Common use of Approval of Annual Budget Clause in Contracts

Approval of Annual Budget. Tenant shall review the proposed operating plan and budget and shall provide Manager with its written approval of or any objections to such proposed operating plan and budget in writing, in reasonable detail, within forty-five (45) days after receipt of the proposed operating plan and budget from Manager; provided that any line items in the proposed operating plan and budget shall not be adopted and implemented by Manager until Tenant shall have approved or be deemed to have approved such operating plan and budget and/or any items therein in dispute shall have been determined pursuant to Section 5.1.3. Tenant shall be deemed to have approved that portion of any proposed operating plan and budget to which Tenant has not approved in writing or objected to in writing within such forty-five (45) day period. If Tenant objects to any portion of the proposed operating plan and budget to which it is entitled to object within such forty-five (45) day period, Tenant and Manager shall meet within twenty (20) days after Manager’s receipt of Tenant’s objections and discuss such objections, and then Manager shall submit written revisions to the proposed operating plan and budget after such discussion. Tenant and Manager shall use good faith efforts to reach an agreement on the operating plan and budget prior to January 1 of each Operating Year. The proposed operating plan and budget, as modified to reflect the revisions, if any, agreed to by Tenant and Manager pursuant to Section 5.1.3, shall become the “Annual Budget” for the next Operating Year. Tenant shall act reasonably and exercise prudent business judgment in approving of, or objecting to, all or any portion of any proposed operating plan and budget.

Approval of Annual Budget. Tenant Owner shall review the proposed operating plan and budget and shall provide Manager with its written approval of or any objections to such proposed operating plan and budget in writing, in reasonable detail, within forty-five (45) days after receipt of the proposed operating plan and budget from Manager; provided that provided, any line items in the proposed operating plan and budget shall not be adopted and implemented by Manager until Tenant Owner shall have approved or be deemed to have approved such operating plan and budget and/or any items therein in dispute shall have been determined pursuant to Section 5.1.3. Tenant Owner shall be deemed to have approved that portion of any proposed operating plan and budget to which Tenant Owner has not approved in writing or objected to in writing within such forty-five (45) day period. If Tenant Owner objects to any portion of the proposed operating plan and budget to which it is entitled to object within such forty-five (45) day period, Tenant and Manager the Parties shall meet within twenty (20) days after Manager’s receipt of TenantOwner’s objections and discuss such objections, and then Manager shall submit written revisions to the proposed operating plan and budget after such discussion. Tenant and Manager The Parties shall use good faith efforts to reach an agreement on the operating plan and budget prior to January 1 of each Operating Year. The proposed operating plan and budget, as modified to reflect the revisions, if any, agreed to by Tenant and Manager the Parties pursuant to Section 5.1.3, shall become the “Annual Budget” for the next Operating Year. Tenant Owner shall act reasonably and exercise prudent business judgment in approving of, or objecting to, all or any portion of any proposed operating plan and budget.

Approval of Annual Budget. Tenant Owner shall review the proposed operating plan and budget and shall provide Manager with its written approval of or any objections to such proposed operating plan and budget in writing, in reasonable detail, within forty-five (45) days after receipt of the proposed operating plan and budget from Manager; provided that any line items in provided, the proposed operating plan and budget shall not be adopted and implemented by Manager until Tenant Owner shall have approved or be deemed to have approved such operating plan and budget and/or any items therein in dispute shall have been determined pursuant to Section 5.1.3. Tenant Owner shall be deemed to have approved that portion of any proposed operating plan and budget to which Tenant Owner has not approved in writing or objected to in writing within such forty-five (45) day period. If Tenant Owner objects to any portion of the proposed operating plan and budget to which it is entitled to object within such forty-five (45) day period, Tenant and Manager the Parties shall meet within twenty (20) days after Manager’s receipt of TenantOwner’s objections and discuss such objections, and then Manager shall submit written revisions to the proposed operating plan and budget after such discussion. Tenant and Manager The Parties shall use good faith efforts to reach an agreement on the operating plan and budget at least ninety (90) days in advance of the anticipated Opening Date for the first Operating Year and prior to January 1 of each other Operating Year. The proposed operating plan and budget, as modified to reflect the revisions, if any, either agreed to by Tenant and Manager the Parties or determined by resolution pursuant to Section 5.1.3, shall become the “Annual Budget” for the next Operating Year. Tenant Owner shall act reasonably and exercise prudent business judgment in approving of, or objecting to, all or any portion of any proposed operating plan and budget.

Approval of Annual Budget. Tenant Owner shall review the proposed operating plan and budget and shall provide Manager with its written approval of or any objections to such proposed operating plan and budget in writing, in reasonable detail, within forty-five (45) days after receipt of the proposed operating plan and budget from Manager; provided that provided, any line items in the proposed operating plan and budget shall not be adopted and implemented by Manager until Tenant Owner shall have approved or be deemed to have approved such operating plan and budget and/or any items therein in dispute shall have been determined pursuant to Section 5.1.3. Tenant In addition, after the Annual Business Plan (as defined in the Ground Lease) has been submitted to Landlord in accordance with the terms of the Ground Lease, Manager and Owner shall meet with Landlord to discuss those items of the Annual Business Plan, as provided in the Ground Lease, addressing marketing, city revenues and other relevant issues. Owner shall be deemed to have approved that portion of any proposed operating plan and budget to which Tenant Owner has not approved in writing or objected to in writing within such forty-five (45) day period. If Tenant Owner objects to any portion of the proposed operating plan and budget to which it is entitled to object within such forty-five (45) day period, Tenant and Manager the Parties shall meet within twenty (20) days after Manager’s receipt of TenantOwner’s objections and discuss such objections, and then Manager shall submit written revisions to the proposed operating plan and budget after such discussion. Tenant and Manager The Parties shall use good faith efforts to reach an agreement on the operating plan and budget prior to January 1 of each Operating Year. The proposed operating plan and budget, as modified to reflect the revisions, if any, agreed to by Tenant and Manager the Parties pursuant to Section 5.1.3, shall become the “Annual Budget” for the next Operating Year. Tenant Owner shall act reasonably and exercise prudent business judgment in approving of, or objecting to, all or any portion of any proposed operating plan and budget.