Operating Plan and Budget. (a) Commencing with the budget for the calendar year 2006 and then annually thereafter, the Borrower shall submit to the Administrative Agent an annual budget for each Project (each an “Annual Budget”), in form and substance reasonably satisfactory to the Administrative Agent setting forth in detail budgeted monthly Operating Income and monthly Operating Expenses for each such Project (which may be in the form of the calendar year 2005 budget for each Project provided to the Administrative Agent prior to the Closing Date). The Annual Budget for each year shall be delivered together with the annual financial statement for the preceding year pursuant to Section 8.01(a). During any Low DSCR Trigger Period but not otherwise, the Administrative Agent shall have the right to approve such Annual Budget (including, without limitation, the Annual Budget for the portions of the calendar year in which such Low DSCR Trigger Period occurs following after the commencement of such Low DSCR Trigger Period). Within fifty (50) days following the end of any calendar quarter which comprises a Low DSCR Trigger Period, the Borrower shall deliver to the Administrative Agent for its approval the Annual Budget (in the format as described above) for the calendar year in which such Low DSCR Trigger Period occurs (together with a reconciliation to that Annual Budget of actual revenues and expenses year-to-date), and shall thereafter deliver to Administrative Agent for its approval the Annual Budget (in the format as described above) proposed by the Borrower for the succeeding calendar year, by no later than the November 15 preceding such calendar year. The Administrative Agent shall not unreasonably withhold its approval of any Annual Budget as required hereunder; provided, however, that if during any Low DSCR Trigger Period the actual monthly Operating Expenses exceed budgeted Operating Expenses in any month during any period by more than ten percent (10%), the Administrative Agent shall have the right to require the Borrower to submit for its approval a revised Annual Budget for review and approval by the Administrative Agent in its sole discretion. If the Administrative Agent objects to any proposed Annual Budget for which approval is required hereunder, the Administrative Agent shall advise the Borrower of such objections within fifteen (15) Business Days after receipt thereof (and deliver to the Borrower a reasonably detailed description of such objections), and the Borrower sha...
Operating Plan and Budget. Operator shall prepare the Operating Plan and Budget for each Contract Year in ------------------------- accordance with Section 6.2.
Operating Plan and Budget. As soon as practicable upon approval or adoption by the Board, and in any event at least thirty (30) days prior to the end of each fiscal year, the Company will furnish the Major Investors with the Company’s budget and operating plan (including projected balance sheets and profit and loss and cash flow statements, forecasts of revenues, expenses, significant projected milestones and projected cash position on a month-to-month basis) for the upcoming fiscal year.
Operating Plan and Budget the annual marketing and operating plan and budget for the Resort prepared in accordance with the terms of Section 2.3 on a calendar year basis.
Operating Plan and Budget. 2.3.1 Owner and Westin acknowledge that Westin has prepared and delivered to Owner (and Owner has approved) the Operating Plan and Budget respecting the Resort for the Operating Year 2004. On or before November 1 of each Operating Year, Westin shall prepare and deliver to Owner, for Owner’s review and written approval, a proposed Operating Plan and Budget for the next ensuing Operating Year, which shall be designed to permit operation of the Resort in accordance with the Operating Standard, together with annualized projections of Gross Operating Revenue, Golf Operating Revenue, Operating Expenses, Capital Expenditures and other Incentive Income Deductions for the two (2) Operating Years thereafter, and which shall include the Golf Facilities Annual Plan (as defined in the Golf Management Agreement). The proposed Operating Plan and Budget for each Operating Year shall be prepared in accordance with Westin’s standard planning and budgeting requirements for first-class golf resorts and with any reasonable requirements imposed by any Mortgagee or Owner and shall contain the following items, which shall be set forth for each month of the Operating Year: (i) estimated results of operations; (ii) itemized estimated Capital Expenditures; and (iii) a statement of cash flow, including a schedule of any anticipated requirements for funding by Owner, together with the following supporting data: (x) estimates of total labor costs, including both fixed and variable labor (with specific line items for the aggregate annual compensation for each of the Senior Executive Personnel); (y) estimates of the average house rate and occupancy; and (z) an estimate of Management Fees, Marketing Fees, Central Reservations Fees and Golf Management Fees. The parties agree that (a) the overall annual compensation of each of the Senior Executive Personnel shall also be specified in the proposed Operating Plan and Budget, (b) Senior Executive Personnel shall be incentivized primarily based on the Resorts’ performance against the approved budgeted Gross Operating Profit for the Operating Year, and (c) the proposed Operating Plan and Budget shall include estimates of the target bonuses for each of the Senior Executive Personnel. The proposed Operating Plan and Budget shall also include: (1) a five (5) year forward-looking plan for the Resort, (2) a two (2) year history of operations at the Resort, and (3) an appropriate site-specific marketing plan consistent with the Operating Standard whic...
Operating Plan and Budget. So long as an Investor holds at least 400,000 shares of the Series B-1 Preferred Stock (as adjusted for any stock splits, consolidations, reorganizations and the like) or a number of Shares equal to at least 1,000,000 of the Registrable Securities (as appropriately adjusted for any stock splits, consolidations, reorganizations and the like), as soon as practicable upon approval or adoption by the Board of Directors, the Company will furnish such Investor with the Company's budget and operating plan (including projected balance sheets and profit and loss and cash flow statements) for such fiscal year.
Operating Plan and Budget. Not later than each November 30 Borrower will submit to the Lender for approval a proposed Operating Plan and Budget for the next calendar year.
Operating Plan and Budget. To assist WPCS, its Subsidiaries and Joint Ventures in their financial planning, WWC shall, on or before December 1 of each Operating Year, prepare and deliver to WPCS a preliminary operating plan and budget for the next ensuing Operating Year (the "Operating Plan and Budget") setting forth in reasonable detail an estimate of the income, expenses and cash flows of WPCS and its Subsidiaries (and to the extent applicable the Joint Ventures) for the next ensuing Operating Year, including estimated expenditures for Capital Improvements. The Operating Plan and Budget shall be approved by the Board of Directors of WPCS on or before February 1 of the Operating Year for which the Operating Plan and Budget applies.
Operating Plan and Budget. 10 2.3 Maintenance, Repairs and Capital Improvements............................ 10 2.4 Books and Records, Financial Statements and Internal Audits.............. 13 2.5 Personnel................................................................ 14 2.6
Operating Plan and Budget. In accordance with Manager's standard planning and budgeting processes, Manager shall prepare and, on or before thirty (30) days before the end of each Operating Year, deliver to Westboy an operating plan and budget for the next ensuing Operating Year ("Operating Plan and Budget") setting forth in reasonable detail an estimate of the revenue and expenses of each of the Hotels for the next ensuing Operating Year ("Applicable Operating Year"). In the preparation of each Operating Plan and Budget, Manager shall take into account the operations and outlook for the advance bookings, the competition, anticipated changes in the Hotels' expenses (including, without limitation, pending union negotiations, anticipated increases in property taxes, utility costs and insurance premiums) and anticipated changes in general economic conditions. It is understood, however, that the Operating Plan and Budget is an estimate only and that the actual results of operations for any given Operating Year will be determined by the actual sales, revenues, costs and expenses of the Hotels during such Operating Year. Manager has delivered an Operating Plan and Budget for 1998.
