Project Budget Statement definition
Project Budget Statement means each statement to be prepared and required to be submitted by the Borrower to the Facility Agent pursuant to and in accordance with clause 24.5 (
Project Budget Statement means each statement to be prepared and submitted by the Borrower to the Facility Agent on the first Utilisation Date and annually thereafter throughout the Facility Period, substantially in the form attached as Schedule 10 (Form of Project Budget Statements) and containing the information referred to therein (including, without limitation, the Project Cost and Projected Operating Expenses and the latest cashflow and tax projections (including cash balances and other liquid assets) for the Charter Period, including a breakdown of each item, as at the date of such statement).
Examples of Project Budget Statement in a sentence
Budget Statement) substantially in the form attached as Schedule 10 (Form of Project Budget Statement) or as otherwise agreed by the Facility Agent and the Borrower and setting out the projected Projected Operating Expenses and the latest cashflow and tax projections for the relevant period, as such statement may be updated in accordance with clause 24.5 (Agreement of Projected Operating Expenses and Delivery of Project Budget Statement).
The Borrower shall ensure that on 31st December of each year the amounts standing to the credit of the Operating Accounts shall not exceed 125% of the Projected Operating Expenses for January of the following year as set out in the relevant Project Budget Statement.