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”). The Wind-Down Budget and Wind-Down Amount shall be subject to adjustment as provided in the Sale Order.
Wind-Down Budget. Sellers shall deliver to Buyer at least twenty (20) Business Days prior to the Closing Date a budget of the costs and expenses necessary to wind up, liquidate and terminate the affairs of Sellers, which shall include the category of expenses set forth in the draft Wind Down Budget attached hereto as Schedule 6.22 (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. 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. The Post-Closing Expense Reserve Amount shall be used only in accordance with the Wind-Down Budget.
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 Debtors have attached hereto as Exhibit A a budget for the winding-down of their estates (the “Budget”), which has been approved by the Prepetition Secured Parties, the Debtors and the Committee, including, among other things, the payment of certain expenses associated with the distributions to be made to the Debtors that are described herein. For the avoidance of doubt, property of the Debtors may be used by the Debtors only for the purposes and to the extent set forth in the Budget. To the extent that the Debtors’ estates remain open after the Effective Date and the Debtors incur expenses for the sole benefit of the Prepetition Secured Parties, the Debtors, the Second Lien Agent and Renco shall agree on a budget for such expenses. Any and all fees and expenses related to implementation of this Agreement after the Effective Date, including expenses for distributions and the claim reconciliation process, shall be funded solely in accordance with the Budget.
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.
