Preparation of Annual Business Plan. Manager shall submit to Owner as soon as reasonably practicable after the Management Commencement Date a forecast of performance for the balance of the year in which the Management Commencement Date Occurs. Thereafter, at least thirty (30) days prior to the end of each Fiscal Year, Manager shall submit an annual business plan for the succeeding Fiscal Year (“Annual Business Plan”). The Annual Business Plan shall include: an operating budget showing estimated Gross Operating Revenues, department profits, operating expenses, House Profit and Net Operating Income for the forthcoming Fiscal Year for the Hotel; a marketing plan; a Capital Renewals Budget; all in reasonable detail and, where appropriate, with the basis for all assumptions expressly set forth. Owner shall review the Annual Business Plan and either approve or notify Manager of any objections to the Annual Business Plan in writing within twenty (20) days of its receipt thereof. Owner’s approval of the Annual Business Plan shall not be unreasonably withheld or delayed. The parties will attempt to resolve in good faith any objections by Owner within thirty (30) days following Manager’s receipt of Owner’s disapproval.
Preparation of Annual Business Plan. (a) The Management Parties shall operate the Hotels pursuant to the annual business plan previously approved by Lessee for the remainder of calendar year 2013. Thereafter, at least 15 days prior to the date on which Lessee is required to deliver the same to Lender pursuant to the Loan Documents for each Fiscal Year, the Management Parties shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by the Management Parties and approved by Lessee in accordance with this Article IX (an “Annual Business Plan”) shall include: an operating budget showing estimated Gross Operating Revenues, department profits, operating expenses, and net operating income or loss for the forthcoming Fiscal Year for the Hotels; a marketing plan (for Fiscal Year 2014 and each Fiscal Year thereafter); a cash flow forecast; projected average daily room rates; the budget for replacing Furniture, Fixtures and Equipment and for making capital improvements; and the basis of allocation of the Group Services, all in reasonable detail and, where appropriate, with the basis for all assumptions expressly set forth, and otherwise complying with the applicable requirements set forth in the Operating Lease.
Preparation of Annual Business Plan. (a) Manager shall operate the Hotels pursuant to the annual business plan previously approved by Lessee for the remainder of calendar year 2013. Thereafter, no later than November 15 of each Fiscal Year, Manager shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by Manager and approved by Lessee in accordance with this Article IX (an “Annual Business Plan”) shall include: an operating budget showing estimated Gross Operating Revenues, department profits, operating expenses, and net operating income or loss for the forthcoming Fiscal Year for the Hotels; a marketing plan (for Fiscal Year 2014 and each Fiscal Year thereafter); a cash flow forecast; projected average daily room rates; the budget for replacing Furniture, Fixtures and Equipment and for making capital improvements; and the basis of allocation of the Group Services, all in reasonable detail and, where appropriate, with the basis for all assumptions expressly set forth, and otherwise complying with the applicable requirements set forth in the Operating Lease.
Preparation of Annual Business Plan. (a) Manager shall, on or before sixty (60) days prior to the Opening Date, prepare and submit to Owner for its approval, which approval shall not be unreasonably withheld, the initial Annual Business Plan for the first Fiscal Year of operation of the Hotel under this Agreement. Thereafter, at least thirty (30) days prior to the end of each Fiscal Year, Manager shall submit to Owner for its approval, which approval shall not be unreasonably withheld, an Annual Business Plan for the succeeding Fiscal Year.
Preparation of Annual Business Plan. At least seventy-five (75) days prior to the end of each Fiscal Year, Manager shall submit a preliminary Annual Business Plan (as defined below) for the Hotel for the succeeding Fiscal Year. The term “Annual Business Plan” shall mean and shall include: an operating budget showing estimated Gross Operating Revenues, department profits, operating expenses, and Gross Operating Profit for the forthcoming Fiscal Year for the Hotel; and a marketing plan; all in reasonable detail and, where appropriate, with the basis for all assumptions expressly set forth. Owner shall review the Annual Business Plan and either approve or notify Manager of any objections to the Annual Business Plan in writing within thirty (30) days of receipt thereof (the “Approval Period”). Owner shall not be permitted to disapprove expenditures that are (i) necessary to comply with the terms of the Franchise Agreement, (ii) necessary to prevent a threat to life, health or safety of persons at the Hotel, (iii) are employment costs to the extent such employment costs pertain to the compensation and/or benefits of any particular individual, or (iv) as a result of the Standard Practices or increases in costs of the Standard Practices. Manager shall also prepare the annual capital expenditure budget for the Hotel and such budget shall be subject to the prior written approval of Owner in its sole discretion. The Annual Business Plan shall include estimates of the following out-of-pocket and corporate charges, which such items shall be reimbursable to Manager only to the extent approved in the Annual Business Plan: travel costs for corporate staff traveling specifically on behalf of or for the benefit of the Hotel; express mail and regular postage for items sent specifically to or on behalf of the Hotel, which would include accounts payable checks, weekly invoices and accounting information to and from the Hotel, payroll checks and reports from ADP and other documents necessary for the efficient operation of the Hotel; telephone and fax costs specifically for the Hotel, tracked on an individual call basis; costs of photocopying specifically for the Hotel, tracked electronically by copier code; certain corporate charges, which are billed on a consolidated or group basis to all hotels operated by Manager and are allocated to the Hotel, including but not limited to: Xxxxx Travel Research reports; Human Resource forms, including employment applications, pamphlets, newsletters, employee manuals and other...
