The projected Opening Date is set forth in Section 1.03.F. Owner and Manager agree that the actual Opening Date will not be earlier than the date on which all of the following have occurred: (i) 30 days have elapsed after Substantial Completion (as defined in the Technical Services Agreement); (ii) all licenses, permits and other approvals and documents necessary for Manager to operate the Hotel have been obtained, in each case as Manager reasonably determines; and (iii) Owner has funded the initial Working Capital. Any decision by Manager to delay the Opening Date due to the failure to meet these requirements will not affect Manager’s rights under Section 1.03.A.