Common use of Preparation of Annual Business Plan Clause in Contracts

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. (b) Each Annual Business Plan shall include without limitation the following, all in reasonable detail and, where appropriate, with the basis for all assumptions expressly set forth: (i) an Operating Budget; (ii) a marketing plan; (iii) a cash flow forecast; and (iv) a budget for fixed asset additions. (c) Owner shall review the Annual Business Plan and either approve or notify Manager of any objections to the Annual Business Plan in writing on or before twenty (20) days after Owner’s receipt thereof. If Owner fails to deliver written notice of disapproval of any proposed Annual Business Plan within such twenty-day period, Owner shall be deemed to have approved the Annual Business Plan as submitted by Manager.