Budget Event definition

Budget Event means any of the following:
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Budget Event means (i) the actual amount of aggregate operating disbursements (excluding cash outflows pursuant to the Overdue Accounts Payable Schedule) during any Budget Testing Period exceeding the projected aggregate operating disbursements (excluding cash outflows pursuant to the Overdue Accounts Payable Schedule) in the Budget for such Budget Testing Period by more than a Permitted Variance and/or (ii) the actual amount of aggregate operating receipts during any Budget Testing Period being less than the projected aggregate operating receipts in the Budget for such Budget Testing Period by more than a Permitted Variance.
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Budget Event means the actual amount of aggregate cumulative operating disbursements during any Budget Testing Period exceeding the projected cumulative operating disbursements (on a cumulative basis) in the Budget for such Budget Testing Period by more than a Permitted Variance.
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Examples of Budget Event in a sentence

  • The occurrence of a Budget Event or the Debtors’ failure to provide the reports and other information required in the DIP Credit Agreement shall constitute an Event of Default under the DIP Credit Agreement and this Interim Order, following the expiration of any applicable grace period set forth in the DIP Credit Agreement.


More Definitions of Budget Event

Budget Event means the actual amount of aggregate cumulative operating disbursements and expenses (excluding professional fees and expenses) during any month shall exceed the projected cumulative operating disbursements in the Approved Budget for such month by more than 15% (the variance described in this definition, the “Permitted Variance,” and such Permitted Variance subject to receipt by Lender of the Budget Variance Report).
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Budget Event means any of the following: (a) the actual amount of aggregate cumulative operating disbursements plus capital expenditure disbursements during any Budget Testing Period shall exceed the projected cumulative operating disbursements plus capital expenditure disbursements in the Approved Budget for such Budget Testing Period by more than 10%; or
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Budget Event means that the aggregate amount of actual disbursements during any Budget Testing Period shall exceed the projected aggregate disbursements in the Approved Budget for such Budget Testing Period by an amount greater than the Permitted Variance (this clause (b), the “Budgeted Disbursements Test”).
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Budget Event means any of the following: (a) the actual amount of aggregate cumulative operating disbursements plus capital expenditure disbursements during any Budget Testing Period (other than the Initial Budget Testing Periods) shall exceed the projected cumulative operating disbursements plus capital expenditure disbursements in the Approved Budget for such Budget Testing Period by more than 10%; or (b) the aggregate amount of actual receipts during any Budget Testing Period (other than the Initial Budget Testing Periods) shall be less than 85% of the aggregate cumulative receipts in the Approved Budget for such Budget Testing Period (the variances described in (a) and (b) of this definition, the “Permitted Variance”). “Budget Testing Date” means (i) each of the second, third and fourth Friday occurring after the Petition Date (collectively, the “Initial Budget Testing Dates”) and (ii) the
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Budget Event. “Person” means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. “Petition Date” has the meaning assigned to such term in the recitals. “PIK Interest” has the meaning assigned to such term in Section 2.04(c). “Plan” means any employee pension benefit plan covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 or Section 430 of the Code that either (a) is maintained by the Borrower or an ERISA Affiliate for employees of the Borrower or an ERISA Affiliate or (b) is maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one employer makes contributions and, in the case of either (a) or (b), to which the Borrower or an ERISA Affiliate is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions or has had any liability “Pledged Shares” means, collectively, the Initial Pledges Shares and all Capital Stock of any Issuer now or hereafter owned by any Grantor, together in each case with (a) all certificates representing the same, (b) all Capital Stock, securities, moneys or other property representing a dividend on or a distribution or return of capital on or in respect of the Pledged Shares, or resulting from a split-up, revision, reclassification or other like change of the Pledged Shares or otherwise received in exchange therefor, and any warrants, rights or options issued to the holders of, or otherwise in respect of, the Pledged Shares, and (c) without prejudice to any provision of any of the Loan Documents prohibiting any merger or consolidation by an Issuer, all Capital Stock of any successor entity of any such merger or consolidation. For the avoidance of doubt, Pledged Shares shall not include the Excluded Equity Interests.
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Related to Budget Event

  • Optimal Adjustment Event With respect to any Class of Class B Certificates and any Distribution Date, an Optimal Adjustment Event will occur with respect to such Class if: (i) the Principal Balance of such Class on the Determination Date succeeding such Distribution Date would have been reduced to zero (regardless of whether such Principal Balance was reduced to zero as a result of principal distribution or the allocation of Realized Losses) and (ii) (a) the Principal Balance of any Class of Class A Certificates would be subject to further reduction as a result of the third or fifth sentences of the definition of Principal Balance or (b) the Principal Balance of a Class of Class B Certificates with a lower numerical designation would be reduced with respect to such Distribution Date as a result of the application of clause (ii) of the definition of Class B-1 Principal Balance, Class B-2 Principal Balance, Class B-3 Principal Balance, Class B-4 Principal Balance, Class B-5 Principal Balance or Class B-6 Principal Balance.

  • Procurement Event means the request for proposals, the evaluation of proposals and bids for wholesale energy products, and the execution of the applicable supplier contracts with Ameren Illinois Company as a counterparty pursuant to the Procurement Plan for the period starting in June 2021, as proposed by the Illinois Power Agency and approved by the Illinois Commerce Commission in Docket No. 20-0717.

  • Value Adjustment Event means, with respect to any Loan Asset, the occurrence of any one or more of the following events after the related Cut-Off Date:

  • Business Continuity Event means any event or issue that could impact on the operations of the Supplier and its ability to provide the Services including an influenza pandemic and any Force Majeure Event;

  • Foreign Benefit Event means, with respect to any Foreign Pension Plan, (a) the existence of unfunded liabilities in excess of the amount permitted under any applicable Law or in excess of the amount that would be permitted absent a waiver from applicable Governmental Authority or (b) the failure to make the required contributions or payments, under any applicable Law, on or before the due date for such contributions or payments.