Common use of Annual Budgets Clause in Contracts

Annual Budgets. Manager shall prepare an annualized budget for the operation of the Premises and submit the same to Owner for approval (the “Annualized Budget”). Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budget; provided, however, Manager shall have no liability to Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared and approved for the year commencing [ ], [ ] 20[ ] and ending on December 31, 20[ ]. Notwithstanding the period covered by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify Manager within fifteen (15) days of receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Manager of the specifics of such disapproval within such fifteen (15) day period and Manager shall make the necessary amendments to the Annualized Budget. During the time Manager is preparing these amendments, Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval for Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

Annual Budgets. Manager shall prepare an annualized budget for the operation of the Premises and submit the same to Owner for approval (the “Annualized Budget”). Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budget; provided, however, Manager shall have no liability to 115023.9 Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared and approved for the year commencing [ [__________], [ [__] 20[ [__] and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify Manager within fifteen (15) days of receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Manager of the specifics of such disapproval within such fifteen (15) day period and Manager shall make the necessary amendments to the Annualized Budget. During the time Manager is preparing these amendments, Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval for Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

Annual Budgets. Manager shall prepare an annualized budget for the operation of the Premises and submit the same to Owner for approval (the “Annualized Budget”). Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budget; provided, however, Manager shall have no liability to Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared and approved for the year commencing [ [__________], [ [__] 20[ [__] and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify Manager within fifteen (15) days of receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Manager of the specifics of such disapproval within such fifteen (15) day period and Manager shall make the necessary amendments to the Annualized Budget. During the time Manager is preparing these amendments, Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval for Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.the

Annual Budgets. Manager shall prepare an annualized budget for the operation of the Premises and submit the same to Owner for approval (the “Annualized Budget”). Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budget; provided, however, Manager shall have no liability to Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared and approved for the year commencing [ [__________], [ [__] 20[ [__] and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify Manager within fifteen (15) days of receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Manager of the specifics of such disapproval within such fifteen (15) day period and Manager shall make the necessary amendments to the Annualized Budget. During the time Manager is preparing these amendments, Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval for Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

Annual Budgets. Property Manager shall prepare an annualized budget for the operation of the Premises and submit the same to Owner and the Operating Partnership for approval (the “Annualized Budget”). Property Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budget; provided, however, Property Manager shall have no liability to Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared and approved for the year commencing [ ], [ ] 20[ ] on the Effective Date and ending on December 31, 20[ ]. Notwithstanding the period covered by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Property Manager to Owner and the Operating Partnership by December 1st of the year preceding the year for which it applies, and Owner shall notify Property Manager within fifteen thirty (1530) days of after receipt of such Annualized Budget as to whether Owner has and the Operating Partnership have or has have not approved the proposed Annualized Budget. If Owner does and the Operating Partnership do not approve the proposed Annualized Budget, Owner shall notify Property Manager of the specifics of such disapproval within such fifteen thirty (1530) day period and Property Manager shall make the necessary amendments to the Annualized Budget. During the time Property Manager is preparing these amendments, Property Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s and the Operating Partnership’s approval of the Annualized Budget shall constitute approval for Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner and the Operating Partnership under any other expenditure limitations as set forth elsewhere in this Agreement.

Annual Budgets. Manager shall prepare an annualized budget for the operation of the Premises and submit the same to Owner for approval (the “Annualized Budget”). Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budget; , provided, however, Manager shall have no liability to Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared and approved for the year commencing [ ], [ ] 20[ ] and ending on December 31, 20[ ]. Notwithstanding the period covered by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify Manager within fifteen (15) days of receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Manager of the specifics of such disapproval within such fifteen (15) day period and Manager shall make the necessary amendments to the Annualized Budget. During the time Manager is preparing these amendments, Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval for Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

