Annual Operating Budget. Not less than forty-five (45) days prior to the beginning of each Fiscal Year, Manager shall submit to Lessee for each Hotel, a budget (the “Annual Operating Budget”) setting forth in detail an estimated profit and loss statement for the next twelve (12) Accounting Periods, or for the balance of the Fiscal Year in the event of a partial first Fiscal Year, including a schedule of hotel room rentals and other rentals and a marketing and business plan for each Hotel, such budget to be substantially in the format of Exhibit “D” attached to the Addendum for such Hotel.
Appears in 8 contracts
Samples: Hotel Master Management Agreement (Stirling Hotels & Resorts, Inc.), Management Agreement, Management Agreement (Ashford Hospitality Prime, Inc.)
Annual Operating Budget. Not less than forty-five (45) days prior to the beginning of each Fiscal Year, Manager shall submit to Lessee for each Hotelof the Hotels, a budget (the “Annual Operating Budget”) setting forth in detail an estimated profit and loss statement for the next twelve (12) Accounting Periods, or for the balance of the Fiscal Year in the event of a partial first Fiscal Year, including a schedule of hotel room rentals and other rentals and a marketing and business plan for each Hotelof the Hotels, such budget to be substantially in the format of Exhibit “D” attached to the Addendum for such Hotelhereto.
Appears in 3 contracts
Samples: Hotel Master Management Agreement (MHI Hospitality CORP), Management Agreement, Master Management Agreement (MHI Hospitality CORP)
Annual Operating Budget. Not less than forty-five (45) days prior to the beginning of each Fiscal Year, Manager shall submit to Lessee for each Hotel, a budget (the “Annual Operating Budget”) setting forth in detail an estimated profit and loss statement for the next twelve (12) Accounting Periods, or for the balance of the Fiscal Year in the event of a partial first Fiscal Year, including (a) the information required under Section 9.02B with respect to Manager’s operation and management of the Plan, and (b) a schedule of hotel room rentals and other rentals and a marketing and business plan for each Hotel, such budget to be substantially in the format of Exhibit “D” attached to the Addendum for such Hotel.
Appears in 2 contracts
Samples: Hotel Master Management Agreement (Ashford Inc.), Hotel Master Management Agreement (Ashford Hospitality Trust Inc)
Annual Operating Budget. Not less than forty-five (45) days prior to the beginning of each Fiscal Year, Manager shall submit to Lessee for each Hotelof the Hotels, a budget (the “Annual Operating Budget”"ANNUAL OPERATING BUDGET") setting forth in detail an estimated profit and loss statement for the next twelve (12) Accounting Periods, or for the balance of the Fiscal Year in the event of a partial first Fiscal Year, including a schedule of hotel room rentals and other rentals and a marketing and business plan for each Hotelof the Hotels, such budget to be substantially in the format of Exhibit “EXHIBIT "D” " attached to the Addendum for such Hotelhereto.
Appears in 1 contract
Samples: Master Management Agreement (Ashford Hospitality Trust Inc)
Annual Operating Budget. Not less than forty-five sixty (4560) days prior to the beginning of each Fiscal Year, Manager shall submit to Lessee for each Hotelof the Hotels, a budget (the “Annual Operating Budget”) setting forth in detail an estimated profit and loss statement for the next twelve (12) Accounting Periods, or for the balance of the Fiscal Year in the event of a partial first Fiscal Year, including a schedule of hotel room rentals and other rentals rentals, estimated cash flow and a marketing and business plan for each Hotelof the Hotels, such budget to be substantially in the format of Exhibit “D” attached to the Addendum for such Hotelhereto.
Appears in 1 contract
Samples: Hotel Master Management Agreement (Ashford Hospitality Trust Inc)
