Common use of Budgets and Forecasts Clause in Contracts

Budgets and Forecasts. Not later than the later to occur of (i) 30 days after the same shall have been approved by the U.S. Borrower’s Board of Directors and (ii) 60 days after the end of each fiscal year of the U.S. Borrower, commencing with the fiscal year ending December 31, 2018, a consolidated budget in reasonable detail for each of the four fiscal quarters of such fiscal year, as customarily prepared by management for its internal use, setting forth, with appropriate discussion, the forecasted balance sheet, income statement, operating cash flows and capital expenditures of the U.S. Borrower and its Subsidiaries for the period covered thereby, and the principal assumptions upon which forecasts and budget are based; provided that such budget shall not be required to include projections for any Subsidiary of the U.S. Borrower whose assets consist solely of the Equity Interests of any other Subsidiary or Subsidiaries.

Budgets and Forecasts. Not later than the later to occur of (i) 30 days after the same shall have been approved by the U.S. Borrower’s Board of Directors and (ii) 60 days after the end of each fiscal year of the U.S. Borrower, commencing with the fiscal year ending December 31, 2018, a consolidated budget in reasonable detail for each of the four fiscal quarters of such fiscal year, as customarily prepared by management for its internal use, setting forth, with appropriate discussion, the forecasted balance sheet, income statement, operating cash flows and capital expenditures of the U.S. Borrower and its Subsidiaries for the period covered thereby, and the principal assumptions upon which forecasts and budget are based; provided that such budget shall not be required to include projections for any Subsidiary of the U.S. Borrower whose assets consist solely of the Equity Interests of any other Subsidiary or Subsidiaries.. (e)