Approved Business Plans. The approval of each business plan for the Company (and any material amendment, modification, revision or update thereof) including each Development Plan, Development Budget, Operating Budget and Marketing Plan contained therein; (b)
Approved Business Plans. (a) Prior to the commencement of Client's fiscal year (but no later than thirty (30) days following approval of all Hotel Operator Budgets, as defined below) or more frequently from time to time as Client shall reasonably request, Manager shall prepare for Client a proposed business plan covering all of the Hotels (a "PROPOSED BUSINESS PLAN") for the forthcoming fiscal year (or any other period to which such Proposed Business Plan relates) and shall submit such Proposed Business Plan to Client. Each Proposed Business Plan shall (i) incorporate all of the annual business plans and budgets prepared by the Hotel Operators for each of the Hotels and approved by Client (each such approved annual business plan and budget, a "HOTEL OPERATOR BUDGET"), and (ii) specify corporate level expenses. Client shall review the Proposed Business Plan submitted to it, and may propose such modifications as Client shall deem necessary or appropriate (other than changes to any Hotel Operator Budget). A Proposed Business Plan must be approved by Client, Manager (Manager's consent not to be unreasonably withheld), and to the extent applicable, the relevant Hotel Operators, to become effective (once approved, an "APPROVED BUSINESS PLAN"). A Proposed Business Plan shall (i) identify the expenses in respect of its implementation and (ii) include a detailed operating budget (monthly income and expense), cash flow projections and a capital expenditure plan for each of the Hotels. From time to time, if a Hotel Operator Budget is revised and such revision is approved by Client, Client may revise or request that Manager revise all or any portion of an Approved Business Plan to reflect the changes to the Hotel Operator Budget.
