Common use of Proposed Annual Budget Clause in Contracts

Proposed Annual Budget. The portion of the operating plan and budget for the Managed Facilities in effect immediately prior to the Commencement Date that relates and applies to the period from and after the Commencement Date through and including December 31, 2014 shall apply under this Agreement as the Annual Budget for such period. On or before November 1 of each Operating Year, Manager shall prepare and deliver to Owner, for its review and approval, a proposed operating plan and budget for the next Operating Year. All operating plans and budgets proposed by Manager shall include (without limitation) projections of Gross Operating Revenue and Operating Expenses by department for such period for the Managed Facilities and shall be prepared in good faith in accordance with budgeting and planning procedures typically employed by CEOC’s operating subsidiaries. Each operating plan and budget shall include monthly and annualized projections of each of the following items, as applicable, for the Managed Facilities: 5.1.1.1 results of operations (including itemized Gross Operating Revenue, Promotional Allowances, Operating Expenses and EBITDA), together with the following supporting data: (a) total labor costs, including both fixed and variable labor; (b) the Management Fees, Centralized Services Charges and Reimbursable Expenses; and (c) a description of the category and nature of Centralized Services to be provided, together with a budget for each such category; 5.1.1.2 a description of proposed Routine Capital Improvements, Building Capital Improvements and ROI Capital Improvements to be made during such Operating Year, including capitalized lease expenses, an itemization of the costs of such capital improvements (including a contingency line item) and proposed monthly funding for such costs, and project schedules to commence and complete such capital improvements (the “Capital Budget”); 5.1.1.3 a statement of cash flow, including a schedule of any anticipated cash shortfalls or requirements for funding by Owner; 5.1.1.4 a schedule of debt service payments and reserves required under any Financing Documents; 5.1.1.5 a marketing plan and budget for the activities to be undertaken by Manager pursuant to Article IX, including promotional activities and Promotional Allowances for the Managed Facilities; 5.1.1.6 an allocation for all Centralized Services; and 5.1.1.7 any other information or projections reasonably requested by Owner to be included in the operating plan and budget from time to time.

Proposed Annual Budget. The portion of the operating plan and budget for the Managed Facilities in effect immediately prior to the Commencement Date that relates and applies to the period from and after the Commencement Date through and including December 31, 2014 shall apply under this Agreement as the Annual Budget for such period. On or before November 1 of each Operating Year, Manager shall prepare and deliver to Owner, for its review and approval, a proposed operating plan and budget for the next Operating Year. All operating plans and budgets proposed by Manager shall include (without limitation) projections of Gross Operating Revenue and Operating Expenses Costs by department for such period Operating Year for the Managed Facilities Hotel and shall be prepared in good faith in accordance with budgeting and planning procedures typically employed by CEOC’s operating subsidiariessubsidiaries of Manager and its Affiliates. Each operating plan and budget shall include monthly and annualized annual projections of each of the following items, as applicable, for the Managed FacilitiesHotel: 5.1.1.1 (a) results of operations (including itemized Gross Operating Revenue, Promotional Allowances, Operating Expenses Costs and EBITDA), together with the following supporting data: (a) total labor costscosts (broken down by department and aggregated), including both fixed and variable labor; (b) the Management FeesFee, Centralized Services Charges Shared Expenses and Reimbursable Owner’s Expenses; (c) estimates of average daily rate and occupancy; (d) estimates of food, beverage and other sales; (e) estimates of gaming receipts and losses; and (cf) a description of the category and nature of Centralized Shared Services to be provided, together with a budget for each such category; 5.1.1.2 (b) a description of proposed Routine Capital Improvements, Building Capital Improvements and ROI Capital Improvements to be made during such Operating YearYear and estimated capital expenditures related thereto, including capitalized lease expenses, an itemization of the costs of such capital improvements (including expenses and a contingency line item) , and proposed monthly funding for such costs, and project schedules to commence and complete for such capital improvements (the “Capital Budget”); 5.1.1.3 (c) a statement of cash flow, including a schedule of any anticipated cash shortfalls or requirements for funding by Ownershortfalls; 5.1.1.4 (d) a schedule of debt service payments and reserves required under any Financing Documents;; and 5.1.1.5 (e) a marketing plan and budget for the activities to be undertaken by Manager pursuant to Article IXManager, including promotional activities and Promotional Allowances for the Managed Facilities; 5.1.1.6 an allocation for all Centralized Services; and 5.1.1.7 any other information or projections reasonably requested by Owner to be included in the operating plan and budget from time to timeHotel.

Proposed Annual Budget. The portion of the operating plan and budget for the Managed Facilities in effect immediately prior to the Commencement Date that relates and applies to the period from and after the Commencement Date through and including December 31, 2014 shall apply under this Agreement as the Annual Budget for such period. Subject to reimbursement for Reimbursable Expenses in accordance with this Agreement, from the Commencement Date through the Opening Date, Manager will continue to provide the pre-opening services to the Managed Facilities in a manner and level commensurate with the pre-opening services being provided immediately prior to the Commencement Date to the Managed Facilities pursuant to the terms and conditions of the Transaction Agreement. On or before November 1 of each Operating Year, Manager shall prepare and deliver to Owner, for its review and approval, a proposed operating plan and budget for the next Operating Year. All operating plans and budgets proposed by Manager shall include (without limitation) projections of Gross Operating Revenue and Operating Expenses by department for such period for the Managed Facilities and shall be prepared in good faith in accordance with budgeting and planning procedures typically employed by CEOC’s operating subsidiaries. Each operating plan and budget shall include monthly and annualized projections of each of the following items, as applicable, for the Managed Facilities: 5.1.1.1 results of operations (including itemized Gross Operating Revenue, Promotional Allowances, Operating Expenses and EBITDA), together with the following supporting data: (a) total labor costs, including both fixed and variable labor; (b) the Management Fees, Centralized Services Charges and Reimbursable Expenses; and (c) a description of the category and nature of Centralized Services to be provided, together with a budget for each such category; 5.1.1.2 a description of proposed Routine Capital Improvements, Building Capital Improvements and ROI Capital Improvements to be made during such Operating Year, including capitalized lease expenses, an itemization of the costs of such capital improvements (including a contingency line item) and proposed monthly funding for such costs, and project schedules to commence and complete such capital improvements (the “Capital Budget”); 5.1.1.3 a statement of cash flow, including a schedule of any anticipated cash shortfalls or requirements for funding by Owner; 5.1.1.4 a schedule of debt service payments and reserves required under any Financing Documents; 5.1.1.5 a marketing plan and budget for the activities to be undertaken by Manager pursuant to Article IX, including promotional activities and Promotional Allowances for the Managed Facilities; 5.1.1.6 an allocation for all Centralized Services; and 5.1.1.7 any other information or projections reasonably requested by Owner to be included in the operating plan and budget from time to time.