Annual Budgets. Property Manager shall prepare an annualized budget for the operation of the Premises and submit the same to Owner for approval (the “Annualized Budget”). Property Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budget; provided, however, Property Manager shall have no liability to Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared and approved for the year commencing [ ], [ ] 20[ ] on the Effective Date and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Property Manager to Owner by December November 1st of the year preceding the year for which it applies, and Owner shall notify Property Manager within fifteen thirty (1530) days of after receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Property Manager of the specifics of such disapproval within such fifteen thirty (1530) day period and Property Manager shall make the necessary amendments to the Annualized BudgetBudget no later than December 20th. During the time Property Manager is preparing these amendments, Property Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval for Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

Annual Budgets. Manager shall 9.1.1 Operator shall, not later than sixty (60) days prior to the commencement of each Fiscal Year, prepare an annualized budget estimate of operating revenues and expenses for the operation ensuing Fiscal Year (“Annual Operating Budget”) and an estimate of capital expenses for the ensuing Fiscal Year (“Annual Capital Budget”) (together the “Annual Budgets”); provided that the Annual Budgets for the first Fiscal Year shall be prepared by Operator within ninety (90) days after the Commencement Date. The Annual Budgets must be approved by Owner (which approval shall not unreasonably be withheld and shall be deemed given unless a specific written objection is delivered by any Owner to Operator within thirty (30) days after submission to Owner of each Annual Budget) and thereafter may not be exceeded without Owner’s prior written approval, which approval shall not unreasonably be withheld, except that the Hotel Expenses in the Annual Operating Budget may be exceeded in the aggregate by not more than ten percent (10%) of the Premises amount of Hotel Expenses in that Annual Operating Budget without Owner’s approval. 9.1.2 Owner acknowledges that any increase in the occupancy levels of the Hotel over the levels estimated in the Annual Operating Budget during any Fiscal Year or other budgeting period may have a direct effect on and submit may cause a corresponding increase in the same expenses of the Hotel. Owner therefore agrees that any consequential increases in expenses in the Annual Operating Budget (not to exceed ten percent (10%) in any line item of that Annual Operating Budget) which are a result of such increases in occupancy levels shall be deemed approved by Owner, and need not be submitted to Owner for approval nor will they count as increases over the previously approved budget amount, i.e., such increases will not be included as excess expenses in calculating the percentage limit set forth above. Operator shall otherwise use reasonable efforts to adhere to the Annual Budget and, if requested by Owner, Operator will hold quarterly meetings with Owner to review the results of the Hotel operations. If, between quarterly meetings, Operator finds it necessary to exceed the Annual Budget authorizations as approved and permitted herein, Operator will give notice to Owner requesting approval for such excess; such approval shall not unreasonably be withheld and shall be deemed given unless a specific written objection is delivered by any Owner to Operator within ten (10) days after submission thereof to Owner. If Owner and Operator are unable to reach agreement with respect to individual expense items in the Annual Budgets for a particular Fiscal Year, the Annual Budgets shall be implemented for such Fiscal Year with respect to expense items which are not in dispute, and expense items in dispute shall be kept at the same level of such expense items for the previous Fiscal Year, adjusted, however, by any increase, if any, in the Consumer Price Index of the Bureau of Labor Statistics of the U.S. Department of Labor for Urban Wage Earners and Clerical Workers, All Items, All Urban Areas (1982-84=100) for Honolulu (the “Annualized BudgetCPI”). Manager will use its commercially reasonable efforts to operate , from the Premises pursuant to the Annualized Budget; provided, however, Manager shall have no liability to Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition first day of the Premises previous Fiscal Year. In the event Owner and prior year performance. The first Annualized Budget has been prepared and approved for the year commencing [ ]Operator cannot resolve any disputed expense item, [ ] 20[ ] and ending on December 31, 20[ ]. Notwithstanding the period covered such dispute shall be resolved by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify Manager within fifteen (15) days of receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Manager of the specifics of such disapproval within such fifteen (15) day period and Manager shall make the necessary amendments to the Annualized Budget. During the time Manager is preparing these amendments, Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval for Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this AgreementDispute Resolution Procedures.

