Budget Compliance. (a) The initial Approved Budget shall depict, on a weekly basis, cash revenues, receipts, expenses and disbursements and other information for the first ten (10) week period from the Third Amendment Effective Date and such initial Approved Budget shall be approved by, and be in form and substance satisfactory to, the Agents in their sole discretion. Until a Recapitalization Transaction has been consummated, the Approved Budget shall be updated, modified or supplemented (with the consent and/or at the request of the Agents) from time to time, but in any event not less than on a weekly basis (with the delivery to the Agents on or before the Friday of each week), and each such updated, modified or supplemented budget shall be approved by, and be in form and substance satisfactory to the Agents in their sole discretion, shall only add projections for the last week of the then thirteen (13) week period and shall not modify any prior periods, and no such updated, modified or supplemented budget shall be effective until so approved and once so approved shall be deemed an Approved Budget; provided that the next updated budget to be delivered on June 20, 2014 shall add five weeks of projections after the end of the last week of the initial Approved Budget (it being understood that the initial Approved Budget contains projections for only ten (10) weeks and the addition of the five additional weeks to the budget to be delivered on June 20, 2014 will result in a full thirteen (13) week cash flow). Each Approved Budget delivered to the Agents shall be accompanied by such supporting documentation as reasonably requested by the Agents.
(b) Until a Recapitalization Transaction has been consummated, the Borrowers shall deliver to the Agents on or before 12:00 p.m. (Eastern time) on Friday of each week a Compliance Certificate, and such Compliance Certificate shall be in substance satisfactory to the Agents, executed by a Senior Officer of the Borrowers certifying that (i) the Loan Parties are in compliance with the covenants contained herein and in the Third Amendment and (ii) no Default or Event of Default has occurred or, if such a Default or Event of Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto. Together with such Compliance Certificate, the Borrowers shall deliver an Approved Budget Variance Report, each of which shall be prepared by the Borrowers as of the last day of the P...
Budget Compliance. Until a Recapitalization Transaction has been consummated, no Loan Party shall allow (a) until the Second Contribution is made, (i) Actual Cash Receipts for any Cumulative Four Week Period to be less than 90% of the Budgeted Cash Receipts for any such Cumulative Four Week Period and (ii) Actual Disbursement Amounts for any Cumulative Four Week Period to exceed 110% of the Budgeted Disbursement Amounts for any such Cumulative Four Week Period and (b) after the Second Contribution is made, (i) Actual Cash Receipts for any Cumulative Four Week Period to be less than 87.5% of the Budgeted Cash Receipts for any such Cumulative Four Week Period and (ii) Actual Disbursement Amounts for any Cumulative Four Week Period to exceed 112.5% of the Budgeted Disbursement Amounts for any such Cumulative Four Week Period. The parties acknowledge that the Borrowers may consummate special sales for consideration of at least $100,000 for which the cash proceeds for such sales are received in one reporting period but the disbursement to satisfy the payable relating thereto is not made until a subsequent period. With respect to such special sales, an amount equal to the cash proceeds for such special sale less the related payable for the goods which are the subject of the special sale shall be included in the period in which the full purchase price for such sale is received (it being understood that the receipt of a deposit in connection with such special sale shall not be included as a cash receipt until the goods relating thereto are received by the purchaser and the full purchase price paid), to the end that the related payable shall be deemed a disbursement for the same period in which the cash receipts are received, whether or not such disbursement is in fact made during such period. Thereafter, when the disbursement for such payable is actually made, such payment shall not be deemed a disbursement in the period when actually made.
Budget Compliance. The Credit Parties shall not pay expenses in cash, nor shall they permit their Subsidiaries to pay expenses in cash, during any year-to-date period ending as of the last day of any calendar month, in amounts which would cause the aggregate amount of expenses paid for in cash with respect to any category set forth in the Budget for such year-to-date period to exceed the amount set forth in the Budget (designated therein as "Cumulative") and corresponding to such category for such period by an amount in excess of 10% of such amount set forth in the Budget.
Budget Compliance. (a) During the Forbearance Period, except as otherwise provided herein or approved by the Agent, in its Permitted Discretion, the Borrower shall not, with respect to each period commencing on the date hereof and ending on a Saturday during the Forbearance Period (A) permit the actual aggregate disbursements to exceed the aggregate amount of disbursements in the Budget for such period by more than the Permitted Variance, and (B), permit the actual aggregate cash receipts (excluding Revolving Loans made in accordance with this Agreement) to be less than the aggregate amount of such cash receipts in the Budget for such period by more than the Permitted Variance.
(b) For purposes of this section “Permitted Variance” means (a) with respect to the Borrower’s cash receipts (excluding any Permitted Dispositions Sales Tax Amounts collected by Borrower), an unfavorable variance of fifteen percent (15%) during the Forbearance Period on a cumulative basis, and (b) with respect to the Borrower’s cash disbursements (excluding any Permitted Dispositions Sales Tax Amounts remitted by Borrower), an unfavorable variance of ten percent (10%) on a cumulative basis.
