Updated Budget Sample Clauses

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. 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. Not later than 5:00 p.m. New York City time on February 23, 2018 and every fourth Friday thereafter (or as more frequently requested by the Administrative Agent) (each, a “Budget Delivery Date”), the Loan Parties shall deliver (email shall suffice) to the Administrative Agent 18-22178-rdd Doc 51-1 Filed 02/06/18 Entered 02/06/18 17:00:35 Exhibit Pg 10 of 432 and the Lenders a supplement to the Approved Budget covering the subsequent 13-week period, consistent with the form and level of detail set forth in the Initial Budget and otherwise in form and substance satisfactory to the Administrative Agent in all material respects (each such supplement, solely to the extent approved by the Administrative Agent and the Required Lenders, an “Updated Budget”) reflecting the Loan Parties’ anticipated cash receipts and anticipated disbursements for each calendar week during the thirteen (13) calendar week period beginning on the Saturday following the applicable Budget Delivery Date, together with a report setting forth the amount by which any line item has changed since the prior Approved Budget. Upon (and subject to) the approval of any such Updated Budget by the Administrative Agent, such Updated Budget shall constitute the then-Approved Budget for purposes hereof; provided, however, that in the event the Administrative Agent provides written notice to the Loan Parties (including, by email) that the proposed Updated Budget is not acceptable, and the Administrative Agent and the Loan Parties are unable to reach agreement regarding such Updated Budget, then the Approved Budget most recently in effect shall remain the Approved Budget.

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. 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. Not later than 12:00 p.m. New York City time on June 12, 2020 and on each fourth Friday thereafter (such delivery date, a “Budget Delivery Date”), the Borrower shall deliver to the Specified Financial Advisor a supplement to the most-recent Approved Budget covering the 13-week period commencing with the day immediately following such Budget Delivery Date and shall be substantially consistent with the form set forth in the Initial Budget (each such supplement, an “Updated Budget”). Each Updated Budget shall be acceptable to the Required Lenders (which approval may be evidenced by email confirmation from the Specified Financial Advisor); provided that the Required Lenders shall be deemed to have approved an Updated Budget unless Lenders constituting the Required Lenders or the Specified Financial Advisor shall have objected to such Updated Budget in writing (including via email) within three (3) Business Days after delivery of such Updated Budget by the Borrower to the Specified Financial Advisor. Upon the approval of the Updated Budget as specified in the immediately preceding sentence, such Updated Budget shall constitute the then-approved Approved Budget effective as of the Budget Delivery Date of such Updated Budget.

Updated Budget. 3.1 Revised budget after detailed design phase 3.2 Consultation prior to contract award

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.