Proposed Annual Budget. The portion of On or before one hundred eighty (180) days prior to the anticipated Opening Date, Manager shall prepare and deliver to Owner, for its review and approval, a proposed operating plan and budget for the Managed Facilities first (1st) Operating Year (which may be included in effect immediately prior to the Commencement Date that relates Pre-Opening Budget), and applies to the period from and after the Commencement Date through and including December 31, 2014 shall apply under this Agreement as the Annual Budget for such period. On on or before November 1 of each Operating YearYear thereafter, Manager shall prepare and deliver to Owner, for its review and approval, a proposed operating plan and budget for the next Operating Year. All operating plans and budgets proposed by Manager shall include (without limitation) projections of Gross Operating Revenue and Operating Expenses by department for such period for the Managed Facilities and shall be prepared in good faith in accordance with budgeting and planning procedures typically employed by CEOC’s operating subsidiaries. Each operating plan and budget shall include monthly and annualized projections of each of the following items, as applicable, for the Managed Facilities: 5.1.1.1 5.1.3.1 results of operations (including itemized Gross Operating Revenue, Promotional Allowances, Operating Expenses and EBITDA), together with the following supporting data: (a) total labor costs, including both fixed and variable labor; (b) the Management Fees, Centralized Services Charges and Reimbursable Expenses; and (c) a description of the category and nature of Centralized Services to be provided, together with a budget for each such category; 5.1.1.2 5.1.3.2 a description of proposed Routine Capital Improvements, Building Capital Improvements and ROI Capital Improvements to be made during such Operating Year, including capitalized lease expenses, an itemization of the costs of such capital improvements (including a contingency line item) and proposed monthly funding for such costs, and project schedules to commence and complete such capital improvements (the “Capital Budget”); 5.1.1.3 5.1.3.3 a statement of cash flow, including a schedule of any anticipated cash shortfalls or requirements for funding by Owner; 5.1.1.4 5.1.3.4 a schedule of debt service payments and reserves required under any Financing Documents;; and 5.1.1.5 5.1.3.5 a marketing plan and budget for the activities to be undertaken by Manager pursuant to Article IX, including promotional activities and Promotional Allowances for the Managed Facilities; 5.1.1.6 an allocation for all Centralized Services; and 5.1.1.7 any other information or projections reasonably requested by Owner to be included in the operating plan and budget from time to time.

Proposed Annual Budget. The portion of On or before one hundred eighty (180) days prior to the anticipated Opening Date, Manager shall prepare and deliver to Owner, for its review and approval, a proposed operating plan and budget for the Managed Facilities first (1st) Operating Year (which may be included in effect immediately prior to the Commencement Date that relates Pre-Opening Budget), and applies to the period from and after the Commencement Date through and including December 31, 2014 shall apply under this Agreement as the Annual Budget for such period. On on or before November 1 of each Operating YearYear thereafter, Manager shall prepare and deliver to Owner, for its review and approval, a proposed operating plan and budget for the next Operating Year. All operating plans and budgets proposed by Manager shall include (without limitation) projections of Gross Operating Revenue and Operating Expenses by department for such period for the Managed Facilities and shall be prepared in good faith in accordance with budgeting and planning procedures typically employed by CEOC’s operating subsidiaries. Each operating plan and budget shall include monthly and annualized projections of each of the following items, as applicable, for the Managed Facilities: 5.1.1.1 results of operations (including itemized Gross Operating Revenue, Promotional Allowances, Operating Expenses and EBITDA), together with the following supporting data: (a) total labor costs, including both fixed and variable labor; (b) the Management Fees, Centralized Services Charges and Reimbursable Expenses; and (c) a description of the category and nature of Centralized Services to be provided, together with a budget for each such category; 5.1.1.2 a description of proposed Routine Capital Improvements, Building Capital Improvements and ROI Capital Improvements to be made during such Operating Year, including capitalized lease expenses, an itemization of the costs of such capital improvements (including a contingency line item) and proposed monthly funding for such costs, and project schedules to commence and complete such capital improvements (the “Capital Budget”); 5.1.1.3 a statement of cash flow, including a schedule of any anticipated cash shortfalls or requirements for funding by Owner; 5.1.1.4 a schedule of debt service payments and reserves required under any Financing Documents;; and 5.1.1.5 a marketing plan and budget for the activities to be undertaken by Manager pursuant to Article IX, including promotional activities and Promotional Allowances for the Managed Facilities; 5.1.1.6 an allocation for all Centralized Services; and 5.1.1.7 any other information or projections reasonably requested by Owner to be included in the operating plan and budget from time to time.