Common use of Annual Operating Projection Clause in Contracts

Annual Operating Projection. Manager shall furnish to Tenant for its review, at least thirty (30) days prior to the beginning of each Fiscal Year (or such earlier date if that becomes the prevailing practice within the System), a statement of the estimated financial results of the operation of each such Hotel for the forthcoming Fiscal Year (“Annual Operating Projection”). Such projection shall project the estimated Gross Revenues, departmental profits, Deductions, and Operating Profit for the ensuing Fiscal Year for each such Hotel. Manager agrees to take reasonable steps to ensure that, at Tenant’s request, qualified personnel from Manager’s staff are available to explain such Annual Operating Projections to Tenant. A meeting (or meetings) for such purpose shall be held, at Tenant’s request, within a reasonable period of time after the submission to Tenant of the Annual Operating Projection. Manager will at all times give good faith consideration to Tenant’s suggestions regarding any Annual Operating Projection. Manager shall thereafter submit to Tenant, by no later than seventy-five (75) days after the beginning of such Fiscal Year, a modified Annual Operating Projection if any changes are made following receipt of comments from Tenant. Manager shall endeavor to adhere to the Annual Operating Projection. It is understood, however, that the Annual Operating Projection is an estimate only and that unforeseen circumstances such as, but not limited to, the costs of labor, material, services and supplies, casualty, operation of law, or economic and market conditions may make adherence to the Annual Operating Projection impracticable, and Manager shall be entitled to depart therefrom due to causes of the foregoing nature; provided, however, that nothing herein shall be deemed to authorize Manager to take any action prohibited by this Agreement or to reduce Manager’s other rights or obligations hereunder.

Annual Operating Projection. A. Manager shall furnish to Tenant each applicable Owner for its reviewreview and comment, at least thirty (30) days prior to the beginning of each Fiscal Year (or such earlier date if that becomes the prevailing practice within the System)Year, a statement of the estimated financial results of the operation of each such Hotel for the forthcoming Fiscal Year (an “Annual Operating Projection”). Such projection shall project the estimated Gross Revenues, departmental profits, Deductions, and Operating Profit for the ensuing Fiscal Year for each such Hotel. Manager agrees to take reasonable steps to ensure that, at Tenant’s request, make qualified personnel from Manager’s staff are available to explain such Annual Operating Projections to Tenant. A meeting (or meetings) for such purpose shall be heldProjections, at Tenantany applicable Owner’s request, within a reasonable period of time after the submission to Tenant of the Annual Operating Projection. Manager will at all times give good faith consideration to Tenanteach Owner’s suggestions regarding any Annual Operating Projection. Manager shall thereafter submit to Tenanteach Owner, by no later than seventy-five (75) days after the beginning January 2nd of such Fiscal Year, a modified Annual Operating Projection for such Hotel if any changes are made following receipt of comments from Tenantsuch Owner. Manager and each applicable Owner acknowledge and agree that the Annual Operating Projection for each Hotel for the 2022 calendar year has been agreed upon. B. Manager shall endeavor to adhere to the Annual Operating ProjectionProjection for each Hotel unless otherwise agreed by the applicable Owner and Manager. It is understood, however, that the each Annual Operating Projection is an estimate only and that unforeseen circumstances such as, but not limited to, including the costs of labor, material, services and supplies, casualty, operation of law, or economic and market conditions may make adherence to the any Annual Operating Projection impracticable, and Manager shall be entitled to depart therefrom due to causes of the foregoing nature; provided, however, that nothing herein shall be deemed to authorize Manager to take any action prohibited by this Agreement or to reduce Manager’s other rights or obligations hereunder.

Annual Operating Projection. Manager shall furnish to Tenant for its review, at least thirty (30) days prior to the beginning of each Fiscal Year (or such earlier date if that becomes the prevailing practice within the System), a statement of the estimated financial results of the operation of each such the Hotel for the forthcoming Fiscal Year (“Annual Operating Projection”). Such projection shall project the estimated Gross Revenues, departmental profits, Deductions, and Operating Profit for the ensuing Fiscal Year for each such HotelYear. Manager agrees to take reasonable steps to ensure that, at Tenant’s request, qualified personnel from Manager’s staff are available to explain such Annual Operating Projections to Tenant. A meeting (or meetings) for such purpose shall be held, at Tenant’s request, within a reasonable period of time after the submission to Tenant of the Annual Operating Projection. Manager will at all times give good faith consideration to Tenant’s suggestions regarding any Annual Operating Projection. Manager shall thereafter submit to Tenant, by no later than seventy-five (75) days after the beginning of such Fiscal Year, a modified Annual Operating Projection if any changes are made following receipt of comments from Tenant. Manager shall endeavor to adhere to the Annual Operating Projection. It is understood, however, that the Annual Operating Projection is an estimate only and that unforeseen circumstances such as, but not limited to, the costs of labor, material, services and supplies, casualty, operation of law, or economic and market conditions may make adherence to the Annual Operating Projection impracticable, and Manager shall be entitled to depart therefrom due to causes of the foregoing nature; provided, however, that nothing herein shall be deemed to authorize Manager to take any action prohibited by this Agreement or to reduce Manager’s other rights or obligations hereunder.