Updated Budget Sample Clauses
Updated Budget. Not later than 5:00 p.m. New York City time on every fourth Thursday occurring after the Closing Date (the “Updated Budget Deadline”) or, if such Thursday is not a Business Day, the next Business Day thereafter, commencing with the Thursday of the fourth full calendar week occurring after the Closing Date, the Borrower Agent shall deliver to the Administrative Agent (for delivery to the Lenders) and the Specified Ad Hoc Group Advisors a supplement to, for the first such supplement, the Initial Budget, and for each supplement thereafter, the most-recently delivered Updated Budget (each such supplement, an “Updated Budget”), covering the 13-week period that commences with the Sunday of the calendar week that includes such Updated Budget Deadline, consistent with the form and level of details set forth in the Initial Budget and including a forecasted unrestricted cash balance as well as a line-item report setting forth the estimated fees and expenses to be incurred by each professional advisor on a weekly basis. Each Updated Budget shall be, in each case, subject to the approval of the Required Lenders (which approval may be provided by the Specified Ad Hoc Group Advisors on behalf of the Required Lenders and will be deemed to be given unless an objection by the Required Lenders or either of the Specified Ad Hoc Group Advisors has been delivered to the Borrower Agent by no later than 5:00 p.m. (New York City time) on the Tuesday following the applicable Updated Budget Deadline for such Updated Budget (which objection may be provided via email)). Upon (and subject to) the approval, or deemed approval, of any Updated Budget by the Required Lenders in their reasonable discretion (which may be provided by the Specified Ad Hoc Group Advisors), such Updated Budget shall constitute the “Approved Budget”; provided that in the event such Updated Budget is not so approved (or deemed approved) by the Required Lenders, the prior Approved Budget shall remain in effect until such time as the Required Lenders approve a revised Updated Budget with respect to the same time period covered thereby.
Updated Budget. Beginning on July 28, 2020, and every four (4) weeks thereafter while any DIP Obligations are outstanding, the Debtors shall prepare in good faith and deliver to the DIP Agents, the DIP Agents’ professional advisors, and the professional advisors to the Majority Junior DIP Lenders an updated 13-week cash flow forecast consistent in form and substance with the Initial Budget and otherwise in form and substance acceptable to the Senior DIP Agent, the Majority Senior DIP Lenders, and reasonably acceptable to the Majority Junior DIP Lenders, as and to the extent required by the DIP Credit Agreements (each such updated forecast, an “Updated Budget”). Each Updated Budget shall be accompanied by such supporting documentation in accordance with the terms of the DIP Credit Agreements. For the avoidance of doubt, no amendment, modification or update to an Approved Budget shall be effective without the approval of the Senior DIP Agent, Majority Senior DIP Lenders and, so long as no Senior DIP Event of Default (as defined below) has occurred and is continuing, the Majority Junior DIP Lenders, and in accordance with the terms of the applicable DIP Credit Agreements.
Updated Budget. Not later than 5:00 p.m. New York City time on February 23, 2018 and every second Friday thereafter (or as more frequently requested by the Administrative Agent) (each, a “Budget Delivery Date”), the Loan Parties shall deliver (email shall suffice) to the Administrative Agent and the Lenders a supplement to the Approved Budget covering the subsequent 13-week period (and not re-forecasting periods in prior Approved Budgets), consistent with the form and level of detail set forth in the Initial Budget and otherwise in form and substance satisfactory to the Administrative Agent (at the direction of the Required Lenders) in all material respects (each such supplement, solely to the extent approved by the Administrative Agent, an “Updated Budget”) reflecting the Loan Parties’ anticipated cash receipts and anticipated disbursements for each calendar week during the thirteen (13) calendar week period beginning on the Saturday following the applicable Budget Delivery Date, together with a report setting forth the amount by which any line item has changed since the prior Approved Budget. Upon (and subject to) the approval of any such Updated Budget by the Administrative Agent (at the direction of the Required Lenders), such Updated Budget shall constitute the then-Approved Budget for purposes hereof; provided, however, that in the event the Administrative Agent provides written notice to the Loan Parties (including, by email) that the proposed Updated Budget is not acceptable, and the Administrative Agent (at the direction of the Required Lenders) and the Loan Parties are unable to reach agreement regarding such Updated Budget, then the Approved Budget most recently in effect shall remain the Approved Budget.
