Permitted Overruns definition

Permitted Overruns means cost overruns incurred in connection with the Project arising from any of the following: (a) Force Majeure Events; (b) real estate taxes; (c) insurance premiums; (d) Discretionary Changes; (e) post-Project Completion operating deficits including for regularly scheduled debt service obligations (but excluding principal components except as part of standard monthly debt service payments); (f) Hard Cost Overrun Exceptions; and (g) overruns attributable to interest due under the Construction Loan occurring after issuance of temporary certificate of occupancy for all buildings at the Project. “Person.” Any individual or Entity, and the heirs, executors, administrators, legal representatives, successors, and assigns of such “Person” where the context so permits.
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Permitted Overruns means any Operating Expense incurred in accordance with Prudent Utility Practices that is in excess of the budget for any given line item for such Operating Expenses as set forth in the Pre-Commercial Operation Operating Plan & Budget.
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Permitted Overruns has the meaning given to such term in Section 7.4(d).
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Examples of Permitted Overruns in a sentence

  • Subject to the foregoing, if the Management Team exceeds an adopted Program and Budget by an amount less than the Regular Overrun Threshold, any such Cost excess (the "Permitted Overruns") shall be funded through Member Funding pro rata in proportion to each Member's respective Percentage Interest as at the time such Permitted Overrun occurs.

  • Except as otherwise provided in Section 5.18(d)(i) and in Article 18 and in respect of Permitted Overruns, following the Effective Date, Operations shall be conducted, Costs shall be incurred, and Assets shall be acquired only pursuant to Programs and Budgets (or deemed adopted) pursuant hereto.

  • Late charges reimbursed and interest paid in accordance with this Section 4.3(d) shall not count toward the Approved Budget then in effect nor be counted in the calculation of Permitted Overruns.

  • Operator shall promptly notify Owner at such time as it reasonably expects that the incurrence of overruns to the Operating Budget in excess of the Permitted Overruns will be required.

  • Each Operating Budget Amendment shall become effective upon Owner’s approval of same as provided in the Owner LLC Agreement; provided, however, that Permitted Overruns under Section 4.1(d) shall not require Owner’s approval or an Operating Budget Amendment.

  • During the Transition Period, Operator shall provide the Services in accordance with the terms of this Agreement any applicable Approved Budget then in existence (subject to Permitted Overruns), unless Owner and Operator mutually agree upon any changes or modifications to any such budget.

  • If this Agreement is terminated pursuant to Section 9.2, all Costs and other amounts permitted to be incurred in accordance with Section 4.2 incurred through the date of such termination in accordance with the applicable Approved Budget, subject to Permitted Overruns, shall be the responsibility of Owner notwithstanding such termination.

  • Operator shall perform all Services within the financial limits set forth in the Operating Budget; provided, however, that, as permitted by the Owner LLC Agreement and in accordance with this Agreement, without the prior written approval of Owner, Operator shall be permitted to incur Permitted Overruns.


