Budget Updates. If at any time in the opinion of PML as Administrator, there has been a material adverse change in the financial circumstances of the Issuer since the preparation of the last annual budget delivered pursuant to Clause 12.2, PML as Administrator, shall deliver to the Issuer within 45 days of such determination that there has been such a material adverse change, a revised annual budget report for the Issuer adjusted to take into account actual circumstances and all further relevant known information.
Budget Updates. At the request of the Required Lenders during the continuation of an Event of Default, the Borrower shall provide to the Lenders any updates to the projections set forth in the Budget.
Budget Updates. Borrower shall at the end of every 4 week period commencing from the Closing Date propose an update to the then-existing Initial Budget or Budget, as the case may be, adding thereto the forecast of cash receipts and cash disbursements for the 13 week period commencing on the date of such proposed update. Each such update and the line items reflecting Permitted Affiliate Services Payments shall be subject to the consent of the Required Lenders (not to be unreasonably withheld), and to the extent such consent is provided, the Budget shall be amended, and if no consent is provided, the prior Budget shall remain in effect; provided, that the Lenders agree that the line items in any proposed update reflecting any of the following shall not be subject to such consent requirement: (1) professional fees - restructuring in any nine week period to be increased by up to 15% from the amount set forth for such line item in the corresponding nine week period in the most recently approved Budget and (2) payroll and benefits in any nine week period to be increased by up to 15% from the amount set forth for each such line item in the corresponding nine week period in the most recently approved Budget (provided that any increase in payroll or benefits for those employees listed on Schedule 6.01(e) shall not count against such 15% cap but, for the avoidance of doubt, each budget update for such increase shall be subject to the aforementioned consent right of the Required Lenders), so long as the cumulative percentage increases during the term of this Agreement for the items in clauses (1) and (2) do not exceed 50 percentage points beginning with the first revised Budget proposed after the Closing Date. The Initial Budget and each proposed update shall include a memo item reflecting cumulative transfers that may be required to Foreign Subsidiaries irrespective of expense categories. Each proposed update to the Initial Budget and any subsequent Budget shall include: (i) a consolidating cash flow schedule illustrating budgeted cash flows for the Foreign Subsidiaries aggregated by geography and broken down by use of funds; and (ii) a schedule of the updated proposed Budget variances segregating changes for payroll for those employees listed on Schedule 6.01 (e) from any other changes for payroll and benefits.
Budget Updates. The Annual Budget for a year shall be updated on or about the first day of July of such year by Manager to reflect any changes indicated by the actual results of operations, and such update shall be submitted to Owner promptly thereafter.
Budget Updates. Manager shall update the Budget no less than once per calendar year pursuant to a schedule therefor Approved by the Parties from time to time. Pursuant to such schedule or as otherwise requested from time to time by HPS (but not more frequently than once per quarter, unless more frequently required to reflect material deviations) or desired from time to time by Manager, Manager shall prepare and deliver to HPS for HPS’ review and Approval an updated Budget. Each such update shall contain the type of information set forth in the then-current Budget, except to the extent such information is no longer applicable.
Budget Updates. Manager shall update the Budget no less than once per calendar quarter pursuant to a schedule therefor Approved by the Parties from time to time. Pursuant to such schedule or as otherwise requested from time to time by Lennar Concord (but not more frequently than once per quarter, unless more frequently required to reflect material deviations) or desired from time to time by Manager, Manager shall prepare and deliver to Lennar Concord for Lennar Concord’s review and Approval an updated Budget. Each such update shall contain the type of information set forth in the then-current Budget, except to the extent such information is no longer applicable.
Budget Updates. On or prior to the date which is 30 days prior to the beginning of each calendar quarter (but not more than 60 days prior to the beginning of such calendar quarter), submit to the Administrative Agent for review and approval any proposed updates or revisions to the most recent Approved Annual Budget. The Administrative Agent shall have the right to review and approve (in its reasonable discretion) such proposed updates and revisions and shall, on or prior to the date which is 20 days following its receipt of same, provide Borrower with notice as to whether it has approved or rejected such updates and revisions, together with reasons for any rejection; provided, that the Administrative Agent shall not have the right to reject costs or expenses set forth in proposed budgets or updates thereto (i) to the extent such costs and expenses are necessary to the continued operation of the Borrower’s business and are not subject to the Borrower’s control or (ii) based on its objection to revisions set forth in such updates that are not material. If the Administrative Agent rejects any proposed budget revisions submitted by the Borrower, the Borrower and Administrative Agent shall negotiate in good faith to resolve the matters which are deemed by the Administrative Agent to be objectionable. To the extent the Administrative Agent and Borrower are unable to agree upon revisions to an Approved Annual Budget, such Approved Annual Budget (as modified to reflect any necessary and uncontrollable costs and expenses) shall remain effective. To the extent the Administrative Agent approves any revisions requested by the Borrower to the then-applicable Approved Annual Budget, such Approved Annual Budget shall be deemed to have been revised as of the date on which the Administrative Agent communicates such approval.
Budget Updates. The Agent shall assist the Owner in preparing revised budgets to reflect any material changes made to the Budget.
Budget Updates. No later than November 30 of each year, commencing on November 30, 2000 through November 30, 2003, the Stockholders will provide Purchaser with a quarterly break-down of all items of the Budget for the upcoming calendar year utilizing the full calendar year numbers contained in the then-applicable Budget for such calendar year.
Budget Updates. Submit a revised budget for the approval of Owner as reasonably necessary to accurately reflect material changes to the Project Development Plan;