Budget Compliance. The Note Obligors shall have complied with Section 7(i)(ii) and Section 7(v) in all respects.
Budget Compliance. (a) From and after the Effective Date, the Obligors shall not make any operating cash disbursements (i) at any time, that are not of the type included in the Budget, (ii) starting the second week of the budget period covered by the Budget, with respect to payroll in amounts exceeding the projected cumulative payroll disbursements through such period as set forth in the Budget by more than 20% for the first two weeks, 15% for the first three weeks, 10% for the first four weeks and 10% thereafter on a weekly basis for each trailing four-week period (i.e., weeks 2-5, 3-6, 4-7, etc.) and (iii) starting the second week of the budget period covered by the Budget, with respect to all other operating cash disbursements combined (other than, for the avoidance of doubt, payroll), in amounts exceeding the aggregate amount of the projected cumulative cash disbursements through such period as set forth in the Budget by more than 20% for the first two weeks, 15% for the first three weeks, 10% for the first four weeks and 10% thereafter on a weekly basis for each trailing four-week period (i.e., weeks 2-5, 3-6, 4-7, etc.).
(b) Starting with the second week of the budget period covered by the Budget, the Obligors shall cause cumulative customer cash receipts through such period to have a negative variance not greater than 25% for the first two weeks, 20% for the first three weeks, 15% for the first four weeks and 15% thereafter on a weekly basis for each trailing four-week period (i.e., weeks 2-5, 3-6, 4-7, etc.), in each case, compared to the projected cumulative customer cash receipts through such period as set forth in the Budget.
(c) On Wednesday of each week, the Parent shall deliver to the Agent (i) a report detailing the Obligors’ receipts and disbursements for the previous calendar week and a comparison to the amounts set forth in the Budget therefor for such week (on an aggregate and a line item by line item basis in the case of disbursements), and (ii) updates to the weekly cash flows set forth in the Budget, which updates (but not, for the avoidance of doubt, the updates referred to in clause (d) below), for purposes of this Section 6.1, shall not supersede the initial Budget unless otherwise consented to by the Agent and the Required Lenders.
(d) Not more often than once at the end of each four-week period, the Parent may deliver to the Agent an updated forecast of the weekly cash flows (which shall be in the form substantially identical to the initial Budget)...
Budget Compliance. (a) As of each week, for the four-week period ended as of the end of such week, the actual cash receipts received by the Company shall not be less than 75% of the cash receipts for the corresponding period in the Budget.
(b) As of each week, for the four-week period ended as of the end of such week, the actual cash disbursements of the Company shall be no more than 110% of the cash disbursements for the corresponding period as set forth in the Budget.
Budget Compliance. The amount of the proposed Advance when taken together with all other advances in the category of the Budget shall be within the amount set forth in the applicable category in the Budget.
Budget Compliance. Not make or permit any of its Subsidiaries to make payments other than those set forth in the Budget; provided, that:
(i) “total operating cash receipts” (as reflected in the Budget and measured weekly on a cumulative basis starting with the period ending three (3) weeks after the Petition Date) may be less than the corresponding amounts set forth in the Budget if such “total operating cash receipts” (A) for all cumulative weekly periods ending from the date three (3) weeks after the Petition Date to the date six (6) weeks after the Petition Date, are not less than 88% of the corresponding amounts reflected in the Budget, (B) for all cumulative weekly periods ending from the date seven (7) weeks after the Petition Date to the date twelve (12) weeks after the Petition Date, are not less than 90% of the corresponding amounts reflected in the Budget, and (C) for all cumulative weekly periods ending from and after the date thirteen (13) weeks after the Petition Date, are not less than 92.5% of the corresponding amounts reflected in the Budget;
(ii) “total operating cash disbursements” (as reflected in the Budget and measured weekly on a cumulative basis starting with the period ending three (3) weeks after the Petition Date) may be more than the corresponding amounts set forth in the Budget if such “total operating cash disbursements” (A) for all cumulative weekly periods ending from the date three (3) weeks after the Petition Date to the date six (6) weeks after the Petition Date, are not more than 112% of the corresponding amounts reflected in the Budget, (B) for all cumulative weekly periods ending from the date seven (7) weeks after the Petition Date to the date twelve (12) weeks after the Petition Date, are not more than 110% of the corresponding amounts reflected in the Budget, and (C) for all cumulative weekly periods ending from and after the date thirteen (13) weeks after the Petition Date, are not more than 107.5% of the corresponding amounts reflected in the Budget;
(iii) each of the line items for “marketing” and “occupancy” respectively (as reflected in the Budget and measured weekly on a rolling three (3) week basis starting with the period ending three (3) weeks after the Petition Date) may be more than the corresponding amounts set forth in the Budget if each such line item is not more than 115% of the corresponding amounts reflected in the Budget; and
(iv) the sum of the line items for “refractive center procedures” and “refractive access proc...
