Pre-Opening Budget. Four (4) months prior to the anticipated Commencement Date, Manager shall commence implementation of a pre-opening program which shall include all activities necessary to operationally prepare the Facility for opening. To implement the pre-opening program, Manager shall prepare a comprehensive pre-opening budget which shall be submitted to the Operations Board for its approval no later than five (5) months prior to the anticipated Commencement Date (“Pre-Opening Budget”). The Pre-Opening Budget shall set forth expenditures which Manager anticipates to be necessary or desirable in order to prepare the Facility for the Commencement Date, including, without limitation, cash for disbursements, Furnishings and Equipment and Operating Supplies, hiring, training, relocation and temporary lodging of employees, advertising and promotion, office overhead and office space (whether on or off the Property) and travel and business entertainment (including opening celebrations and ceremonies) (“Pre-Opening Expenses”). Such Pre-Opening Expenses shall be funded from the proceeds of the Financing.
Pre-Opening Budget. Operator has prepared and submitted to Owner the Pre-Opening Budget (which budget is a component of the larger Project Budget (as defined in the Hotel and Casino Management Agreement)), which has been approved pursuant to the Joint Venture Agreement); provided, however, it is understood and agreed that changes in development plans, business plans, market conditions, general economic conditions and other unforeseen circumstances may make adherence to the Pre-Opening Budget impractical or impossible, and Operator shall be entitled to depart from the Pre-Opening Budget and incur Pre-Opening Expenses in excess of the Pre-Opening Budget without DW Member’s approval to the extent any such departure does not constitute a Major Decision. Operator shall notify Owner promptly of any substantial change to the Pre-Opening Budget and shall provide all information in relation to such changes as Owner may reasonably request. Furthermore, if the Opening Date is delayed from the originally projected dates (other than a delay caused by Operator), the Pre-Opening Budget shall be revised to reflect any increases in Pre-Opening Expenses caused by such delay after consultation with and approval by Owner in accordance with the Joint Venture Agreement (or by DW Member, as may be required by the Joint Venture Agreement). Increased Pre-Opening Expenses may include, as applicable, all out-of-pocket cancellation penalties if Operator cancels reservations made for guestrooms, meeting rooms, and other areas as a result of such delay; provided, however, that in the event that such delay is caused by a breach of the Development Management Agreement by the Development Manager, such increase in Pre-Opening Expenses resulting from such out-of-pocket cancellation penalties shall be deemed an Operating Expense in calculating EBITDAM and the corresponding Incentive Management Fee for the first Operating Year.
Pre-Opening Budget. The Retail Operator has prepared and submitted to Owner the Pre-Opening Budget, which has been approved pursuant to the Joint Venture Agreement; provided, however, it is understood and agreed that changes in development plans, business plans, market conditions, general economic conditions and other unforeseen circumstances may make adherence to the Pre-Opening Budget impractical or impossible, and the Retail Operator shall be entitled to depart from the Pre-Opening Budget and incur Pre-Opening Expenses in excess of the Pre-Opening Budget without the DW Member’s approval to the extent any such departure does not constitute a Major Decision. Such Manager shall notify Owner promptly of any substantial change to the Pre-Opening Budget and shall provide all information in relation to such changes as Owner may reasonably request. Furthermore, if the Crystals Component Opening Date is delayed from the originally projected dates (other than a delay caused by the Manager), the Pre-Opening Budget shall be revised to reflect any increases in Pre-Opening Expenses caused by such delay after consultation with and approval by Owner in accordance with the Joint Venture Agreement (or by the DW Member, as may be required by the Joint Venture Agreement). Within one hundred twenty (120) days after the Crystals Component Opening Date, the Managers shall provide to Owner an accounting describing and showing in reasonable detail the total amount of incurred Pre-Opening Expenses with reconciliation to the Pre-Opening Budget.
Pre-Opening Budget. For purposes of implementing the Pre-Opening Services, Operator shall prepare a Pre-Opening Budget. The aggregate amount of the Pre-Opening Budget shall be the minimum sum of US$5,000,000 or its equivalent in local currency which may be revised higher by Operator from time to time following consultation with Owner to reflect the then current cost projections, delay in partial opening beyond the Estimated Partial Opening Date and unforeseen circumstances. Pre-Opening Expenses shall include, but shall not be limited to:
Pre-Opening Budget. The amounts required under the Pre-Opening Budget (as defined in Section 10.6 hereof) for each Restaurant shall be funded as follows:
Pre-Opening Budget. (a) MSC shall prepare a pre-opening budget, including a reasonably detailed line-item budget containing estimates of Initial Costs of Operations, as well as dates upon which funds will be required to pay such expenses, and a timetable addressing, inter alia, hiring schedules. Operator shall cooperate with and assist MSC in the preparation of the pre-opening budget. The pre-opening budget shall include all requirements necessary to meet the obligations of the Casino and MSC as the Owner of the Casino under Macau Law or under Operator’s Gaming License and which Operator shall have given prior notice of to MSC. MSC shall finalize the pre-opening budget and deliver the finalized pre-opening budget to Operator not less than one hundred twenty (120) days prior to the anticipated Commencement Date referred to in Section 3.3. After MSC has finalized the pre-opening budget (such finalized budget, subject to amendment in accordance with the terms of this Agreement, the “Pre-Opening Budget”), Operator shall assist MSC in updating the Pre-Opening Budget monthly. The Pre-Opening Budget shall form the basis for which all Initial Costs of Operations for the Casino shall be made; provided, however, that Operator shall be allowed, after consultation with MSC, to deviate from the Pre-Opening Budget.
Pre-Opening Budget. “Pre-Opening Budget” shall mean those items listed on Exhibit T, which Purchaser shall provide at its own cost and expense in order to open the Hotel to the general public on the Opening Date.
Pre-Opening Budget. The Manager will assist Rainbow in preparing a comprehensive budget for activities relating to construction of the Casino from the date hereof to the Completion Date (the “Pre-Opening Budget”), setting forth a reasonable estimate of the costs for all items which the Manager considers necessary or desirable to prepare the Casino for opening and initial operations, including without limitation, pre-opening working capital, gaming equipment, F/F/E, supplies, hiring, training and housing (whether on or off-site) of personnel, advertising and promotion, office overhead and office space (whether on or off-site) and travel and business
Pre-Opening Budget. The term “Pre-Opening Budget” shall have the meaning set forth in Section 4.1.
Pre-Opening Budget. As soon as practicable after the receipt by Hyatt of the "construction commencement notice" (as provided in Section 1.8(a)), setting forth the estimated Opening Date for the Hotel, Hyatt shall submit to Owner, for its approval, (which approval shall not be unreasonable withheld) a budget setting forth the costs and expenses (the "pre-opening expenses") to be incurred during the "pre-opening period" (as hereinafter defined) for the staffing of the Hotel, for pre-opening promotion and advertising, and for the organization of the Hotel's operations and services. Subject to the provisions of this Section 1.7, such budget shall not exceed the sum determined by multiplying $4,000 by the number of guest rooms to be included in the Building, which sum, as the same may be revised by time to time as set forth below, is herein referred to as the "budgetary limit."
