Budget Compliance. Until a Recapitalization Transaction has been consummated, no Loan Party shall allow (a) until Additional Availability is received, (i) Actual Cash Receipts for any Cumulative Four Week Period to be less than 90% of the Budgeted Cash Receipts for any such Cumulative Four Week Period and (ii) Actual Disbursement Amounts for any Cumulative Four Week Period to exceed 110% of the Budgeted Disbursement Amounts for any such Cumulative Four Week Period and (b) after Additional Availability is received, (i) Actual Cash Receipts for any Cumulative Four Week Period to be less than 87.5% of the Budgeted Cash Receipts for any such Cumulative Four Week Period and (ii) Actual Disbursement Amounts for any Cumulative Four Week Period to exceed 112.5% of the Budgeted Disbursement Amounts for any such Cumulative Four Week Period. The parties acknowledge that the Borrowers may consummate special sales for consideration of at least $100,000 for which the cash proceeds for such sales are received in one reporting period but the disbursement to satisfy the payable relating thereto is not made until a subsequent period. With respect to such special sales, an amount equal to the cash proceeds for such special sale less the related payable for the goods which are the subject of the special sale shall be included in the period in which the full purchase price for such sale is received (it being understood that the receipt of a deposit in connection with such special sale shall not be included as a cash receipt until the goods relating thereto are received by the purchaser and the full purchase price paid), to the end that the related payable shall be deemed a disbursement for the same period in which the cash receipts are received, whether or not such disbursement is in fact made during such period. Thereafter, when the disbursement for such payable is actually made, such payment shall not be deemed a disbursement in the period when actually made.”
Budget Compliance. Subject to the terms and conditions set forth below, the proceeds of Notes issued under this Agreement shall be used by the Issuers solely for the purposes and up to the amounts set forth in the Approved Budget and:
Budget Compliance. The Credit Parties shall not pay expenses in cash, nor shall they permit their Subsidiaries to pay expenses in cash, during any year-to-date period ending as of the last day of any calendar month, in amounts which would cause the aggregate amount of expenses paid for in cash with respect to any category set forth in the Budget for such year-to-date period to exceed the amount set forth in the Budget (designated therein as "Cumulative") and corresponding to such category for such period by an amount in excess of 10% of such amount set forth in the Budget.
Budget Compliance. (a) The initial Approved Budget shall depict, on a weekly basis, cash revenues, receipts, expenses and disbursements and other information for the first ten (10) week period from the Third Amendment Effective Date and such initial Approved Budget shall be approved by, and be in form and substance satisfactory to, the Agents in their sole discretion. Until a Recapitalization Transaction has been consummated, the Approved Budget shall be updated, modified or supplemented (with the consent and/or at the request of the Agents) from time to time, but in any event not less than on a weekly basis (with the delivery to the Agents on or before the Friday of each week), and each such updated, modified or supplemented budget shall be approved by, and be in form and substance satisfactory to the Agents in their sole discretion, shall only add projections for the last week of the then thirteen (13) week period and shall not modify any prior periods, and no such updated, modified or supplemented budget shall be effective until so approved and once so approved shall be deemed an Approved Budget; provided that the next updated budget to be delivered on June 20, 2014 shall add five weeks of projections after the end of the last week of the initial Approved Budget (it being understood that the initial Approved Budget contains projections for only ten (10) weeks and the addition of the five additional weeks to the budget to be delivered on June 20, 2014 will result in a full thirteen (13) week cash flow). Each Approved Budget delivered to the Agents shall be accompanied by such supporting documentation as reasonably requested by the Agents.
Budget Compliance. (a) As of each week, for the four-week period ended as of the end of such week, the actual cash receipts received by the Company shall not be less than 75% of the cash receipts for the corresponding period in the Budget.
Budget Compliance. (a) From and after the Effective Date, the Obligors shall not make any operating cash disbursements (i) at any time, that are not of the type included in the Budget, (ii) starting the second week of the budget period covered by the Budget, with respect to payroll in amounts exceeding the projected cumulative payroll disbursements through such period as set forth in the Budget by more than 20% for the first two weeks, 15% for the first three weeks, 10% for the first four weeks and 10% thereafter on a weekly basis for each trailing four-week period (i.e., weeks 2-5, 3-6, 4-7, etc.) and (iii) starting the second week of the budget period covered by the Budget, with respect to all other operating cash disbursements combined (other than, for the avoidance of doubt, payroll), in amounts exceeding the aggregate amount of the projected cumulative cash disbursements through such period as set forth in the Budget by more than 20% for the first two weeks, 15% for the first three weeks, 10% for the first four weeks and 10% thereafter on a weekly basis for each trailing four-week period (i.e., weeks 2-5, 3-6, 4-7, etc.).
Budget Compliance. The amount of the proposed Advance when taken together with all other advances in the category of the Budget shall be within the amount set forth in the applicable category in the Budget.
Budget Compliance. The Post-Petition Agent shall have received the ----------------- most recent Budget Compliance Certificate required to be delivered pursuant to Section 11.1(n). ---------------
Budget Compliance. (i) Subject to the terms and conditions set forth below, the proceeds of Loans made under this Agreement shall be used by the Borrower solely for the purposes and up to the amounts set forth in the Approved Budget for the applicable line item during the applicable seven-day period.