Preparation of Annual Business Plan. (a) No later than November 15 of each Fiscal Year, Manager shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by Manager and approved by Lessee in accordance with this Article IX (an “Annual Business Plan”) shall include: an operating budget showing estimated Gross Operating Revenues, department profits, operating expenses, and net operating income or loss for the forthcoming Fiscal Year for the Hotels; a marketing plan; a cash flow forecast; projected average daily room rates; the budget for replacing Furniture, Fixtures and Equipment and for making capital improvements; and the basis of allocation of the Group Services, all in reasonable detail and, where appropriate, with the basis for all assumptions expressly set forth, and otherwise complying with the applicable requirements set forth in the Operating Lease.
Preparation of Annual Business Plan. At least sixty (60) days prior to the Management Commencement Date, Manager shall submit to Owner an Annual Business Plan for the Hotel for Fiscal Year 2015. Thereafter, at least sixty (60) days prior to the end of each Fiscal Year, Manager shall submit an Annual Business Plan for the Hotel for the succeeding Fiscal Year. The Annual Business Plan shall include: an operating budget showing estimated Gross Operating Revenues, department profits, operating expenses, and Gross Operating Profit for the forthcoming Fiscal Year for the Hotel; and a marketing plan; all in reasonable detail and, where appropriate, with the basis for all assumptions expressly set forth. Owner shall review the Annual Business Plan and either approve or notify Manager of any objections to the Annual Business Plan in writing within thirty (30) days of receipt thereof. Manager shall also prepare the Hotel’s annual capital expenditure budget and such budget shall be subject to the prior written approval of Owner in its sole discretion.
Preparation of Annual Business Plan. At least sixty (60) days prior to the Management Commencement Date, Manager shall submit to Lessee an Annual Business Plan for each Hotel for Fiscal Year 2001. Thereafter, at least sixty (60) days prior to the end of each Fiscal Year, Manager shall submit an Annual Business Plan for each Hotel for the succeeding Fiscal Year. The Annual Business Plan shall include: an operating budget showing estimated Gross Operating Revenues, department profits, operating expenses, and Gross Operating Profit for the forthcoming Fiscal Year for the Hotel; and a marketing plan; all in reasonable detail and, where appropriate, with the basis for all assumptions expressly set forth. Lessee shall review the Annual Business Plan and either approve or notify Manager of any objections to the Annual Business Plan in writing within thirty (30) days of its receipt thereof. Lessee's approval of the Annual Business Plan shall not be unreasonably withheld or delayed. Manager acknowledges that Lessee shall prepare each Hotel's annual capital expenditure budget and that such budget shall not be subject to the approval of Manager. Lessee recognizes, however, that the capital expenditure budget and the implementation of such budget will have a direct impact on the operational performance of the Hotels. As a result, Lessee and Manager acknowledge that the performance standard of Section 11.2(B)(ii) of this Agreement, as well as the Incentive Fee and Additional Incentive Fee calculations, may need to be equitably adjusted upon mutual agreement of the parties in order to reflect material deviations from the scope and schedule of a capital expenditure budget approved by Lessee.
Preparation of Annual Business Plan. (a) Not less than thirty (30) days before the beginning of each new fiscal year of the Company, Manager shall prepare and deliver to the Member Representatives (as defined in the Operating Agreement) a proposed business plan (the “Proposed Business Plan”), which shall include an operating budget setting forth an itemized statement of the estimated revenues and expenses for the following year for the Company, a proposed capital budget setting forth the estimated capital expenditures of the Company for the following year, a projection of the earnings before taxes for the following year (after application of the Management Fee, as hereinafter defined). Not more than twenty (20) days after submission, the Members of the Company shall meet to consider and approve the Proposed Business Plan. If the Company acting in good faith requests modifications to the Proposed Business Plan, Manager shall prepare a revision to the Proposed Business Plan reflecting such modifications. Until the Proposed Business Plan is approved by the Company, Manager shall operate on the basis of the operating budgets approved for the prior fiscal year, except for expenses related to personnel, which may be increased based upon existing competitive conditions, and expenses relating to ethanol and biodiesel fuels, taxes, insurance and utilities, which may be increased based upon existing competitive conditions. Until the Proposed Business Plan is approved by the Company, Manager shall have authority only to expend funds on previously approved projects or on capital items of a recurring nature in an amount consistent with the prior year’s capital budget. The Proposed Business Plan, as approved or modified, as the case may be, shall be referred to herein as the “Business Plan.” The operating and capital budgets included in the Business Plan shall constitute the operating and capital budgets under which Manager shall provide services to the Company for the following year. Manager makes no guaranty or warranty as to the accuracy of any Business Plan, which the Company acknowledges and agrees is based only on good faith estimates of the future financial condition and operating performance of the Company.
Preparation of Annual Business Plan. Manager shall submit an Annual Plan to Owner within thirty (30) days following Manager’s receipt of the Opening Date Notice. Thereafter, at least forty-five (45) days prior to the end of each Operating Year, Manager shall submit a draft Annual Plan for the succeeding Operating Year. At least thirty (30) days prior to the date on which the Manager is required to submit the Annual Plan during each Operating Year, Owner shall provide to Manager proposed recommendations for the Capital Improvements Budget for inclusion in such year’s Annual Plan. In addition, the Annual Plan shall include a comparison against the prior year for all categories contained therein. Owner shall review the Annual Plan and either approve or notify Manager of any objections to the Annual Plan in writing within: (i) ten (10) days, in the case of the forecast of performance for the first Operating Year following the Opening Date; and (ii) thirty (30) days for all subsequent Annual Plans, of its receipt thereof. Owner’s approval of the Annual Plan shall not be unreasonably withheld or delayed. The parties will attempt to resolve in good faith any objections by Owner within thirty (30) days following Manager’s receipt of Owner’s disapproval.
