Common use of Budget Updates Clause in Contracts

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. Borrower shall at the end of every 4 week period commencing from the Closing First Amendment Effective 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 New Bridge Lenders (and, if the New Money Debt is repaid in full in accordance with the New Bridge Credit Agreement, the Lender, such consent 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 Lender agrees 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) of the New Bridge Credit Agreement 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)New Bridge Lenders (and, if the New Money Debt is repaid in full in accordance with the New Bridge Credit Agreement, the Lender) 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 First Amendment Effective 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 (e6.01(e) of the New Bridge Credit Agreement from any other changes for payroll and benefits.;