Common use of Operating Budget and Business Plan Clause in Contracts

Operating Budget and Business Plan. (g) For the period beginning on the Effective Date and ending on December 31, 2014, the Company and Ink I shall operate in accordance with an Operating Budget to be mutually agreed upon by the Members after the Effective Date. Thereafter, the Operating Budget and Business Plan shall be prepared and submitted annually by the Managing Member and Chatham Ink I Managing Member (or the Hotel Manager at the direction of the Managing Member and Chatham Ink I Managing Member) to the Members for approval at least thirty (30) calendar days prior to the end of each fiscal year with respect to the following fiscal year which shall, in the case of the Operating Budget, set forth, inter alia, all anticipated revenues, operating expenses, capital expenditures, renovation budgets, renovation schedules and reserves for the Company and Ink I during such period, and, in the case of the Business Plan shall set forth, inter alia, the Company’s and Ink I’s strategy for the leasing, marketing and operation of each of the Assets, and an estimate of the amount, timing and reason for all anticipated Capital Contributions from the Members during such period; provided, that if the Managing Member should fail to timely prepare and submit in proposed form any such Operating Budget and Business Plan, NS Managing Member and NS Ink I Managing Member shall be authorized to prepare such Operating Budget and Business Plan for the approval of the Members. Whenever the Managing Member determines that revisions to the then-approved Operating Budget or Business Plan would be in the best interests of the Company, the Managing Member may submit such proposed revisions to such Operating Budget and/or Business Plan to NS Managing Member for its review; provided, however, that all amendments and modifications to the then-approved Operating Budget or Business Plan shall require the approval of NS Managing Member, which approval may be granted or withheld by NS Managing Member in its sole and absolute discretion.

Operating Budget and Business Plan. (g) For the period beginning on the Effective Date and ending on December 31, 2014, the Company and Ink I III shall operate in accordance with an Operating Budget to be mutually agreed upon by the Members after the Effective Date. Thereafter, the Operating Budget and Business Plan shall be prepared and submitted annually by the Managing Member and Chatham Ink I III Managing Member (or the Hotel Manager at the direction of the Managing Member and Chatham Ink I III Managing Member) to the Members for approval at least thirty (30) calendar days prior to the end of each fiscal year with respect to the following fiscal year which shall, in the case of the Operating Budget, set forth, inter alia, all anticipated revenues, operating expenses, capital expenditures, renovation budgets, renovation schedules and reserves for the Company and Ink I III during such period, and, in the case of the Business Plan shall set forth, inter alia, the Company’s and Ink IIII’s strategy for the leasing, marketing and operation of each of the AssetsProperties, and an estimate of the amount, timing and reason for all anticipated Capital Contributions from the Members during such period; provided, that if the Managing Member should fail to timely prepare and submit in proposed form any such Operating Budget and Business Plan, NS Managing Member and NS Ink I III Managing Member shall be authorized to prepare such Operating Budget and Business Plan for the approval of the Members. Whenever the Managing Member determines that revisions to the then-approved Operating Budget or Business Plan would be in the best interests of the Company, the Managing Member may submit such proposed revisions to such Operating Budget and/or Business Plan to NS Managing Member for its review; provided, however, that all amendments and modifications to the then-approved Operating Budget or Business Plan shall require the approval of NS Managing Member, which approval may be granted or withheld by NS Managing Member in its sole and absolute discretion.

Operating Budget and Business Plan. (g) For the period beginning on the Effective Date and ending on December October 31, 20142015, the Company and Ink I OwnCo shall operate in accordance with an the current Operating Budget to be mutually agreed upon by (in the Members after the Effective Dateform attached hereto as Schedule E). Thereafter, the Operating Budget and Business Plan shall be prepared and submitted annually by the Managing Member and Chatham Ink I OwnCo Managing Member (or the Hotel Manager Managers at the direction of the Managing Member and Chatham Ink I OwnCo Managing Member) to the Members for approval at least thirty (30) calendar days prior to the end of each fiscal year with respect to the following fiscal year which shall, in the case of the Operating Budget, set forth, inter alia, all anticipated revenues, operating expenses, capital expenditures, renovation budgets, renovation schedules and reserves for the Company and Ink I OwnCo during such period, and, in the case of the Business Plan shall set forth, inter alia, the Company’s and Ink IOwnCo’s strategy for the leasing, marketing and operation of each of the Assets, and an estimate of the amount, timing and reason for all anticipated Capital Contributions from the Members during such period; provided, that if the Managing Member should fail to timely prepare and submit in proposed form any such Operating Budget and Business Plan, NS Managing Member and NS Ink I OwnCo Managing Member shall be authorized to prepare such Operating Budget and Business Plan for the approval of the Members. Whenever the Managing Member determines that revisions to the then-approved Operating Budget or Business Plan would be in the best interests of the Company, the Managing Member may submit such proposed revisions to such Operating Budget and/or Business Plan to NS Managing Member for its review; provided, however, that all amendments and modifications to the then-approved Operating Budget or Business Plan shall require the approval of NS Managing Member, which approval may be granted or withheld by NS Managing Member in its sole and absolute discretion.

Operating Budget and Business Plan. (g) For the period beginning on the Effective Date and ending on December October 31, 20142015, the Company and Ink I OpCo shall operate in accordance with an the current Operating Budget to be mutually agreed upon by (in the Members after the Effective Dateform attached hereto as Schedule E). Thereafter, the Operating Budget and Business Plan shall be prepared and submitted annually by the Managing Member and Chatham Ink I OpCo Managing Member (or the Hotel Manager Managers at the direction of the Managing Member and Chatham Ink I OpCo Managing Member) to the Members for approval at least thirty (30) calendar days prior to the end of each fiscal year with respect to the following fiscal year which shall, in the case of the Operating Budget, set forth, inter alia, all anticipated revenues, operating expenses, capital expenditures, renovation budgets, renovation schedules and reserves for the Company and Ink I OpCo during such period, and, in the case of the Business Plan shall set forth, inter alia, the Company’s and Ink IOpCo’s strategy for the leasing, marketing and operation of each of the AssetsProperties, and an estimate of the amount, timing and reason for all anticipated Capital Contributions from the Members during such period; provided, that if the Managing Member should fail to timely prepare and submit in proposed form any such Operating Budget and Business Plan, NS Managing Member and NS Ink I OpCo Managing Member shall be authorized to prepare such Operating Budget and Business Plan for the approval of the Members. Whenever the Managing Member determines that revisions to the then-approved Operating Budget or Business Plan would be in the best interests of the Company, the Managing Member may submit such proposed revisions to such Operating Budget and/or Business Plan to NS Managing Member for its review; provided, however, that all amendments and modifications to the then-approved Operating Budget or Business Plan shall require the approval of NS Managing Member, which approval may be granted or withheld by NS Managing Member in its sole and absolute discretion.