Approved DIP Budget definition

Approved DIP Budget means each Cash flow forecast, on a line item basis and in reasonable detail, of (a) Cash receipts, Cash disbursements and net Cash flows, each as to the First Lien Collateral, including Eligible Receivables, Eligible Mortgage Loans, Eligible REO Property, Cash and Cash Equivalents in the Blocked Accounts, and Collections, (b) aggregate outstanding Loans, (c) the Book Value of Eligible Receivables, Market Value of Eligible Mortgage Loans and Appraised Value of Eligible REO Property and (d) projected availability under the Revolving Facility, for a period of twenty (20) weeks, set forth on a weekly basis, as approved by Administrative Agent in accordance with Section 5.02(a) (or, with respect to the Initial Approved DIP Budget, as delivered pursuant to Section 3.01(h)), commencing with the Initial Approved DIP Budget and as updated from time to time as required under Section 5.02.

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Approved DIP Budget has means, as of any date of determination, the Updated Budget then in effect pursuant to Section 5.01(d), or, if no Updated Budget has become the Approved DIP Budget pursuant to Section 5.01(d), the Initial Budget.

Approved DIP Budget has the meaning given such term in the DIP Order.

Examples of Approved DIP Budget in a sentence

The Approved DIP Budget has been prepared in good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time made, it being understood that projections as to future events are not to be viewed as facts and actual results may vary materially from such forecasts.
Notwithstanding anything herein to the contrary, the Company shall not, and the Company shall not permit any of its Subsidiaries to, act in a manner that is not in the Ordinary Course of Business, except to the extent that deviation from the Ordinary Course of Business is expressly required under the DIP Order or provided for in the Approved DIP Budget or to the extent operating in the Ordinary Course of Business in any situation is prohibited because of an order of the Bankruptcy Court.
Notwithstanding anything herein to the contrary, the Company shall act, and the Company shall ensure that each of its Subsidiaries acts, only in the Ordinary Course of Business in all material respects, except to the extent that deviation from the Ordinary Course of Business in all material respects (a) is expressly required under the DIP Order, (b) has been provided for in the Approved DIP Budget or (c) has been approved by the Required Holders.
Subject to the variances permitted in the DIP Order, the Company shall comply, and shall cause its Subsidiaries to comply, with the Approved DIP Budget.
The Variance Report shall also provide a reasonably detailed explanation for any variance in such Variance Report in excess of 5.0% in actual receipts or operating disbursements for each such line item during the Variance Testing Period as compared to projections for such line items during the Variance Testing Period as set forth in the Approved DIP Budget for such period.

More Definitions of Approved DIP Budget

Approved DIP Budget shall have the meaning assigned to such term in the Interim Order or the Final Order, as applicable, and the Initial Budget shall be the “Approved DIP Budget” for all purposes of this Agreement and the other Loan Documents until superseded by any supplemental budget as set forth in Section 5.01(o) and for purposes of the DIP Variance Report and the covenant set forth in Section 6.09 shall refer to the most recently delivered Approved DIP Budget for the weeks covered thereby, and for prior periods, the Approved DIP Budget in effect at the beginning of such period; provided that for the first four weeks for which the DIP Variance Report and the covenant set forth in Section 6.09 are applicable, the Approved DIP Budget shall be the Initial Budget for all purposes.

Approved DIP Budget means, initially, the Initial DIP Budget and, thereafter, any Subsequent DIP Budget which shall be approved by the Required Lenders in accordance with Section 5.01(c)(i) with the most recently approved budget constituting the “Approved DIP Budget”.

Approved DIP Budget means the Approved DIP Budget as it is subject to the Permitted Variances). For the avoidance of doubt, for purposes of budget variance testing in accordance with this Section 7.14, (1) the amounts set forth in the Approved DIP Budget under “Professional Fees”, (2) the amounts set forth in the Approved DIP Budget under “Debt Services” and (3) adequate protection costs, shall be excluded (this sentence the “Carve Out”).

Approved DIP Budget shall have the meaning ascribed to it in the Financing Order.

Approved DIP Budget has the meaning specified in the Interim Order or the Final Order, as applicable.

Approved DIP Budget means the initial DIP Budget with 12 monthly periods, delivered in accordance Section 4.01(a)(xiii)(x) and, thereafter, the then most recent DIP Budget delivered by the Borrower in accordance with Section 6.02(h), it being understood that (i) if the Administrative Agent or the Required Lenders have not objected within five Business Days of receipt thereof to an updated DIP Budget delivered in accordance with Section 6.02(h), such updated DIP Budget shall be deemed to have been approved, or (ii) if the Administrative Agent or the Required Lenders have objected to an updated DIP Budget delivered in accordance with Section 6.02(h), then such DIP Budget shall not be approved until a replacement therefor is submitted by Borrower and approved in accordance with the foregoing.

Approved DIP Budget means the then most current budget prepared by the Borrower and approved by the Required Lenders in accordance with Section 5.13.