Common use of Annual Budget and Projections Clause in Contracts

Annual Budget and Projections. (i) Prior to or concurrently with the delivery of each December 31 Reserve Report hereunder (commencing with the Reserve Report as of December 31, 2020), a certificate of a Financial Officer, in form and substance satisfactory to the Administrative Agent, setting forth an annual business plan, (ii) prior to or concurrently with the delivery of each Reserve Report as of June 30th, an operating budget of the Group Members for the immediately succeeding Fiscal Year (on a Fiscal Quarter basis) and (iii) prior to or concurrently with the delivery of each December 31 Reserve Report an updated operating budget of the Group Members for such Fiscal Year (on a Fiscal Quarter basis). By way of illustration, (A) prior to or concurrently with the delivery of the Reserve Report as of June 30th on or before October 1, 2021, the Borrower shall have delivered an operating budget of the Group Members for the Fiscal Year ending December 31, 2022 (on a Fiscal Quarter basis) and (B) prior to or concurrently with the delivery of the December 31 Reserve Report on or before April 1, 2022, the Borrower shall have delivered an updated operating budget of the Group Members for the Fiscal Year ending December 31, 2022 (on a Fiscal Quarter basis).

Annual Budget and Projections. (i) Prior to or concurrently with the delivery of each December 31 Reserve Report hereunder (commencing with the Reserve Report as of December 31, 2020)hereunder, a certificate of a Financial Officer, in form and substance satisfactory to the Administrative AgentRequisite HoldersDesignated Holder, setting forth an annual business plan, (ii) prior to or concurrently with the delivery of each Reserve Report as of June 30th, an operating budget of the Group Members for the immediately succeeding such Fiscal Year (on a Fiscal Quarter basis) and (iii) prior to or concurrently with the delivery of each December 31 Reserve Report an updated operating budget of the Group Members for such Fiscal Year (on a Fiscal Quarter basis). By way of illustration, (A) prior to or concurrently with the delivery of the Reserve Report as of June 30th on or before October 1, 20212022, the Borrower Issuer shall have delivered an operating budget of the Group Members for the Fiscal Year ending December 31, 2022 2023 (on a Fiscal Quarter basis) and (B) prior to or concurrently with the delivery of the December 31 Reserve Report on or before April 1, 20222023, the Borrower Issuer shall have delivered an updated operating budget of the Group Members for the Fiscal Year ending December 31, 2022 2023 (on a Fiscal Quarter basis).

Annual Budget and Projections. (i) Prior to or concurrently with the delivery of each December 31 Reserve Report hereunder (commencing with the Reserve Report as of December 31, 2020)hereunder, a certificate of a Financial Officer, in form and substance satisfactory to the Administrative AgentRequisite Holders, setting forth an annual business plan, (ii) prior to or concurrently with the delivery of each Reserve Report as of June 30th, an operating budget of the Group Members for the immediately succeeding such Fiscal Year (on a Fiscal Quarter basis) and (iii) prior to or concurrently with the delivery of each December 31 Reserve Report an updated operating budget of the Group Members for such Fiscal Year (on a Fiscal Quarter basis). By way of illustration, (A) prior to or concurrently with the delivery of the Reserve Report as of June 30th on or before October 1, 20212022, the Borrower Issuer shall have delivered an operating budget of the Group Members for the Fiscal Year ending December 31, 2022 2023 (on a Fiscal Quarter basis) and (B) prior to or concurrently with the delivery of the December 31 Reserve Report on or before April 1, 20222023, the Borrower Issuer shall have delivered an updated operating budget of the Group Members for the Fiscal Year ending December 31, 2022 2023 (on a Fiscal Quarter basis).