Common use of Preparation of Annual Business Plan Clause in Contracts

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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify the Management Parties of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties timely make any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan Documents.

Preparation of Annual Business Plan. (a) The Management Parties Manager shall operate the Hotels pursuant to the annual business plan previously approved by Lessee for the remainder of calendar year 2013. Thereafter, at least no later than November 15 days prior to the date on which Lessee is required to deliver the same to Lender pursuant to the Loan Documents for of each Fiscal Year, the Management Parties Manager shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by the Management Parties 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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify the Management Parties Manager of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do Manager does not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties Manager timely make makes any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties Manager shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan DocumentsNovember 30.

Preparation of Annual Business Plan. (a) The Management Parties Manager 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 Manager shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by the Management Parties 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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify the Management Parties Manager of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do Manager does not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties Manager timely make makes any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties Manager shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan Documents.

Preparation of Annual Business Plan. (a) The Management Parties Manager shall operate the Hotels pursuant to the annual business plan previously approved by Lessee for the remainder of calendar year 20132010. 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 Manager shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by the Management Parties 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 2012 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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify the Management Parties Manager of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do Manager does not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties Manager timely make makes any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties Manager shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan Documents.

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 no later than December 15 days prior to the date on which Lessee is required to deliver the same to Lender pursuant to the Loan Documents for of 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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify the Management Parties of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties timely make any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan DocumentsDecember 31.

Preparation of Annual Business Plan. At least seventy-five (a75) 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 end of each Fiscal Year, the Management Parties Manager shall submit to Lessee an annual business plan a preliminary Annual Business Plan (as defined below) for the Hotel 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 The term “Annual Business Plan”) ” shall mean and shall include: an operating budget showing estimated Gross Operating Revenues, department profits, operating expenses, and net operating income or loss Gross Operating Profit for the forthcoming Fiscal Year for the HotelsHotel; and a marketing plan (for Fiscal Year 2014 and each Fiscal Year thereafter)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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee . Owner shall approve such proposed Annual Business Plan or notify the Management Parties of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute 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 Fiscal Year in question for all purposes hereof. In the event the Management Parties timely make any reasonable objection to any proposed revision by Lessee Hotel and such budget shall be subject to the proposed 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, Lessee which would include accounts payable checks, weekly invoices and accounting information to and from the Management Parties shall cooperate with each 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 resolve any questions with respect to such revisions all hotels operated by Manager and are allocated to the proposed Annual Business Plan Hotel, including but not limited to: Xxxxx Travel Research reports; Human Resource forms, including employment applications, pamphlets, newsletters, employee manuals and shall use their best efforts to agree upon other employment related forms; costs for envelopes and check stock for accounts payable allocated on an approved Annual Business Plan actual check processed basis; ADP payroll processing costs billed on a per active employee contract basis; record storage charges for the Hotels Hotel, which is based on mandatory record retention schedules; and prorated share of the costs for regional and national conferences attended by employee(s) of the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan DocumentsHotel.

Preparation of Annual Business Plan. (a) The Management Parties Manager shall operate the Hotels pursuant to the annual business plan previously approved by Lessee for the remainder of calendar year 20132010. Thereafter, at least no later than November 15 days prior to the date on which Lessee is required to deliver the same to Lender pursuant to the Loan Documents for of each Fiscal Year, the Management Parties Manager shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by the Management Parties 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 2012 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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify the Management Parties Manager of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do Manager does not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties Manager timely make makes any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties Manager shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan DocumentsNovember 30.

Preparation of Annual Business Plan. (a) The Management Parties Manager shall operate the Hotels pursuant to the annual business plan previously approved by Lessee for the remainder of calendar year 2013. Thereafter, at least no later than December 15 days prior to the date on which Lessee is required to deliver the same to Lender pursuant to the Loan Documents for of each Fiscal Year, the Management Parties Manager shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by the Management Parties 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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify the Management Parties Manager of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do Manager does not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties Manager timely make makes any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties Manager shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan DocumentsDecember 31.

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 20132010. 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 2012 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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify the Management Parties of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties timely make any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan Documents.

Preparation of Annual Business Plan. (a) The Management Parties Not less than thirty (30) days before the beginning of each new fiscal year of the Company, Manager shall operate the Hotels pursuant prepare and deliver to the annual Member Representatives (as defined in the Operating Agreement) a proposed 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 Proposed Business Plan”) ), which shall include: include an operating budget showing setting forth an itemized statement of the estimated Gross Operating Revenues, department profits, operating expenses, revenues and net operating income or loss expenses for the forthcoming Fiscal Year following year for the Hotels; Company, a marketing plan 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 (for Fiscal Year 2014 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 each Fiscal Year thereafter); approve the Proposed Business Plan. If the Company acting in good faith requests modifications to the Proposed Business Plan, Manager shall prepare a cash flow forecast; projected average daily room rates; revision to the budget for replacing FurnitureProposed Business Plan reflecting such modifications. Until the Proposed Business Plan is approved by the Company, Fixtures and Equipment and for making capital improvements; and Manager shall operate on the basis of allocation 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 Group Services, all in reasonable detail and, where appropriate, with future financial condition and operating performance of the basis for all assumptions expressly set forth, and otherwise complying with the applicable requirements set forth in the Operating LeaseCompany. (b) Within 5 business days after With respect to the proposed Annual Business Plan operating budget, Manager shall use its commercially reasonable efforts to operate within the amounts budgeted therein and, except as provided in Section 2.2(c) below, shall not knowingly cause actual operating expenses to exceed the budgeted annual operating expenses by more than 5% of such budgeted operating expenses without the prior written approval of the Company. With respect to the capital budget, Manager shall not knowingly cause capital expenditures to exceed the scope and levels provided for therein without the prior written approval of the Company. (c) Notwithstanding the foregoing provisions, the parties hereby agree that if, in Manager’s good faith opinion, an emergency threatens the Business, Manager is submitted authorized to Lessee, Lessee act reasonably to remedy such emergency or mitigate the effects of such emergency without regard to such budgets. Manager shall approve such proposed Annual Business Plan or promptly notify the Management Parties Company as promptly as practicable of the existence of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan such emergency or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do not make reasonable objections to any such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties timely make any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan Documentsaction.

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 No later than November 15 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 Manager shall submit to Lessee an annual business plan for the succeeding Fiscal Year. Each annual business plan proposed by the Management Parties 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)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. (b) Within 5 business days after the proposed Annual Business Plan is submitted to Lessee, Lessee shall approve such proposed Annual Business Plan or notify the Management Parties Manager of any revisions therein which Lessee deems reasonably necessary. If Lessee approves the proposed Annual Business Plan or if Lessee requires revisions to the proposed Annual Business Plan, and the Management Parties do Manager does not make reasonable objections to such proposed revisions within 5 business days after receipt thereof, then such proposed Annual Business Plan, together with the proposed revisions required by Lessee, shall be deemed thereafter to constitute the Annual Business Plan for the Fiscal Year in question for all purposes hereof. In the event the Management Parties Manager timely make makes any reasonable objection to any proposed revision by Lessee to the proposed Annual Business Plan, Lessee and the Management Parties Manager shall cooperate with each other to resolve any questions with respect to such revisions to the proposed Annual Business Plan and shall use their best efforts to agree upon an approved Annual Business Plan for the Hotels for the Fiscal Year in question prior to the date such Annual Business Plan must be submitted to Lender under the Loan DocumentsNovember 30.