proposed by the Board for the purpose of carrying out, for a specific period, any or all of the functions of the Trust.

  • DIP Budget means a projected statement of sources and uses of cash for the Borrower and the Guarantors on a weekly basis for the following 13 calendar weeks. As used herein, “DIP Budget” shall initially refer to the initial 13-week projection delivered in accordance with Section 6.2 and thereafter shall refer to the most recent 13-week projection delivered by the Borrower in accordance with Section 9.1(c).

  • Maintenance Capital Expenditures means cash expenditures (including expenditures for the addition or improvement to the capital assets owned by any Group Member or for the acquisition of existing, or the construction of new, capital assets) if such expenditures are made to maintain, including over the long term, the operating capacity or revenues of the Partnership Group.

  • BASE budget means the minimum general fund budget of a district, which includes 80% of the basic

  • Approved Budget means an annual budget-

  • Capital Expenditures means, with respect to any Person for any period, the aggregate amount of all expenditures (whether paid in cash or accrued as a liability) by such Person during that period for the acquisition or leasing (pursuant to a Capital Lease) of fixed or capital assets or additions to property, plant, or equipment (including replacements, capitalized repairs, and improvements) which should be capitalized on the balance sheet of such Person in accordance with GAAP.

  • Permitted Business Acquisition means any acquisition of all or substantially all the assets of, or all or substantially all the Equity Interests (other than directors’ qualifying shares) not previously held by the Borrower and its Subsidiaries in, or merger, consolidation or amalgamation with, a person or division or line of business of a person (or any subsequent investment made in a person or division or line of business previously acquired in a Permitted Business Acquisition), if immediately after giving effect thereto: (i) no Event of Default under clause (b), (c), (h) or (i) of Section 7.01 shall have occurred and be continuing or would result therefrom, provided, however, that with respect to a proposed acquisition pursuant to an executed acquisition agreement, at the option of the Borrower, the determination of whether such an Event of Default shall exist shall be made solely at the time of the execution of the acquisition agreement related to such Permitted Business Acquisition; (ii) all transactions related thereto shall be consummated in accordance with applicable laws; (iii) with respect to any such acquisition or investment with cash consideration in excess of $50,000,000, the Borrower shall be in Pro Forma Compliance immediately after giving effect to such acquisition or investment and any related transaction; (iv) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by Section 6.01; (v) to the extent required by Section 5.10, any person acquired in such acquisition, if acquired by the Borrower or a Domestic Subsidiary, shall be merged into the Borrower or a Subsidiary Loan Party or become upon consummation of such acquisition a Subsidiary Loan Party; and (vi) the aggregate cash consideration in respect of such acquisitions and investments in assets that are not owned by the Borrower or Subsidiary Loan Parties or in Equity Interests of persons that are not Subsidiary Loan Parties or do not become Subsidiary Loan Parties, in each case upon consummation of such acquisition, shall not exceed the greater of (x) $150,000,000 and (y) 0.05 times the EBITDA calculated on a Pro Forma Basis for the then most recently ended Test Period (excluding for purposes of the calculation in this clause (vi), (A) any such assets or Equity Interests that are no longer owned by the Borrower or any of its Subsidiaries and (B) acquisitions and investments made at a time when, immediately after giving effect thereto, the Net Total Leverage Ratio on a Pro Forma Basis would not exceed 3.15 to 1.00, which acquisitions and investments shall be permitted under this clause (vi) without regard to such calculation).

  • Investment Capital Expenditures means capital expenditures other than Maintenance Capital Expenditures and Expansion Capital Expenditures.

  • Business Plan means the information required to be supplied to the

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.

  • Consolidated Capital Expenditures means, for any period, the aggregate of all expenditures of Company and its Subsidiaries during such period determined on a consolidated basis that, in accordance with GAAP, are or should be included in “purchase of property and equipment or similar items”, or that should otherwise be capitalized, as reflected in the consolidated statement of cash flows of Company and its Subsidiaries.

  • Consolidated Maintenance Capital Expenditures means, for any period, the aggregate amount of expenditures for additions to property, plant, and equipment that are not Consolidated Expansion Capital Expenditures.

  • Approved Capital Expenditures means Capital Expenditures incurred by Borrower and either (i) included in the Approved Annual Budget or (ii) approved by Lender, which approval shall not be unreasonably withheld or delayed.

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each, and clearly allocate requested grant funding and match contributions to each.

  • Permitted Business Investment means any Investment made in the ordinary course of, and of a nature that is or shall have become customary in, the Oil and Gas Business including investments or expenditures for actively exploiting, exploring for, acquiring, developing, producing, processing, gathering, marketing or transporting oil, natural gas or other Hydrocarbons and minerals through agreements, transactions, interests or arrangements which permit one to share risks or costs, comply with regulatory requirements regarding local ownership or satisfy other objectives customarily achieved through the conduct of the Oil and Gas Business jointly with third parties including:

  • Wind-Down Budget means a budget to be prepared by the Debtors, and reasonably acceptable to the Deerfield Requisite Supporting Noteholders, the Unaffiliated Requisite Supporting Noteholders, and the Committee, which shall be filed with the Court as part of the Plan Supplement, and which may be amended from time to time after entry of the Confirmation Order, subject to the consent of the Oversight Committee, which consent shall not be unreasonably withheld, and which shall estimate the funds necessary to administer the Plan and wind down the Debtors’ affairs, including the costs of holding and liquidating the Estates’ remaining property, objecting to Claims, making the Distributions required by the Plan, prosecuting claims and Causes of Action that may be held by the Estates against third parties that are not released, waived or transferred pursuant to the Plan (including pursuant to Article X) or otherwise, paying Taxes, filing Tax returns, paying professionals’ fees and expenses, paying the fees and expenses of the Oversight Committee, funding payroll and other employee costs, providing for the purchase of errors and omissions insurance and/or other forms of indemnification for the Plan Administrator, and for all such items and other costs of administering the Plan, the Estates and the Liquidating Debtors (other than the Administrative and Priority Claims Reserve, the Disputed Claims Reserve, and the Professional Fee Reserve).

  • CapEx Budget means the annual budget for the Asset Entities taken as a whole covering the planned Capital Expenditures for the period covered by such budget. The CapEx Budget shall not include Capital Expenditures consisting of discretionary expenditures made to acquire fee or easement interests with respect to any Ground Lease Tower Site or Easement Tower Site, or non-recurring expenditures made to enhance the Operating Revenues of a Tower Site.

  • Initial Budget has the meaning set forth in Section 7.06(a).