Examples of Yearly Budget in a sentence
Manager shall review with Owner from time to time, and during the annual review of the Yearly Budget, material changes in policies, practices and procedures and their effect on the financial performance of the Hotels.
If Owner fails to disapprove of a proposed Yearly Budget within thirty (30) days after the submission thereof to Owner for its approval, the same shall be deemed approved.
Manager will not be deemed to have made any guaranty, warranty or representation whatsoever in connection with the Yearly Budget and the Capital Replacements Budget, and Owner acknowledges that the Yearly Budget, including the Capital Replacements Budget are intended only as reasonable estimates of the matters they describe.
Expenditures required to complete, or correct deficiencies, in construction, reconstruction or refurbishment of the Hotel, if undertaken, are Ownership Costs and will not be reflected in the Yearly Budget or the Capital Replacements Budget or paid from the Reserve Account.
With respect to other items, in the event that Manager encounters circumstances which require unbudgeted and unanticipated expenditures not foreseen at the time of preparation of the Yearly Budget and which Manager deems reasonably necessary, Manager may submit such matters for Owner’s approval, which approval will not be unreasonably withheld or delayed.
In such discretion and in accordance with the Yearly Budget, Manager may elect to staff certain functions at offsite or regional locations, or to provide employee benefits on a Brand-wide or other multi-location basis and may allocate the employee costs among the hotels participating in such staffing or benefits.
Manager shall review with Owner from time to time and during the annual review of the Yearly Budget material changes in policies, practices and procedures and their effect on the financial performance of the Hotel.
Manager, in the exercise of reasonable discretion and business judgment and in accordance with the Yearly Budget, shall be solely responsible for determining room rates, food and beverage menu prices and charges to guests for other Hotel services.
Manager shall also have sole responsibility, in the exercise of reasonable discretion and business judgment and in accordance with the Yearly Budget, to determine the terms of guest occupancy and admittance to the Hotel, use of rooms for commercial purposes, policies relating to entertainment, labor policies, publicity and promotion activities and technology services and equipment to be used in the Hotel.
Owner’s approval of the Yearly Budget and the Capital Replacements Budget shall not be unreasonably withheld or delayed and shall be deemed given unless a specific written disapproval thereof (as provided below) is delivered by Owner to Manager within thirty (30) days after submission of such budgets.