Submission of Operating Budget and Financial Model. Borrower shall, (x) as a condition precedent to the occurrence of the Eighth Amendment Effective Date, (y) as a condition precedent to the occurrence of the Term Conversion Date, and (z) no later than sixty (60) days before the commencement of each calendar year thereafter, submit to the Administrative Agent (i) a draft of its proposed Operating Budget for the succeeding calendar year and (ii) a draft of its updated Financial Model on a quarterly basis over a period ending no sooner than the latest scheduled termination date of the Initial Material Project Documents. Any such Operating Budget and/or updated Financial Model submitted by Borrower pursuant to this Section 5.20(a) shall not be effective until approved by the Administrative Agent in accordance with Section 5.20(b) or 5.20(c) below (it being acknowledged that the Administrative Agent has approved the Operating Budget for 2022 and the updated Financial Model delivered pursuant to the Eighth Amendment).
Submission of Operating Budget and Financial Model. The Loan Parties shall cause OpCo Borrower to, prior to the Term Conversion Dateunder the OpCo Senior Credit Agreementand no later than sixty (60) days before the commencement of each calendar year thereafter, submit to the Administrative Agent (i) a draft of its proposed Operating Budget for the succeeding calendar year and (ii) a draft of its updated Financial Model on a quarterly basis over a period ending no sooner than the latest scheduled termination date of the Initial Material Project Documents. The Loan Parties shall cause OpCo Borrower to, no later than five (5) Business Days after receiving any objection from the Administrative Agent pursuant toSection 5.20(b), submit to the Administrative Agent (i) a revised draft of its proposed Operating Budget for the succeeding calendar year and (ii) a revised draft of its updated Financial Model on a quarterly basis over a period ending no sooner than the latest scheduled termination date of the Initial Material Project Documents. Any such Operating Budget and/or updated Financial Model submitted bythe OpCoBorrower pursuant to thisSection 5.20(a)shall not be effective until approved by the Administrative Agent in accordance withSection 5.20(b)or5.20c)below.
Submission of Operating Budget and Financial Model. Borrower shall, contemporaneously with each such submission, submit to the Administrative Agent each draft Operating Budget and draft Financial Model submitted to the Term Administrative Agent pursuant to Section 5.20 of the Term Credit Agreement (as in effect on the date hereof). Borrower shall furnish (i) copies of any objections by the Term Administrative Agent to any proposed Operating Budget or Financial Model pursuant to Section 5.20 of the Term Credit Agreement (as in effect on the date hereof) promptly upon receipt thereof by Xxxxxxxx and (ii) copies of each final, adopted Operating Budget and Financial Model promptly upon their adoption.
Submission of Operating Budget and Financial Model. BKRF shall, contemporaneously with each such submission, submit to Vitol copies of (i) each draft Operating Budget and draft Financial Model and any objections by the Term Administrative Agent to any proposed Operating Budget or Financial Model that are submitted to the Administrative Agent pursuant to Section 5.26 (Budget and Financial Model) of the RCF Agreement and (ii) copies of each final, adopted Operating Budget and Financial Model promptly upon their adoption.
Submission of Operating Budget and Financial Model. Borrower shall, as a condition precedent to the occurrence of the Term Conversion Date under Section 4.05(f) and no later than sixty (60) days before the commencement of each calendar year thereafter, submit to the Administrative Agent (i) a draft of its proposed Operating Budget for the succeeding calendar year and (ii) a draft of its updated Financial Model on a quarterly basis over a period ending no sooner than the latest scheduled termination date of the Initial Material Project Documents. Any such Operating Budget and/or updated Financial Model submitted by Borrower pursuant to this Section 5.20(a) shall not be effective until approved by the Administrative Agent in accordance with Section 5.20(b) or 5.20(c) below.
