Appropriate Reserves

Appropriate Reserves. Means reserves for operating expenses and scheduled or required payments on Indebtedness (including payments for past-due rent constituting Existing Senior Indebtedness) for the immediately following fiscal quarter determined in good faith by the Company based on the applicable annual budget for the Company (commencing with the annual budget for 2013) and in any event not to exceed, without the consent of the holders of at least a majority in principal amount of the Subordinated Notes, the... annual budget for such items by more than ten percent in the aggregate in any fiscal quarter or more than twenty percent in the aggregate in any fiscal year. View More