Annual Operating Projection definition
Annual Operating Projection shall have the meaning ascribed to it in Section 4.04.
Annual Operating Projection shall have the meaning ascribed to it in --------------------------- Section
Annual Operating Projection shall have the meaning set forth in Section 9.03.
Examples of Annual Operating Projection in a sentence
In the case of the Fiscal Year beginning on the Effective Date, Manager and Owner have already agreed upon the Annual Operating Projection for such Fiscal Year.
Manager will consider in good faith suggestions made by Owner with respect to the Annual Operating Projection and make modifications thereto that are agreed upon by Owner and Manager.
Manager shall endeavor to adhere to the Annual Operating Projection.
The term “Material Management Decisions” means a decision to be made in connection with any expenditure of more than $10,000 for each item or $50,000 in the aggregate for all such items in any Fiscal Year if such expenditure is not included in the approved Annual Operating Projection for such Fiscal Year or if such expenditure would result in an increase in the overall Annual Operating Projection.
Upon approval of the Annual Operating Projection by Owner and Manager, Manager in good faith shall use best efforts to adhere to such Annual Operating Projection.
More Definitions of Annual Operating Projection
Annual Operating Projection shall have the meaning ascribed to it in Section 8.03.
Annual Operating Projection has the meaning ascribed to such term in Section 4.04.A. “Annual Operating Statement” has the meaning ascribed to such term in Section 4.01.B. “Appellate Rules” has the meaning ascribed to such term in Section 11.17.
Annual Operating Projection shall have the meaning ascribed thereto in the Operating Agreements.
Annual Operating Projection shall have the meaning given such term in Section 17.3.
Annual Operating Projection has the meaning set forth in Section --------------------------- 8.03 of the Management Agreement.
Annual Operating Projection. As used in this Lease, the term "Annual --------------------------- Operating Projection" shall have the meaning set forth in Section 9.04 of the ------------ Management Agreement. Annual Room Revenues Break Point(s): As used in this Lease, the term ----------------------------------- "Annual Room Revenues Break Point(s)" shall mean the Annual Room Revenues First Break Point and the Annual Room Revenues Second Break Point, in accordance with Section 3.1(b)(ii) and Exhibit B. ------------------ ---------
Annual Operating Projection. (the "Projection"). Such Projection shall set forth estimated Gross Revenues, department revenues and expenses, Deductions and Operating Profit for the forthcoming Fiscal Year for the Hotel, for each Accounting Period in such Fiscal Year, furnishing at least as much detail as is set forth in Exhibit B. (The Management Company represents and warrants that Exhibit B is as detailed as the budgets used by the Management Company for hotels owned by the Management Company.) The Management Company shall consult in good faith with the representatives of Owner concerning the Projection in the [ ] days after Owner's receipt of the Projection. The Management Company shall, after such consultations, submit to Owner within [ ] days after the expiration of such period of [ ] days an appropriate final Projection. Except for special circumstances, the amounts of the individual line items of the Projection and the total Projection shall be consistent with those of the other first-class hotels managed by the Management Company. For any line items that, because of special circumstances, are not in amounts consistent with those of such other hotels, the Management Company shall furnish to Owner, in writing, at the time the final Projection is furnished to Owner, the rationale for such variance. In any event, the final Projection shall be prepared in good faith, shall set forth reasonable amounts, individually and in total, and shall be based on, among other things, the Management Company's best estimates, for Owner to rely upon, concerning expected operations for the subject Fiscal Year. The expenditures by the Management Company in the operation of the Hotel during each Fiscal Year shall conform substantially to the Annual Operating Projection for such Fiscal Year; provided that, if unforeseen circumstances such as, but not limited to, unusual changes in the costs of labor, material, services and supplies, casualties, operation of law and economic or market conditions make adherence to the Projection impracticable, the Management Company may depart therefrom to the extent necessary. If the Management Company departs from or intends to depart from a Projection previously submitted to Owner, the Management Company shall promptly submit to Owner an appropriately revised Projection.