Updated Development Plan. Contemporaneous with the delivery of each Reserve Report bearing an effective date as of December 31st of any year, Borrower will prepare and deliver to Administrative Agent a revised, proposed Development Plan covering at least the next 6 months and setting forth all capital expenditure development projects proposed for that period, the anticipated timing of those projects, the net cost of each of those projects to Borrower and any other information that Administrative Agent may reasonably request. But, if there are no Obligations outstanding under the Term Loan, Borrower will not be required to provide a Development Plan. Each proposed modification to the Development Plan will be subject to the Approval of Administrative Agent, which Approval shall not be unreasonably withheld or delayed. Until Administrative Agent has Approved a revised Development Plan or until there are no Obligations outstanding under the Term Loan, the most recent Approved Development Plan (and all AFEs or Reimbursement Requests Approved in connection with that most recently Approved Development Plan) will remain in effect.
Updated Development Plan. As long as there are outstanding Term Loans, contemporaneous with the delivery of each Reserve Report bearing an effective date as of January 1st of any year, Borrower will prepare and deliver to Administrative Agent a revised, proposed Development Plan covering at least the next twelve (12) months and setting forth all capital expenditure development projects proposed for that period, the anticipated timing of those projects, the net cost of each of those projects to Borrower and any other information that Administrative Agent may request. Each proposed modification to the Development Plan will be subject to the approval of Administrative Agent, and Borrower acknowledges that Administrative Agent is not required to approve any proposed modification to the Development Plan. Until Administrative Agent has approved a revised Development Plan, the most recent approved Development Plan (and all AFEs approved in connection with that most recently approved Development Plan) will remain in effect.
Updated Development Plan. The Development Plan shall be updated as necessary, but not less than annually by the Joint Steering Committee not later than sixty (60) days prior to January 1 of each year during the Development Program. Such updated Development Plan shall include: (i) an overall development plan and budget for Compound which sets forth all major development tasks, if any, remaining to be accomplished prior to submissions for Regulatory Approvals; and (ii) a detailed description for the development activities proposed for the forthcoming calendar year, in each case including estimated time lines to accomplish such major tasks or detailed activities, respectively. The members of the Joint Steering Committee shall actively consult with one another throughout the term of the Development Program so as to adjust the specific work performed under the Development Plan to conform to evolving developments in technology and the results of work performed.
Updated Development Plan. Contemporaneous with the delivery of each Reserve Report, Borrower will prepare and deliver to the Administrative Agent a revised, proposed Development Plan covering at least the next twelve (12) months and setting forth all capital expenditure development projects proposed for that period, the anticipated timing of those projects, the net cost of each of those projects to Borrower and such other information as the Administrative Agent may require. Each proposed Development Plan will be subject to the written approval of the Administrative Agent in its sole and absolute discretion, and Borrower agrees and acknowledges that the Administrative Agent has no obligation to approve any revised Development Plan. If and when approved by Lender, each revised Development Plan will supersede the previously approved Development Plan. Until the Administrative Agent has approved a revised Development Plan, the then current, approved Development Plan shall remain in effect (together with all AFEs approved in connection therewith).
Updated Development Plan. Contemporaneous with the delivery of each Reserve Report bearing an effective date as of December 31st of any year, Empire USA will prepare and deliver to Lender a revised, proposed Development Plan covering at least the next twelve (12) months and setting forth all capital expenditure development projects proposed for that period, the anticipated timing of those projects, the net cost of each of those projects to Empire USA and such other information as Lender may require. Each proposed Development Plan will be subject to the written approval of Lender in its sole and absolute discretion, and each Borrower agrees and acknowledges that Lender has no obligation to approve any revised Development Plan. All notional wxxxx that are matured into specific firm development locations shall be only approved in Lender’s sole discretion. If and when approved by Lender, each revised Development Plan will supersede Schedule 2.1(b) to this Agreement. Until Lender has approved a revised Development Plan, the then current, approved Development Plan shall remain in effect (together with all AFEs approved in connection therewith).
Updated Development Plan. At least once per calendar year, but no later than September 1st of each calendar year, and continuing until the Property has been fully redeveloped, Developer shall deliver to the City and Authority a current Development Plan, as the same may be updated from time to time in accordance with this Agreement including Section 2.1(d)(iii).
