Common use of Budget Update Clause in Contracts

Budget Update. (A) The Parent shall supply to the Agent (in sufficient copies for those Lenders which have requested copies) as soon as the same becomes available but in any event within 60 days of the end of each Accounting Quarter, an update of the projections contained in the most recent Operating Budget delivered to the Agent; and (B) Each update of the Operating Budget shall include the same items as are required to be included in the Budget. Each set of Financial Statements of the Parent (other than its management accounts for each Accounting Period), the Operating Budget and the update to the Operating Budget shall have been approved by a meeting of the board of directors of the Parent.