Permitted Variances definition

Permitted Variances has the meaning assigned to it in Section 5.17.

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Permitted Variances has the meaning assigned to such term in Section 6.15.

Permitted Variances has the meaning specified in Section 7(d) of this Agreement.

Examples of Permitted Variances in a sentence

• No Contracts shall exceed the costs set forth in the Approved Annual Business Plan and Budget (subject to Permitted Variances), unless otherwise approved by Owner in writing.

• In addition, Manager shall not expend any legal fees, costs or expenses in excess of the amount approved in the Approved Annual Business Plan and Budget (subject to Permitted Variances) without obtaining Owner’s prior written approval, in each instance.

• Manager shall promptly remedy any violation of any such Legal Requirements of which Manager becomes aware, including any Tenant violations, all at Owner’s expense in accordance with the Approved Annual Business Plan and Budget (subject to Permitted Variances).

• Except with respect to an Emergency (as set forth in Section 4.5), Manager shall not, without Owner’s prior written approval, incur any costs or expenses or make any capital expenditures not specifically contemplated by the Approved Annual Business Plan and Budget (subject to Permitted Variances).

• Manager shall perform property management services, including those services more specifically described in this Agreement (collectively, the “Services”) in accordance with the Approved Annual Business Plan and Budget (subject to Permitted Variances), the Standards of Conduct and the other terms and conditions of this Agreement.

More Definitions of Permitted Variances

Permitted Variances means (i) all variances that are favorable to the financial condition and the interests of the Debtors and the other Loan Parties and the interests of the Lenders, and (ii) any variance that is unfavorable to the financial condition and the interests of the Debtors and the other Loan Parties or the interests of the Lenders and does not exceed, (x) with respect to disbursements (excluding fees, costs and expenses of professional advisors), 10%, tested every week on a cumulative basis for a rolling four week period (or, solely for each of the first three weeks of the Cases, tested every week on a cumulative basis for the period from the Petition Date through such Testing Date), (y) with respect to both (a) accrued fees, costs and expenses of professional advisors and (b) the payment of fees, costs and expenses of professional advisors, 15%, tested every fourth week, on a cumulative basis for the rolling four week period, and (z) with respect to net cash flow (excluding fees, costs and expenses of professional advisors), 20%, tested every fourth week, on a cumulative basis for the rolling four week period, in each case, based upon the most recent Approved Budget, and as reflected in the Budget Variance Report.

Permitted Variances means, in respect of any Obligor, the difference between:

Permitted Variances means, for any Applicable Period, any variance that does not result in (1) (x) the total actual disbursements for any Applicable Period being greater than 115% of what is projected in the Approved Budget for such period or (y) the total actual receipts for any Applicable Period being more than 15% less than what is projected the Approved Budget for such period or (2) greater than 105% of what is projected in the Approved Budget for restructuring/professional fees; provided that any positive variance calculated in any Applicable Period (i.e., such amounts are favorable to the level set forth in the Approved Budget) may be carried forward to subsequent Applicable Periods to offset any subsequent negative variance.

Permitted Variances means the “Permitted Variances” as defined in the Financing Orders.

Permitted Variances means any variance permitted under Section 9.25 (including cash expenses and disbursements excluded for purposes of determining compliance with the Approved Budget pursuant to the proviso under Section 9.25).

Permitted Variances means, with respect to any line item on any approved Operating Budget or Capital Budget for a Property and with respect to any monthly period, a deviation that is not greater than either (i) Twenty Thousand Dollars ($20,000) or (ii) five percent (5%) of the amount shown in such line item.

Permitted Variances has the meaning set forth in the DIP Orders.