Annual Budgets. Property Manager shall prepare an annualized budget for the operation of the Premises and submit the same to Owner for approval (the “Annualized Budget”). Property Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budget; provided, however, Property Manager shall have no liability to Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back to the original underwriting performed at the time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget has been prepared and approved for the year commencing [ ], [ ] 20[ ] on the Effective Date and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Property Manager to Owner by December November 1st of the year preceding the year for which it applies, and Owner shall notify Property Manager within fifteen thirty (1530) days of after receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Property Manager of the specifics of such disapproval within such fifteen thirty (1530) day period and Property Manager shall make the necessary amendments to the Annualized BudgetBudget no later than December 20th. During the time Property Manager is preparing these amendments, Property Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval for Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.. d.

Annual Budgets. Manager ■ 15.1 No later than August 1 of each calendar year, each Operating Agent shall prepare an annualized and submit, as applicable, to the Engineering and Operating Committee for its review and approval the proposed annual Capital Improvements budget, the proposed annual capital improvements budget for ▇▇▇▇▇▇▇▇▇▇ Substation Common Facilities, and the operation proposed annual operating and maintenance budget for that Operating Agent's Operating Work for the next calendar year of operation. 15.2 No later than October 31 of each calendar year, the Engineering and Operating Committee shall approve annual operating and maintenance budgets for Operating Work for the next calendar year, annual Capital Improvements budgets for the next calendar year, and an annual capital improvements budget for ▇▇▇▇▇▇▇▇▇▇ Substation Common Facilities for the next calendar year. Approval of such budgets shall not be unreasonably withheld. If such budgets aremot approved by the Engineering and Operating Committee in final form prior to the beginning of the Premises and submit next calendar year, the same Operating Agents shall continue to Owner for approval (the “Annualized Budget”). Manager will use its commercially reasonable efforts to operate the Premises pursuant to the Annualized Budgetperform Operating Work; provided, however, Manager shall have that no liability Operating Work related to Owner for failure to meet such Annualized Budget. The Annualized Budget shall include a comparison back Capital Improvements or capital improvements to the original underwriting ▇▇▇▇▇▇▇▇▇▇ Substation Common Facilities that has not been approved by the Engineering and Operating Committee shall be performed at the until such time of Owner’s acquisition of the Premises and prior year performance. The first Annualized Budget that a budget has been prepared approved. 15.3 Any information required from any Participant by the Operating Agents in preparing the proposed budgets shall be supplied by such Participant. 15.4 Any information required from the Operating Agents by a Participant in reviewing the proposed budgets shall be supplied by tbe Operating Agents. 15.5 The Engineering and approved for Operating Committee may at any trine during the year commencing [ ]approve revisions to tire annual Capital Improvements budgets (subject to the provisions of Section 16.3 hereof), [ ] 20[ ] and ending on December 31, 20[ ]. Notwithstanding the period covered by annual capital improvements budget for ▇▇▇▇▇▇▇▇▇▇ Substation Common Facilities (subject to the first Annualized Budget, all subsequent Annualized Budgets shall cover the period from January 1st provisions of each year through December 31st of the same year. The proposed Annualized Budget for each calendar year shall be submitted by Manager to Owner by December 1st of the year preceding the year for which it appliesSection 16.3 hereof), and Owner shall notify Manager within fifteen (15) days of receipt of such Annualized Budget as to whether Owner has or has not approved the proposed Annualized Budget. If Owner does not approve the proposed Annualized Budget, Owner shall notify Manager of the specifics of such disapproval within such fifteen (15) day period annual operating and Manager shall make the necessary amendments to the Annualized Budget. During the time Manager is preparing these amendments, Manager will continue to operate the Premises according to the last approved Annualized Budget. Owner’s approval of the Annualized Budget shall constitute approval maintenance budgets for Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this AgreementOperating Work.