Budget Covenant. Commencing with the first full calendar week following the Petition Date and for each calendar week thereafter, the Loan Parties shall not permit (a) the actual amount of “Total Operating Disbursements” as set forth in the Approved Budget to exceed one hundred and ten percent (110%) (such percentage, the “Permitted Variance”) the requirements set forth in this Section 6.15, the “Budget Covenant”) of the amount projected in the “Total Operating Disbursements” line item of the Approved Budget for the period from the Petition Date through February 23, 2024, then for the period from the Petition Date through each successive week through March 8, 2024, and then for each rolling four (4)-week period thereafter and (b) the actual amount of total Collections to be less than sixty percent (60%) of the amount projected in the “Total Collections” line item of the Approved Budget for the period from the Petition Date through February 23, 2024, seventy percent (70%) of the amount projected in the “Total Collections” line item of the Approved Budget for the period from the Petition Date through March 1, 2024, and ninety percent (90%) of the amount projected in the “Total Collections” line item of the Approved Budget for the period from the Petition Date through March 8, 2024, and each rolling four (4)-week period thereafter; provided, that in all circumstances, a positive variance in any one measurement period may be carried over for use in subsequent measurement periods (the requirements set forth in this Section 6.15, the “Budget Covenant”).
Budget Covenant. Borrower covenants and agrees that Borrower shall:
(a) generate net cash receipts in an amount equal to at least 85% of the amount set forth in the Budget for the cumulative period commencing on the Effective Date and ending on the last day of each month thereafter;
(b) maintain aggregate expenditures no greater than 115% more than the aggregate amount projected by the Budget to be expended during the cumulative period commencing on the Effective Date and ending on the fourth Friday after the Initial Test Date and the last day of each month thereafter; and
(c) generate Net Cash Flow in an amount equal to at least 85% of the amount set forth in the Budget for the cumulative period commencing on the Effective Date and ending on the last day of each month thereafter.
Budget Covenant. Audacy Operations shall cause the Audacy Operating Group to (x) comply with the budget reporting requirements set forth in the DIP Order and deliver all Variance Reports to the Agent concurrently with the delivery thereof to the Prepetition First Lien Advisors and Prepetition Second Lien Advisors (each as defined in the DIP Order) in accordance with the DIP Order and (y) comply with the Approved Budget (subject to Permitted Variances), each in accordance with the terms of the DIP Order.
Budget Covenant. Permit, as of any Variance Report Date (commencing with the report delivered on June 2, 2023 with regard to the period ending May 27, 2023), either:
(1) the Actual Disbursements of the Loan Parties for any Variance Testing Period in the aggregate on a cumulative basis for such Variance Testing Period to exceed 115% of the disbursements (excluding professional fees) for such period set forth in the Approved Budget in the aggregate; and
(2) commencing with any Variance Report Date that occurs sixty (60) days after the Petition Date and for each Variance Report Date thereafter (which, for the avoidance of doubt, shall begin with the Variance Report Date on July 21, 2023 with regard to the period ending July 15, 2023), the Actual Cash Receipts for any Variance Testing Period in the aggregate on a cumulative basis for such Variance Testing Period to be less than 75% of the receipts for such period set forth in the Approved Budget in the aggregate.
Budget Covenant. Each line item in the Approved Budget is subject to a permitted negative variance of (i) 10% per week above the projected aggregate disbursements set forth in the Approved Budget, (ii) 10% per week, on disbursement on a by-line-item basis, and (iii) 10% per four-week period, then ending, on the revenue set forth in the Approved Budget. Any unused amounts in the Approved Budget during any one-week period may be carried forward to future weekly periods and applied to any amount by which that same line-item, and only that same line-item, exceeds its projected use as set forth in the Approved Budget, such that the cumulative-to-date budgeted amount for each line item is available without causing such future weekly periods to exceed the allowable variance. Each line item in the Approved Budget is subject to a maximum amount for each particular week, as specified therein.
Budget Covenant. With respect to the Budget, commencing with August 18, 2016 and on every other Thursday thereafter (each such day, a “Budget Testing Date”), for the two-week period 66 ending on a Friday immediately preceding such Budget Testing Date (each such two-week or shorter period, the “Budget Testing Period”), the Credit Parties shall not have permitted the actual disbursements (net of Professional Fees) for each line item (other than the Professional Fees) during the Budget Testing Period to be more than the Permitted Deviation for the budgeted amount of the projected disbursements (net of Professional Fees) for such line item in the Budget for such period.