More Definitions of Permitted Overruns

Permitted Overruns means, with respect to the then-current Annual Operating Budget, an amount equal to the sum of (i) (A) [***] of the aggregate amount of Recurring Non-Recoverable Costs included in the prior Fiscal Year’s Annual Operating Budget (or, with respect to (x) the Initial Annual Operating Budget with respect to Fiscal Year 2024, [***] of the aggregate amount of Recurring Non-Recoverable Costs included in the Initial Annual Operating Budget attributable to Fiscal Year 2024, (y) the Initial Annual Operating Budget with respect to Fiscal Year 2025, [***] of the aggregate amount of Recurring Non-Recoverable Costs included in the Initial Annual Operating Budget attributable to Fiscal Year 2025, or (z) the Annual Operating Budget for Fiscal Year 2026, [***] of the aggregate amount of such expenditures included in the Initial Annual Operating Budget for the full
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Permitted Overruns means any increase in Total Cost to Complete (defined below), including both Variable Cost and Guarantied Cost items, caused by (i) any change orders to the Construction Documents or Construction Contract which result in increased Costs, to the extent requested by Tenant, caused by Tenant Delay or Tenant acts or omissions, or agreed at the time of Tenant’s approval thereof to constitute a Permitted Overrun; (ii) overruns in any Variable Cost category reflected in the Approved Project Budget, except to the extent such increase in cost was caused by Landlord’s non-performance, negligence or willful misconduct; (iii) costs resulting from the need to address unforseen site or geotechnical conditions or site or geotechnical requirements which arise after execution of this Lease, such as issues discovered during the course of construction of Landlord’s Work; (iv) costs resulting from increased demolition expenses arising due to unknown environmental conditions encountered in the course of demolition activity, (v) additional costs due to increases in interest rates and financing costs; (vi) tenant improvement costs in excess of the TI Allowance amount reflected within the Approved Project Budget; (vii) any additional costs of any kind whatsoever arising from any failure by Tenant to comply with any provision of this Work Agreement or due to Tenant Delay or Force Majeure, and (ix) any overtime or other additional expenses required to meet any special scheduling requirements of Tenant or otherwise incurred at Tenant’s request.
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Permitted Overruns means, with respect to the then-current Annual Operating Budget, an amount equal to the sum of (i) (A) [***] of the aggregate amount of Recurring Non-Recoverable Costs included in the prior Fiscal Year’s Annual Operating Budget (or, with respect to (x) the Initial Annual Operating Budget with respect to Fiscal Year 2024, [***] of the aggregate amount of Recurring Non-Recoverable Costs included in the Initial Annual Operating Budget attributable to Fiscal Year 2024, (y) the Initial Annual Operating Budget with respect to Fiscal Year 2025, [***] of the aggregate amount of Recurring Non-Recoverable Costs included in the Initial Annual Operating Budget attributable to Fiscal Year 2025, or (z) the Annual Operating Budget for Fiscal Year 2026, [***] of the aggregate amount of such expenditures included in the Initial Annual Operating Budget for the full Fiscal Year 2025 (including any portion of such year which precedes the Effective Date) (without, in each case, taking into account any Recurring Non-Recoverable Costs included in such prior Fiscal Year’s Annual Operating Budget, the approval of which Recurring Non-Recoverable Costs would have required Reserved Matter Member Approval if the Unused Non-Recoverable Basket Amount had been $0, unless all of the Members holding at least a Threshold Interest as of the date of such budget approval approved such Recurring Non-Recoverable Costs), less (B) the aggregate amount of Recurring Non-Recoverable Costs included in the then-current Annual Operating Budget plus (ii) the Non-Recoverable Basket Amount less (C) the aggregate amount of Non-Recurring Non-Recoverable Costs included in the then-current Annual Operating Budget. For the avoidance of doubt, in no event shall the amount in clause (i) or clause (ii) be less than zero dollars ($0).
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Permitted Overruns has the meaning given to such term in Section 2.9(c)(ii).
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Permitted Overruns means the funding of (a) any amount strictly necessitated by Emergency Operations incurred in accordance with this Agreement and the Owner LLC Agreement, (b) any amounts permitted by the Permitted Annual Budget Variance and (c) any Permitted Unbudgeted Costs.
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Permitted Overruns shall have the meaning set forth in Section 8.2.
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Related to Permitted Overruns

  • Permitted Overadvance means an Overadvance made by the Administrative Agent, in its discretion, which:

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

  • Cost Overrun means an obligation exceeding the maxi- mum capital expenditure authorized by an approval.

  • Permitted Facility means a facility authorized by the general permit to discharge total nitrogen or

  • Permitted Occupier means if used in the Agreement, any person who is licensed or permitted by the Landlord to reside at the Property together with the Tenant and who does so as a rent free licensee of the Tenant.

  • Construction Debt means debt incurred to fund (a) all or a portion of a Capital Improvement, (b) interest payments (including periodic net payments under related interest rate swap agreements) and related fees on other Construction Debt or (c) distributions (including incremental Incentive Distributions) on Construction Equity.

  • Cost of Capital Improvement Projects means the costs of acquiring, constructing, reconstructing, expanding, improving and engineering Capital Improvement Projects, and related financing costs.

  • Project Costs means the costs of the construction, acquisition or equipping of the Project, as further described in the Project Budget, and such other costs as may be approved in writing by the Department, provided such costs are permitted by the Act.

  • Permitted Payment as defined in Subsection 8.2(b).

  • 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.

  • 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.

  • Permitted Expenses shall include, without limitation, the expenses set forth in Sections 5.10 and 9.2 hereof.

  • 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 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.

  • Unfinanced Capital Expenditures means, for any period, Capital Expenditures made during such period which are not financed from the proceeds of any Indebtedness (other than the Revolving Loans; it being understood and agreed that, to the extent any Capital Expenditures are financed with Revolving Loans, such Capital Expenditures shall be deemed Unfinanced Capital Expenditures).

  • Permitted Payments has the meaning specified in Section 7.06(b).

  • Capitalized Expenditures means those expenditures that (i) would be capitalized under generally accepted accounting principles, and (ii) are incurred with respect to Shared-Loss Loans, Other Real Estate, Additional ORE or Subsidiary ORE. Capitalized Expenditures shall not include expenses related to environmental conditions including, but not limited to, remediation, storage or disposal of any hazardous or toxic substances or any pollutant or contaminant.

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

  • 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;

  • Construction Loan means the loan to finance construction of the Apartment Housing, made to Owner by the Construction Lender.

  • 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.

  • 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.

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • 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.

  • 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.

  • Approved Project Budget means the most recent statement, approved by the FTA, of the costs of the Project, the maximum amount of Federal assistance for which the TJPA is currently eligible, the specific tasks (including specified contingencies) covered, and the estimated cost of each task.