Updated Budget. As soon as practicable and in any event no later than forty five days after the end of each Fiscal Year, an updated Budget, in form reasonably satisfactory to Administrative Agent (it being understood and agreed that the form of the Budget provided to Administrative Agent on or prior to the Closing Date is acceptable to Administrative Agent);
Updated Budget. 2.02(d) Updated Revenues.................................... 2.02(d) Voting Agreements................................... recital Year 2000 Compliant................................. 4.25
Updated Budget. At least five (5) business days prior to the end of each month, the Borrower shall deliver to the Agent and the Lenders an updated budget covering the period beginning with the next month and ending on the earlier of (i) twelve months thereafter or
Updated Budget. On July 24, 2018 and on the Tuesday of every four (4) weeks recurring thereafter until the LIFO Expiration Date, and upon the consummation of the Federal Sale Transaction, an updated Budget (each such updated budget, an “Updated Budget”) for the immediately succeeding twenty-six week period, which shall be in substantially the same form as the Initial Second Amendment Budget. Such Updated Budget shall become the Approved Budget upon review by the Lenders’ financial advisor and written notice of approval thereof by the Administrative Agent and the Required Lenders in their sole and absolute discretion following a reasonable opportunity (not to exceed five (5) Business Days) to review and comment thereon; provided, however, that with respect to the Updated Budgets delivered upon and following the earlier of (x) the consummation of the Federal Sale Transaction and (y) August 31, 2018, such Updated Budgets shall become the Approved Budget upon approval thereof by the Administrative Agent and Lenders holding not less than sixty-six and two-thirds percent (662/3%) of the Commitments; provided, further, that if the Administrative Agent does not deliver notice of acceptance of an Updated Budget to the Borrower within such five (5) Business Day review period, the most recent Approved Budget shall continue as the Approved Budget until the day immediately following the delivery of an Updated Budget in form and substance acceptable to the Administrative Agent and the Required Lenders.” (mm)
Updated Budget. Section 1.1 of the Loan Agreement is hereby amended such that the definition of "Budget" shall read in full as follows:
Updated Budget. Not later than 12:00 p.m. New York City time on June 12, 2020 and on each fourth Friday thereafter (such delivery date, a “Budget Delivery Date”), the Borrower shall deliver to the Specified Financial Advisor a supplement to the most-recent Approved Budget covering the 13-week period commencing with the day immediately following such Budget Delivery Date and shall be substantially consistent with the form set forth in the Initial Budget (each such supplement, an “Updated Budget”). Each Updated Budget shall be acceptable to the Required Lenders (which approval may be evidenced by email confirmation from the Specified Financial Advisor); provided that the Required Lenders shall be deemed to have approved an Updated Budget unless Lenders constituting the Required Lenders or the Specified Financial Advisor shall have objected to such Updated Budget in writing (including via email) within three (3) Business Days after delivery of such Updated Budget by the Borrower to the Specified Financial Advisor. Upon the approval of the Updated Budget as specified in the immediately preceding sentence, such Updated Budget shall constitute the then-approved Approved Budget effective as of the Budget Delivery Date of such Updated Budget.
Updated Budget. On Wednesday of each calendar week, an updated 13-week statement of projected cash receipts and disbursements (on a cumulative and line-item basis) of 21C and its Domestic Subsidiaries (other than the Borrower and its Subsidiaries), broken down by week, for the period beginning as of such calendar week through and including the 13th week thereafter, which shall be consistent with the form and the level of detail of the Approved Budget and otherwise in form and substance satisfactory to the Lender Advisors or the Requisite Lenders (the “Updated Budget”); provided that such Updated Budget shall be furnished for informational purposes only and shall not supersede, supplement or replace the Approved Budget for any purpose, including for purposes of Section 6.2.