Budget Covenant. (a) With respect to the Budget, commencing with April 15, 2015 and on every Wednesday thereafter (each such day, a “Budget Testing Date”), for the four-week period ending on a Saturday immediately preceding such Budget Testing Date (or with respect to the Budget Testing Date on each of April 15, 2015, April 22, 2015 and April 29, 2015, for the period from and including the Sunday prior to the Petition Date through the Saturday immediately preceding such Budget Testing Date) (each such four-week or shorter period, the “Budget Testing Period”), the Loan Parties shall not have permitted the actual disbursements during the Budget Testing Period to be more than the Permitted Disbursement Variation of the budgeted amount of “Total Disbursements” in the Budget for such period.
(b) On each Budget Testing Date, the Loan Parties shall not have permitted the aggregate amount of the actual receipts during the Budget Testing Period to be less than the Permitted Receipts Variation of the budgeted amount of “Projected Receipts” set forth in the Budget for such period.
Budget Covenant. The Debtors shall not permit, as of any Variance Report Date,
Budget Covenant. (a) Permit, as of any Variance Report Date (commencing with the report delivered on October 23, 2023 with regards to the period ending October 20, 2023) the Operating Disbursements of the Loan Parties for any Variance Testing Period in the aggregate on a cumulative basis for such Variance Testing Period to exceed 120% of the disbursements for such period set forth in the Approved Budget in the aggregate.
(b) Permit, as of any Variance Report Date (commencing with the report delivered on October 23, 2023 with regards to the period ending October 20, 2023) the Operating Cash Receipts for any Variance Testing Period in the aggregate on a cumulative basis for such Variance Testing Period to be less than 80% of the receipts for such period set forth in the Approved Budget in the aggregate.
Budget Covenant. 5 Prior to the commencement of the Chapter 11 Cases, the DIP Agent, DIP Lenders and the Revolving Credit Agreement Agent shall receive an initial 13-week budget commencing the week during which the Petition Date occurred, including, but not limited to, all exhibits and containing line items of sufficient detail to reflect the Company’s projected disbursements and projected cash receipts for the following 13-week period and all other information requested by the Majority DIP Lenders or the Revolving Credit Agreement Agent (the “Initial Budget”), in form, substance and detail satisfactory to the Majority DIP Lenders and Revolving Credit Agreement Agent in their sole discretion.6 By 5:00 p.m. CT on the date that is the one (1) week anniversary of the Petition Date and each one (1) week anniversary thereafter, the Company will provide a thirteen (13)-week cash flow forecast, containing line items of sufficient detail to reflect the Company’s projected disbursements (including the projected Aggregate Cash Disbursements (as defined below)) and projected cash receipts for the following 13-week period (the “13-Week Cash Flow Budget”) to the Majority DIP Lenders and the Revolving Credit Agreement Agent. Within one (1) Business Day of the Majority DIP Lenders’ and the Revolving Credit Agreement Agent’s receipt of the 13-Week Cash Flow Budget (or on such more frequent dates as may be requested by the Majority DIP Lenders or the Revolving Credit Agreement Agent), the Company and Opportune LLP will attend a teleconference with the Majority DIP Lenders and the Revolving Credit Agreement Agent (and, if elected by either of the Majority DIP Lenders or the Revolving Credit Agreement Agent, their respective financial advisors) to update them about compliance with the 13-Week Cash Flow Budget and any other matters reasonably requested by any DIP Lender or the Revolving Credit Agreement Agent. By 5:00 p.m. CT on the date that is two (2) days prior to the Budget Approval Deadline (as defined below), the Company will provide to the DIP Agent, DIP Lenders and Revolving Credit Agreement Agent a 13-Week Cash Flow Budget and all other information requested by the Majority DIP Lenders or the Revolving Credit Agreement Agent, in each case, in form and substance satisfactory to the Majority DIP Lenders and Revolving Credit Agreement Agent (together with the Initial Budget, the “Budget”). 5 Budget consent/approval rights in favor of Revolving Credit Agreement Agent subject to direction...
