Updated Budget. Not later than 5:00 p.m. New York City time on every fourth Thursday occurring after the Closing Date (the “Updated Budget Deadline”) or, if such Thursday is not a Business Day, the next Business Day thereafter, commencing with the Thursday of the fourth full calendar week occurring after the Closing Date, the Borrower Agent shall deliver to the Administrative Agent (for delivery to the Lenders) and the Specified Ad Hoc Group Advisors a supplement to, for the first such supplement, the Initial Budget, and for each supplement thereafter, the most-recently delivered Updated Budget (each such supplement, an “Updated Budget”), covering the 13-week period that commences with the Sunday of the calendar week that includes such Updated Budget Deadline, consistent with the form and level of details set forth in the Initial Budget and including a forecasted unrestricted cash balance as well as a line-item report setting forth the estimated fees and expenses to be incurred by each professional advisor on a weekly basis. Each Updated Budget shall be, in each case, subject to the approval of the Required Lenders (which approval may be provided by the Specified Ad Hoc Group Advisors on behalf of the Required Lenders and will be deemed to be given unless an objection by the Required Lenders or either of the Specified Ad Hoc Group Advisors has been delivered to the Borrower Agent by no later than 5:00 p.m. (New York City time) on the Tuesday following the applicable Updated Budget Deadline for such Updated Budget (which objection may be provided via email)). Upon (and subject to) the approval, or deemed approval, of any Updated Budget by the Required Lenders in their reasonable discretion (which may be provided by the Specified Ad Hoc Group Advisors), such Updated Budget shall constitute the “Approved Budget”; provided that in the event such Updated Budget is not so approved (or deemed approved) by the Required Lenders, the prior Approved Budget shall remain in effect until such time as the Required Lenders approve a revised Updated Budget with respect to the same time period covered thereby.
Updated Budget. As soon as practicable upon request by the Note Purchaser (and, in any event, no later than 14 calendar days thereafter), the Issuer shall deliver to the Note Purchaser an updated statement of projected cash receipts and disbursements (on a cumulative and line-item basis) of the Subject Companies, for the current month and each month of ending thereafter until the Maturity Date (or such earlier date agreed by the Note Purchaser), which shall be consistent with the form and the level of detail of the Initial Budget and otherwise in form and substance satisfactory to the Note Purchaser (the “Updated Budget”). Upon (and subject to) the approval of any such Updated Budget by the Note Purchaser, such Updated Budget shall constitute the Approved Budget then in effect; provided, however, that in the event the Note Purchaser and the Subject Companies are unable to reach agreement regarding an Updated Budget, then the Approved Budget most recently in effect shall remain the Approved Budget; provided, further, however, that the failure of the Subject Companies to agree with the Note Purchaser on an Updated Budget within ten (10) calendar days of any date on which the Subject Companies are obligated to deliver an Updated Budget shall constitute an Event of Default.
Updated Budget. Beginning on July 28, 2020, and every four (4) weeks thereafter while any DIP Obligations are outstanding, the Debtors shall prepare in good faith and deliver to the DIP Agents, the DIP Agents’ professional advisors, and the professional advisors to the Majority Junior DIP Lenders an updated 13-week cash flow forecast consistent in form and substance with the Initial Budget and otherwise in form and substance acceptable to the Senior DIP Agent, the Majority Senior DIP Lenders, and reasonably acceptable to the Majority Junior DIP Lenders, as and to the extent required by the DIP Credit Agreements (each such updated forecast, an “Updated Budget”). Each Updated Budget shall be accompanied by such supporting documentation in accordance with the terms of the DIP Credit Agreements. For the avoidance of doubt, no amendment, modification or update to an Approved Budget shall be effective without the approval of the Senior DIP Agent, Majority Senior DIP Lenders and, so long as no Senior DIP Event of Default (as defined below) has occurred and is continuing, the Majority Junior DIP Lenders, and in accordance with the terms of the applicable DIP Credit Agreements.
Updated Budget. As soon as practicable and in any event no later than forty five days after the end of each Fiscal Year, an updated Budget, in form reasonably satisfactory to Administrative Agent (it being understood and agreed that the form of the Budget provided to Administrative Agent on or prior to the Closing Date is acceptable to Administrative Agent);
Updated Budget. 2.02(d) Updated Revenues.................................... 2.02(d) Voting Agreements................................... recital Year 2000 Compliant................................. 4.25
Updated Budget. At least five (5) business days prior to the end of each month, the Borrower shall deliver to the Agent and the Lenders an updated budget covering the period beginning with the next month and ending on the earlier of (i) twelve months thereafter or (ii) the Second Out Maturity Date. Upon approval of such proposed budget by the Required Lenders, such proposed budget shall become the Budget hereunder.
Updated Budget. Section 1.1 of the Loan Agreement is hereby amended such that the definition of "Budget" shall read in full as follows:
Updated Budget. New Section 7.3.5(iii) is hereby added to the Credit Agreement as follows: “(iii)
Updated Budget. On July 24, 2018 and on the Tuesday of every four (4) weeks recurring thereafter until the LIFO Expiration Date, and upon the consummation of the Federal Sale Transaction, an updated Budget (each such updated budget, an “Updated Budget”) for the immediately succeeding twenty-six week period, which shall be in substantially the same form as the Initial Second Amendment Budget. Such Updated Budget shall become the Approved Budget upon review by the Lenders’ financial advisor and written notice of approval thereof by the Administrative Agent and the Required Lenders in their sole and absolute discretion following a reasonable opportunity (not to exceed five (5) Business Days) to review and comment thereon; provided, however, that with respect to the Updated Budgets delivered upon and following the earlier of (x) the consummation of the Federal Sale Transaction and (y) August 31, 2018, such Updated Budgets shall become the Approved Budget upon approval thereof by the Administrative Agent and Lenders holding not less than sixty-six and two-thirds percent (662/3%) of the Commitments; provided, further, that if the Administrative Agent does not deliver notice of acceptance of an Updated Budget to the Borrower within such five (5) Business Day review period, the most recent Approved Budget shall continue as the Approved Budget until the day immediately following the delivery of an Updated Budget in form and substance acceptable to the Administrative Agent and the Required Lenders.” (mm)
Updated Budget. On or before 5:00 p.m. New York City time on the 20th day of each calendar month (commencing with February 20, 2016), the Debtors shall deliver to the DIP Agent and the DIP Lenders a supplement to the Initial Budget (or the previously supplemented Approved Budget, as the case may be), covering a 13-week period that commences with the week such supplement is delivered, consistent with the form and level of detail of the Initial Budget and otherwise in form and substance satisfactory to the DIP Agent at the direction of the Required DIP Lenders (an “Updated Budget”). Upon (and subject to) the approval of any such Updated Budget by the DIP Agent (as directed by, and with the prior written consent of, the Required DIP Lenders in their sole discretion), such Updated Budget shall constitute the then-Approved Budget; provided, however, that in the event the DIP Agent and Debtors are unable to reach agreement regarding an Updated Budget, then the Approved Budget most recently in effect shall remain the Approved Budget; provided, further, however, that the failure of the Debtors to deliver to the DIP Agent and the DIP Lenders an updated 13-week budget within five (5) calendar days of any date upon which the Debtors are obligated to deliver an updated 13-week budget shall constitute an Event of Default.
