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 set forth in Section 9.03.

Annual Operating Projection shall have the meaning given such term in Section 17.3.

Examples of Annual Operating Projection in a sentence

• Management Company shall have the discretion and obligation to hire, promote, supervise, direct, train all employees at the Hotel & Conference Center, to fix their terms of compensation in accordance with the approved Annual Operating Projection and, generally to establish and maintain policies relating to employment at the Hotel & Conference Center.

• The Booking Policy and Conference Center Fee Schedule shall be reviewed annually by Management Company and the Owners and the Conference Center Fee Schedule for each Fiscal Year shall be submitted by Management Company to Owners for review and approval sixty (60) days prior to the time Management Company submits the Revised Annual Operating Projection described in Section 9.03 B.

• The Hotel Subordinated Base Management Fee is paid in all circumstances when the actual Operating Profit exceeds the projected Operating Profit.) Commencing on the first day of the sixth (6th) full Fiscal Year after the Management Commencement Date, the $500,000.00 difference threshold amount shall be adjusted annually ( and for each subsequent Fiscal Year) by the Consumer Price Index and any such adjustment shall be stated in the Annual Operating Projection for the related Fiscal Year.

• The proposed Marketing Plan shall be submitted by Management Company to the Owners for Owners’ review and approval at the same time Management Company submits the Revised Annual Operating Projection described in Section 9.03 B.

• The Room Blocking Policy and Guest Room Rate Schedule shall be reviewed annually by Management Company and the Owners and the Guest Room Rate Schedule for each Fiscal Year shall be submitted by Management Company to Owners for review and approval sixty (60) days prior to the time Management Company submits the Revised Annual Operating Projection described in Section 9.03 B.

More Definitions of Annual Operating Projection

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 has the meaning set forth in Section --------------------------- 8.03 of the Management Agreement.

Annual Operating Projection shall have the meaning ascribed thereto in the Operating Agreements.

Annual Operating Projection. As used in this Lease, the term "Annual --------------------------- Operating Projection" shall have the meaning set forth in Section 9.05 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 "Profit Minimum") in each of two (2) consecutive Fiscal Years (excluding the initial two full Fiscal Years after the Management Commencement Date; provided that, if the Management Commencement Date is on or before June 30th, such partial Fiscal Year shall be deemed to be the first full Fiscal Year for purposes of this Section 6.04), and (ii) fails to maintain one hundred percent (100%) of the fair market share of revenue per available room for the Hotel's competitive set as set forth on Exhibit B attached hereto during each of such two (2) consecutive Fiscal Years as reported by Xxxxx Travel Research (or similar reporting service in the event that Xxxxx Travel Research reports are no longer available), and (iii) the fact that Management Company is failing to meet the tests set forth in (i) and (ii) above is not the result of Force Majeure; provided that Management Company and Owner shall mutually agree upon appropriate adjustments to the Hotel's competitive set as set forth on Exhibit B that may be necessary as a result of such Force Majeure for purposes of determining whether Management has failed the test set forth in (ii) above. Notwithstanding the foregoing, Management Company shall have the right to cure any such failure to achieve Operating Profit equal to the Profit Minimum during any Fiscal Year by paying to Owner the difference between Operating Profit for such Fiscal Year and the Profit Minimum within sixty (60) days after the end of such Fiscal Year.

Annual Operating Projection which shall set forth Tenant's good faith estimate of Gross Revenues, departmental profits, Deductions, and Operating Profit for the forthcoming Fiscal Year for the Hotel, taking into account the Hotel's market area and the integration of the Hotel into the Marriott hotel system. Tenant will use its best efforts and all due diligence to operate the Hotel within the Annual Operating Projection. It is understood, however, that the Annual Operating Projection is an estimate only and that unforeseen circumstances such as, but not limited to, the costs of labor, material, services and supplies, casualty, operation of law, or economic and market conditions may make adherence to the Annual operating Projection impracticable, and Tenant shall be entitled to depart therefrom due to causes of the foregoing nature.

Annual Operating Projection has the --------------------------- meaning set forth in Section 6.1 hereof.