Common use of Forecasts and Budgets Clause in Contracts

Forecasts and Budgets. As soon as available, but in any event no later than thirty (30) days after the end of each Fiscal Year: (i) forecasts prepared by the management of Loan Parties, in form reasonably satisfactory to Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows for Loan Parties and their Subsidiaries for the immediately following Fiscal Year (and each Fiscal Year thereafter through the Fiscal Year immediately following the Fiscal Year in which the Maturity Date occurs); and (ii) budgets prepared by the management of Administrative Loan Party, in form reasonably satisfactory to Administrative Agent, for such new Fiscal Year. In further clarification of the foregoing, unless and until Administrative Agent advises Administrative Loan Party to the contrary, the form of forecasts and budgets submitted by Administrative Loan Party pursuant hereto, if submitted in substantially the form such items were submitted to Administrative Agent prior to the Effective Date, will be deemed acceptable to Administrative Agent as to form. Upon the approval of such budgets by the chief executive officer and the Board of Directors of Parent, the Loan Parties shall deliver to Administrative Agent and Lenders a copy of such final budget for such Fiscal Year. During any Fiscal Year, upon there occurring any material variance from budget to actual in such Fiscal Year, the Loan Parties will at the request of the Administrative Agent provide a management-prepared updated forecast for the balance of such Fiscal Year.

Forecasts and Budgets. As soon as available, but in any event no later than thirty (30) days after the end of each Fiscal Year: (i) forecasts prepared by the management of Loan Parties, in form reasonably satisfactory to Administrative Agent, of consolidated balance sheets and statements of income or operations and cash flows for Loan Parties and their Subsidiaries for the immediately following Fiscal Year (and each Fiscal Year thereafter through the Fiscal Year immediately following the Fiscal Year in which the Maturity Date occurs); and (ii) budgets prepared by the management of Administrative Loan Party, in form reasonably satisfactory to Administrative Agent, for such new Fiscal Year. In further clarification of the foregoing, unless and until Administrative Agent advises Administrative Loan Party to the contrary, the form of forecasts and budgets submitted by Administrative Loan Party pursuant hereto, if submitted in substantially the form such items were submitted to Administrative Agent prior to the Effective Date, will be deemed acceptable to Administrative Agent as to form. Upon the approval of such budgets by the chief executive officer and the Board of Directors of Parent, the Loan Parties shall deliver to Administrative Agent and Lenders a copy of such final budget for such Fiscal Year. During any Fiscal Year, upon there occurring any material variance from budget to actual in such Fiscal Year, the Loan Parties will at the request of the Administrative Agent provide a management-–prepared updated forecast for the balance of such Fiscal Year.;