Wind-Down Budget. Sellers shall have delivered to Buyer at least twenty (20) Business Days prior to the Closing Date, and Xxxxx and Sellers shall have agreed on, a budget of the costs and expenses necessary to wind up, liquidate and terminate the affairs of Sellers (the “Wind Down Budget”) which shall include the category of expenses set forth in the draft Wind Down Budget attached hereto as Schedule 8.14.
Wind-Down Budget. The Parties shall reasonably cooperate with each other, and use their respective good faith efforts, to develop and to finalize no later than seven (7) days prior to the Initial Acceptable Bid Deadline (as defined in the Bidding Procedures) a wind-down budget, in form and substance acceptable to the Sellers and the Buyer, with any subsequent adjustments to be mutually agreeable to both the Sellers and the Buyer (such budget, the “Wind-Down Budget”).
Wind-Down Budget. The Debtors, and subject to the consent of the Creditors’ Committee, shall prepare a budget which may be amended from time to time following the Effective Date by the Liquidating Trustee and which shall estimate the funds necessary to administer the Plan and wind down the Debtors’ affairs, including, but not limited to, the costs of holding and liquidating the Estates’ remaining property, objecting to Claims, paying the fees and expenses of the Liquidating Trust Professionals, making distributions, prosecuting Claims and Causes of Action held by the Estates against third parties that are not released, waived, or transferred pursuant to the Plan (including pursuant to Article IX of the Plan) or otherwise, defending or estimating Claims or costs against the Estates, paying taxes, filing tax returns, funding payroll, and other employee costs, providing for the purchase of errors and omissions insurance and/or other forms of indemnification for the Liquidating Trustee, in each case, to the extent applicable, and for all such items and other costs of administering the Plan, the Estates, and the Liquidating Debtors.
Wind-Down Budget. Lender agrees to fund, from time to time, those expenses incurred by Borrower in accordance with the Wind Down Budget. Whenever the Borrower desires that Lender fund an expense item in the Wind Down Budget, the Borrower shall deliver to Lender a written funding request, which request shall (i) specify in detail the specific wind down cost item to which the requested funding will be applied and (ii) provide additional documentation of such costs, which documentation shall be in form and substance satisfactory to the Lender. Within a reasonable time following receipt of the funding request, Lender shall fund the requested amount to Borrower, or, at the request and direction of the Borrower, pay such requested amount to the party designated by the Borrower; provided that in connection with and as a condition to such funding, Borrower shall provide to Lender such documents and information as the Lender may reasonably request; provided further, the maximum amount to be funded by Lender to Borrower pursuant to the Wind Down Budget shall not be greater than $827,794. Any and all amounts requested by the Borrower under this Section 8.2 shall be used by Borrowers solely for the specific expense item or items for which such funding request was made.
Wind-Down Budget. Within 10 days after the end of each calendar month, beginning with the report for the month of May, a report in form of Exhibit C (the “Monthly Wind Down Budget Report”) (i) to the Lender setting forth actual cash receipts and disbursements for the preceding calendar month on a monthly and cumulative basis, and (ii) at the option of the Borrower, an update to the Wind Down Budget in form and substance acceptable to the Lender setting forth, among other things, any changes in the Wind Down Budget reasonably anticipated by Borrower and its Subsidiaries (it being understood that no such changes shall become part of the Wind Down Budget unless approved by the Lender in writing). After each such delivery, the Borrower shall provide such additional information, if any, as the Lender shall reasonably request. Compliance with the Wind Down Budget and the Variances shall be tested on a monthly basis.
Wind-Down Budget. No Loan Party will, nor will it permit any of its Subsidiaries to, make or commit or agree to make any expenditure in any given calendar month that would exceed the Wind Down Budget as then in effect for such calendar month (but subject to the Variances). Compliance with the Wind Down Budget and the Variances shall be tested on a monthly basis.
Wind-Down Budget. The Post-Closing Expense Reserve Amount shall be used only in accordance with the Wind-Down Budget.
Wind-Down Budget. The Wind Down Budget sets forth a good-faith estimate of the projected Wind Down Expenses, which Wind Down Budget: (a) is limited to, and does not include any costs or expenses other than, administrative costs and expenses of the Bankruptcy Cases and any subsequent dissolution of the debtor companies subject to the Bankruptcy Cases and matters related thereto, and (b) sets forth the total estimate of the projected amount of such costs and expenses, together with a projected timeline for the incurrence and required payment of such costs and expenses.
Wind-Down Budget. All material facts in the Wind-Down Budget are accurate and the Borrower has disclosed to each Lender all assumptions in the Wind-Down Budget, it being understood that in the case of projections, such projections are based on reasonable estimates, on the date as of which such information is stated or certified.
Wind-Down Budget. The Borrower shall have delivered to the Lenders the Wind-Down Budget in form and substance satisfactory to the Required Lenders.
