Common use of Budget Updates Clause in Contracts

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. 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 12.213.2, 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.