Initial and Subsequent Operating Plans Sample Clauses

Initial and Subsequent Operating Plans. (a) The General Partner shall prepare, or cause an Affiliate to prepare, an initial operating plan (an “Initial Operating Plan”) for each New Project and submit such Initial Operating Plan for the review and approval of the Advisory Committee at the same time that the initial Notice of Commitment for the New Project is delivered to the Limited Partner. A form of approval for an Initial Operating Plan is set forth in Exhibit I. The Initial Operating Plan shall cover the period from the applicable Venture’s acquisition of an ownership interest in the New Project through the end of the first full fiscal year of such New Venture following such acquisition and shall (x) contain all material pertinent leasing, financing, operational and disposition information together with a detailed budget of projected operating and capital expenses and revenues and any other information deemed appropriate by the General Partner or such Affiliate for the New Project, to the extent applicable, and (y) otherwise be in the form of Exhibit X attached hereto, and the General Partner shall cause such Initial Operating Plan to be consistent in all material respects with the Investment Proposal for the New Project. The Advisory Committee may make comments on and suggestions for the Initial Operating Plan, and if accepted by the General Partner in its reasonable discretion, such comments and suggestions shall be incorporated into a revised Initial Operating Plan for the New Project. Upon receiving the approval of the Advisory Committee for the Initial Operating Plan (as revised, if applicable), the General Partner, on behalf of the Partnership as a member in the applicable New Venture, shall submit such Initial Operating Plan to the other member(s) of the applicable New Venture for approval. Upon (x) approval by the Advisory Committee of the Initial Operating Plan (as revised, if applicable), and (y) approval by the other member(s) of the applicable New Venture of such Initial Operating Plan, the operations of the New Project shall be conducted in all material respects in accordance with such Initial Operating Plan through the end of such first full fiscal year, except for any action or expenditure the General Partner (or the applicable New Venture) deems reasonably necessary or appropriate in the event of any emergency situation affecting the New Project. Upon the receipt of the Consent of the Advisory Committee for the Initial Operating Plan (as revised if applicable), any material d...