Common use of Operating Budget and Business Plan Clause in Contracts

Operating Budget and Business Plan. Not later than the first day of the calendar month that precedes the first calendar month of a fiscal year, Borrower shall provide Lender with an operating budget and business plan for the Property for the immediately following fiscal year. Without limiting the terms, provisions and limitations contained in this Note and in the other Loan Documents (including, without limitation, ▇▇▇▇▇▇'s right to approve disbursements to Borrower from the FF&E Reserve in accordance with the Approved FF&E Budget), the budgets and business plans provided to Lender under this paragraph are for ▇▇▇▇▇▇'s information only and are not subject to ▇▇▇▇▇▇'s prior approval (nor shall any changes thereto be subject to ▇▇▇▇▇▇'s prior approval). Subject to the terms, provisions and limitations contained in the Loan Documents, Borrower covenants and agrees to operate the Property substantially in accordance with said operating budgets and business plans.