Updated Development Plan. The 2003 Development Plan is attached hereto as Schedule 5.1.3. The Development Plan shall be updated annually by Genzyme, in consultation with Aptein, and submitted to the Steering Committee for review and approval not later than October 31 of each year during the Development Program. Each such updated Development Plan shall include (a) an overall development plan for each Collaboration Product which sets forth all major development tasks remaining to be accomplished prior to submission of filings for Regulatory Approvals, (b) a detailed description for the development and pre-commercialization activities proposed for the following [***] calendar years, and (c) a detailed, rolling [***] financial forecast containing a committed budget for the first calendar year and good faith estimates of the budget for the following [***] calendar years. Each such updated Development Plan approved by the Steering Committee shall be signed by an authorized representative of each of Genzyme and Aptein. The members of the Program Management Team shall actively consult with one another throughout the term of the Development Plan so as to adjust the specific work performed under the Development Plan to conform to evolving developments in technology and the results of the development work performed. While minor adjustments to the Development Plan may be made from time to time upon approval of the Program Management Team, significant changes in the scope or direction of the work and any changes in funding exceeding [***] of the total amount budgeted in any calendar year for the Development Program must be approved by the Steering Committee, in the absence of which approval the most recently approved Development Plan and budget shall remain in effect. Notwithstanding the foregoing, if the Steering Committee does not approve the budget increase and such increase is necessitated by a significant change in an activity for which one of the Parties has primary responsibility as described in Section 5.1.4. below, the Party responsible for such activity may independently determine to increase the applicable budget. The other Party shall then have the option, exercisable within (30) days of the decision to increase the applicable budget, to fund a percentage of such increased Development Costs at a level not to exceed the percentage of such costs being funded by such Party during such year. If such budget increase is necessitated by an activity for which the Parties share joint respons...
Updated Development Plan. Promptly and in any event within thirty (30) days of the end of each Fiscal Year and within thirty (30) days of any proposed material change to the then-existing Development Plan, deliver to the Administrative Agent and the Technical Agent an updated Development Plan. Each updated Development Plan delivered pursuant to this Section 9.01(d) shall be accompanied by an Officer’s Certificate of the Borrower stating that the updated Development Plan (including, to the extent applicable, the Proposed Loan Disbursement Schedule) (A) was prepared in good faith by the Borrower, (B) is based on assumptions that are consistent with the requirements of the Transaction Documents, the Agreement Approvals, the Project Approvals and Applicable Law and that the Borrower considers to be reasonable in light of the conditions existing as of the delivery of such updated Development Plan and (C) represents the Borrower’s best estimate of the information set forth therein as of the date of such delivery.
(i) No later than sixty (60) days after receipt of the updated Development Plan and all information needed by the Lenders and the Independent Engineer to evaluate such updated Development Plan, the Majority Lenders, acting reasonably and in consultation with the Independent Engineer, shall approve such Development Plan or shall advise the Borrower of any changes thereto necessary for approval by the Majority Lenders. Until such time as the Majority Lenders have approved the updated Development Plan, the then‑existing Development Plan shall continue to apply for all purposes of this Agreement and the other Loan Documents.
Updated Development Plan. (i) Promptly and in any event within thirty (30) days of the end of each Fiscal Year and within thirty (30) days of any proposed material change to the then-existing Development Plan, deliver to the Administrative Agent and, until the Discharge Date, the Technical Agent an updated Development Plan. Each updated Development Plan delivered pursuant to this 0 shall be accompanied by an Officer’s Certificate of the Borrower stating that the updated Development Plan (including, to the extent applicable, the Proposed Loan Disbursement Schedule) (A) was prepared in good faith by the Borrower, (B) is based on assumptions that are consistent with the requirements of the Transaction Documents, the Agreement Approvals, the Project Approvals and Applicable Law and that the Borrower considers to be reasonable in light of the conditions existing as of the delivery of such updated Development Plan and (C) represents the Borrower’s best estimate of the information set forth therein as of the date of such delivery.
(ii) Prior to the Discharge Date, the Financial Model shall be approved in accordance with the Senior Credit Agreement. With respect to any period following the Discharge Date, no later than sixty (60) days after receipt of the updated Development Plan and all information needed by the Lenders to evaluate such updated
Updated Development Plan. Contemporaneous with the delivery of each Reserve Report bearing an effective date as of December 31st of any year, Borrower will prepare and deliver to Administrative Agent and the Lenders a revised, proposed Development Plan covering at least the next 6 months and setting forth all capital expenditure development projects proposed for that period, the anticipated timing of those projects, the net cost of each of those projects to Borrower and any other information that Administrative Agent or the Lenders may reasonably request. Each proposed modification to the Development Plan will be subject to the Approval of the Lenders, which Approval shall not be unreasonably withheld. Until the Lenders have Approved a revised Development Plan, the most recent Approved Development Plan (and all AFEs Approved in connection with that most recently Approved Development Plan) will remain in effect.
