Budget Default definition

Budget Default means, the Company fails to satisfy (i) the Budget Condition as of any month-end, or (ii) the Budget Condition for two consecutive month-ends, but the Named Business Condition is satisfied as of the latter of such month-ends.
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Examples of Budget Default in a sentence

  • This will confirm that Lender hereby waives the 2023 Board Approved Budget Default.

  • An Updated Monthly Budget which has been approved by the Monitor and does not result in an Updated Budget Default shall be the Agreed Monthly Budget for the purpose of this Agreement.

  • An Updated Weekly Budget which has been approved by the Monitor and does not result in the occurrence of an Updated Budget Default (as defined below) shall be the Agreed Weekly Budget for the purpose of this Agreement.

  • The DIP Lender shall provide written notice to the Borrower indicating that an Updated Weekly or Monthly Budget has resulted in the occurrence of an Updated Budget Default by the close of business on the third (3rd) business day following receipt of such Updated Weekly or Monthly Budget, failing which such Updated Weekly or Monthly Budget shall be deemed not to have resulted in the occurrence of an Updated Budget Default.

  • This will confirm that Lender hereby waives the 2024 Board Approved Budget Default.

  • Without limiting the foregoing, an Updated Budget Default shall occur if any Updated Weekly Budget or Updated Monthly Budget forecasts that borrowings under the DIP Facility will exceed the Maximum Availability at any time; 7.

Related to Budget Default

  • Payment Default has the meaning set forth in Section 5.4(a) of the Indenture.

  • MI Default has the meaning given to it in paragraph 6.1 of Framework Schedule 9 (Management Information);

  • Incipient Default means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

  • Financial Covenant Default has the meaning assigned to such term in Section 8.01(6).

  • Senior Payment Default means any default in the payment of principal of (or premium, if any) or interest on any Senior Debt of the Company when due, whether at the Stated Maturity of any such payment or by declaration of acceleration, call for redemption or otherwise. In the event that any Senior Nonmonetary Default (as defined below) shall have occurred and be continuing, then, upon the receipt by the Company, the Subsidiary Guarantors and the Trustee of written notice of such Senior Nonmonetary Default from the agent for the Designated Senior Debt which is the subject of such Senior Nonmonetary Default, no Securities Payment shall be made during the period (the “Payment Blockage Period”) commencing on the date of such receipt of such written notice and ending on the earlier of (i) the date on which such Senior Nonmonetary Default shall have been cured or waived or shall have ceased to exist or all Designated Senior Debt the subject of such Senior Nonmonetary Default shall have been discharged; (ii) the 179th day after the date of such receipt of such written notice; or (iii) the date on which the Payment Blockage Period shall have been terminated by written notice to the Company, any Subsidiary Guarantor or the Trustee from the agent for the Designated Senior Debt initiating the Payment Blockage Period; provided, however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in accordance with Article Sixteen by delivering and crediting pursuant to Section 1602 Securities which have been acquired (upon redemption or otherwise) prior to the date of such receipt of such written notice. No more than one Payment Blockage Period may be commenced with respect to the Securities of a particular series during any 360-day period and there shall be a period of at least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect. For all purposes of this paragraph, no Senior Nonmonetary Default that existed or was continuing on the date of commencement of any Payment Blockage Period shall be, or be made, the basis for the commencement of a subsequent Payment Blockage Period, whether or not within a period of 360 consecutive days, unless such Senior Nonmonetary Default shall have been cured for a period of not less than 90 consecutive days.