Compliance with Budget; Permitted Variance Testing. Borrower shall only be permitted to make disbursements in accordance with the Budget subject to compliance with the variance testing requirement provided for below. Notwithstanding anything to the contrary contained herein, in the event the SNCF Variance contained in any Budget Reconciliation Report is less than negative $250,000, then such occurrence shall constitute an immediate Event of Default with no grace period.
Compliance with Budget; Permitted Variance Testing. Borrower shall only be permitted to make disbursements in accordance with the Budget subject to compliance with the variance testing requirement provided for below. Notwithstanding anything to the contrary contained herein, in the event the SNCF Variance contained in any Budget Reconciliation Report (x) delivered prior to the Ninth Amendment Effective Date is less than negative $250,000 and (y) delivered after the Ninth Amendment Effective Date is less than negative $350,000, then, in each case, such occurrence shall constitute an immediate Event of Default with no grace period.
