Characteristics of Budgets Sample Clauses

Characteristics of Budgets. Corporation acknowledges that (a) the Operating Plan and Budget is intended by Manager to be a reasonable estimate of income and expenditure only, (b) Manager does not give any guarantee, warranty or representation whatsoever in connection with any Operating Plan and Budget, other than Manager prepared same in good faith, utilizing all available facts and commercially prudent business methods, and (c) a failure of the Hotel to achieve any Operating Plan and Budget for any Operating Year shall not in and of itself constitute an Event of Default or breach by Manager hereunder. The preceding sentence shall not, however, be construed as a limitation on (i) Manager's obligations (and Manager shall be in breach of this Agreement if Manager fails) (A) to use commercially reasonable efforts to operate within the approved Operating Plan and Budget and the Capital Budget, or (B) to obtain Corporation's approval prior to making expenditures that exceed in the aggregate the amount of the approved or authorized Capital Budget by more than the Materiality Threshold, or (ii) Corporation's right to terminate this Agreement under any provision of this Agreement, including, without limitation, by reason of a Performance Termination Event or an Event of Default under this Agreement.
Sample 1
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Related to Characteristics of Budgets

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