Budget and Variance Report. (i) Commencing with the end of the first full fiscal quarter ended after the entry of the DIP Order (or, at the election of the Borrower, at the end of each calendar month or such earlier period as may be agreed), the Borrower shall promptly provide an updated Budget for the subsequent 3-month period to the Administrative Agent.
Budget and Variance Report. On the last Wednesday of the first full calendar month after the Effective Date and on the Wednesday which falls in the last week of each succeeding four week period thereafter (or on the immediately succeeding Business Day if any such Wednesday is not a Business Day), (x) an updated proposed Budget for the immediately succeeding thirteen-week period and (y) a duly completed Budget and variance certificate shall be prepared by the Borrower’s management and certified by the chief financial officer of the Borrower and shall (i) attach the updated proposed Budget for the immediately succeeding thirteen-week period, (ii) include a certification of the chief financial officer of Borrower that (a) such proposed Budget was prepared by the Borrower in good faith and (b) such proposed Budget was prepared in accordance with assumptions for which Borrower have a reasonable basis; provided that, with respect to the foregoing clauses (a) and (b), without limitation of any of the other provisions of this Agreement, Agent and Lenders acknowledge that the Budget represents forward-looking information, is subject to certain inherent uncertainties and that actual results may vary from such Budget, and (iii) other than in connection with the initial Budget delivered as required above, include the information required for the immediately preceding Measurement Period reflecting the Parent and its Subsidiaries actual performance for such Measurement Period along with comparisons of the actual performance as compared to the performance projected for such Measurement Period pursuant to the most recently delivered Budget in the manner set forth in the definition thereof (including a calculation of the percentage variances and explanations for such variances.
Budget and Variance Report. As soon as available and in any event (i) on the fourth Business Day of each fourth week, commencing with June 9, 2016, a 13-Week Budget, in form and substance reasonably acceptable to the Lead Lenders and the Administrative Agent (such budget, together with the Initial Budget, the “Budget”), which shall reflect the Borrower’s good-faith projection of all weekly cash receipts and disbursements in connection with the operation of the Credit Parties’ and their respective Subsidiaries’ business during such thirteen-week period, including but not limited to, (x) the ad valorem, severance and production taxes and lease operating expenses attributable to Oil and Gas Properties and incurred for such thirteen-week period (including transportation, gathering and marketing costs) and all categories of applicable expenses, and (y) other capital expenditures, collections, payroll, and other material cash outlays, and (ii) on the fourth Business Day of each week, commencing with June 23, 2016, a variance report (a “Variance Report”), in form and substance consistent with the format of the form of Initial Budget set forth in Exhibit I and reasonably acceptable to the Lead Lenders, detailing the following: (A) the aggregate Receipts of the Borrower and its Subsidiaries during the Testing Period and the aggregate Operating Disbursements and other disbursements, in each case made by the Borrower and its Subsidiaries during such Testing Period; and (B) any variance (whether plus or minus and expressed as a percentage) (1) between the aggregate Receipts of the Borrower and its Subsidiaries during such Testing Period against the aggregate Receipts set forth in the most recently delivered Budget for such Testing Period (excluding in each case, any joint interest Receipts) and (2) between the aggregate Operating Disbursements made during such Testing Period by the Borrower and its Subsidiaries against the aggregate Operating Disbursements set forth in the most recently delivered Budget for such Testing Period. For purposes of the foregoing, the “Testing Date” shall mean the last Business Day of every week occurring after the Closing Date, which initial Testing Date shall be on June 17, 2016.
