Annual Operating Budget and Financial Projections. Within sixty (60) days after the end of each fiscal year of Borrower, # annual operating budgets (including income statements, balance sheets and cash flow statements, by month) for the upcoming fiscal year of Borrower, and # annual financial projections for the following fiscal year (on a quarterly basis) as approved by Borrower’s board of directors, together with any related business forecasts used in the preparation of such annual financial projections and, as soon as available, any periodic updates thereto;

Annual Operating Budget. Subject to the approval of the Lessee as provided in Section 10.2, not less than ninety (90) days following the Commencement Date, Manager shall prepare an initial operating budget (the “Initial Operating Budget”) for the period beginning with the Commencement Date and ending on December 31 of the year in which the Commencement Date occurs unless such date falls within 60 days prior to December 31, in which case such Initial Operating Budget shall cover the next succeeding calendar year. Such Initial Operating Budget may be refined (based on information then available) as of the Commencement Date, subject to the approval of the Lessee as provided in Section 10.2. Thereafter, the Manager shall deliver, by a date to be reasonably determined by the Lessee but not later than November 1 of each succeeding Fiscal Year, to Lessee for approval by Lessee a proposed budget for the Hotel, which may be revised from time to time (the “Annual Operating Budget”), setting forth in detail an estimated profit and loss statement for the next twelve (12) Accounting Periods, including a schedule of hotel room rentals and other rentals for the Hotel, such budgets to be substantially in the format of Exhibit D attached hereto. The Manager may modify or amend a previously approved Initial Operating Budget or an Annual Operating Budget, only in accordance with Section 10.2 or as otherwise provided in this Agreement.

Annual Financial Projections. Promptly after delivery thereof by the Company’s management to the board of directors, or the then governing body, of the General Partner, but in any event within 90 days after the end of each Fiscal Year, an annual business plan, budget and projections of Company’s consolidated balance sheet and related statement of operations, with such projections certified by Senior Officer of Borrower Agent as being based on reasonable estimates and assumptions taking into account all facts and information known (or reasonably available to the Company or any of its Subsidiaries) by such Senior Officer, and such additional information as may be sufficient to calculate the Fixed Charge Coverage Ratio and Availability for the next Fiscal Year, quarter by quarter; provided that, it is understood and agreed that # any forecasts furnished hereunder are subject to significant uncertainties and contingencies, which may be beyond the control of the Obligors, # no assurance is given by the Obligors that the results or forecast in any such projections will be realized and # the actual results may differ from the forecasted results set forth in such projections and such differences may be material.

Budget Projections. As soon as available, but no later than thirty (30) days after the last day of each fiscal year of Borrower, and within ten (10) days after any updates or changes thereto, annual Board approved operating budgets and reviewed financial projections in a form of presentation reasonably acceptable to Bank;

Operating Budget. If requested by Lender, Borrowers shall furnish to Lender on or prior to the Closing Date and for each fiscal year of Borrowers (or such other twelve-month period as Lender may specify) thereafter not less than fifteen (15) days preceding the commencement of such fiscal year or other period, consolidated month by month projected operating budgets, annual projections, balance sheets and cash flow reports of and for Borrowers for such upcoming fiscal year or other period (including an income statement for each month), in each case prepared in accordance with GAAP consistently applied with prior periods.

Annual Operating Budget and Cash Flow. As soon as available, but in any event within thirty (30) days after the end of each fiscal year, a copy of the detailed annual operating budget or plan approved by management of the Borrowers including cash flow projections of the Partnership and its Subsidiaries for the next four fiscal

As soon as practicable and in any event prior to the 90th day of such Fiscal Year, Borrowers shall deliver to Administrative Agent projected balance sheets, statements of income and cash flow for Borrowers, consolidated and consolidating basis for each of the twelve (12) months during such Fiscal Year, which shall include the assumptions used therein, together with appropriate supporting details as reasonably requested by Administrative Agent.

by no later than 30 days prior to the commencement of each fiscal year, an annual operating budget for the Property for the next succeeding fiscal year presented on a monthly basis consistent with the annual operating statement described above for the Property, including cash flow projections for the upcoming year and all proposed capital replacements and improvements, which such budget shall not take effect until approved by Lender in writing, which approval shall not be unreasonably withheld, delayed or conditioned (such annual operating budget, as approved by Lender, referred to herein as the “Approved Annual Budget”); and

Annual Budget. Borrower shall furnish to Lender an operating budget for the Property, presented on a monthly basis, including applicable cash flow projections and all proposed capital replacements and improvements, upon the execution of this Agreement for the Borrower’s current fiscal year and thereafter at least thirty (30) days prior to the start of each future Borrower fiscal year (the “Annual Budget”).

Financial Projections. Borrower shall have delivered to Agent financial projections (including income statement, balance sheet and cash flows) through the end of June 30, 2022.