Common use of Preparation and Submission Clause in Contracts

Preparation and Submission. Owner and Manager acknowledge that the budgeting process is a critical factor to the successful operation of the Hotel and is also a key communication link between the parties. Not later than thirty (30) days after the Commencement Date, Manger will submit to Owner, for its approval, an operating budget for the initial Operating Year. For purposes of this Article 3, the operating budget for the initial Operating Year will be deemed to be the Annual Plan for that year. Thereafter, Manager will submit to Owner, for its approval, not later than thirty (30) days before the beginning of each Operating Year the proposed annual plan for the Hotel (the "Annual Plan") comprised of the following:

Preparation and Submission. Owner and Manager acknowledge that the budgeting process is a critical factor to the successful operation of the Hotel and is also a key communication link between the parties. Not later than thirty (30) days after Following the Commencement Date, Manger Manager will submit to Owner, for its approval, an operating budget for the initial Operating Year. For purposes of this Article 3, the operating budget for the initial Operating Year will be deemed to be the Annual Plan annual plan for that year. Thereafter, Manager will submit to Owner, for its approval, not later than thirty (30) days before the beginning of each Operating Year the proposed annual plan for the Hotel (the "Annual Plan") comprised of the following:

Preparation and Submission. Owner and Manager acknowledge that the budgeting process is a critical factor to the successful operation of the Hotel and is also a key communication link between the parties. Not later than thirty (30) days after the Commencement Date, Manger will submit to Owner, for its approval, an operating budget for the initial Operating Year. For purposes of this Article 3, the operating budget for the initial Operating Year will be deemed to be the Annual Plan for that year. Thereafter, Manager will submit to Owner, for its approval, not later than thirty (30) days before before' the beginning of each Operating Year the proposed annual plan for the Hotel (the "Annual Plan") comprised of the following: