Common use of Updated Budget Clause in Contracts

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. Not later than 5:00 p.m. New York City prevailing Pacific time on every fourth Thursday occurring after each Friday following the Closing Petition 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 DIP Borrowers shall deliver to the Administrative Agent (for delivery to the Lenders) Lender and the Specified Ad Hoc Group Lender Advisors a supplement to, for the first such supplement, to the Initial Budget, and for each supplement thereafter, the Budget or most-recently delivered Updated Budget updated version of the same (each such supplement, an “Updated Budget”), covering the 13-week period that commences with the Sunday ends on Friday of the calendar week that includes immediately preceding such Updated Budget Deadline, consistent with the form and level of details detail set forth in the Initial Budget and including a forecasted unrestricted cash balance balance, projected borrowing base, 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 ; provided that the Updated Budget shall be, in each case, subject to the approval of the Required Lenders Lender (which approval may be provided by the Specified Ad Hoc Group Lender Advisors on behalf of the Required Lenders Lender and will be deemed to be given unless an objection by the Required Lenders Lender or either of the Specified Ad Hoc Group Lender Advisors has been delivered to the Borrower Agent Borrowers by no later than 5:00 p.m. (New York City time) prevailing Pacific time on the Tuesday Friday 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 such Updated Budget by the Required Lenders Lender in their reasonable its sole and absolute discretion (which may be provided by the Specified Ad Hoc Group Lender 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 LendersLender, 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 therebyeffect.

Updated Budget. Not later than 5:00 p.m. New York City time on every fourth Thursday occurring after each Friday following the Closing Petition 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 Loan Parties shall deliver to the Administrative Agent (for delivery to Agent, the Lenders) Lenders and the Specified Ad Hoc Group Lender Advisors a supplement to, for the first such supplement, to the Initial Budget, and for each supplement thereafter, the Budget or most-recently delivered Updated Budget (each such supplement, an “Updated Budget”), covering the 13-week period that commences with the Sunday Friday of the calendar week that includes immediately preceding such Updated Budget Deadline, consistent with the form and level of details detail 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 ; provided, that the 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 Lender Advisors on behalf of the Required Lenders and will be deemed to be given unless an objection by the Required Lenders or either any of the Specified Ad Hoc Group Lender Advisors has been delivered to the Borrower Agent by no later than 5:00 p.m. (New York City time) time on the Tuesday Wednesday 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 such Updated Budget by the Required Lenders in their reasonable discretion (which may be provided by the Specified Ad Hoc Group Lender Advisors), such Updated Budget shall constitute the “Approved Budget”; provided 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 therebyeffect.