Permitted Variances Sample Clauses

Permitted Variances. Obligors shall not permit or cause, for any Performance Period, (i) the Receipts Variance to exceed twenty-five percent (25%) (as compared to budget) or (ii) the Disbursements Variance to exceed 20% (as compared to budget). The covenants and requirements set forth in this Section 10.3.1 being, the “Budget Covenant”.

Permitted Variances. Permitted Variances under the Budget are exceeded for any period of time (subject to the proviso in Section 6.3(a)); or

Permitted Variances. All Workable Orders will be subject to variance by Supplier from the purchase order quantity per the following schedule: Initial Order • Print requisition is received from the production office indicating finished goods quantity. • Buyer orders print in the quantity of [*****]% of the finished goods quantity; quantity ordered may be rounded up to the next price break point if it makes economic sense. • Buyer sets reorder point at [*****]% of finished goods quantity. Reorders • Reorders that will reduce on hand inventory below our reorder point will create a demand for print. The buyer will do a net asset computation to determine the quantity to be ordered? Reorder quantity = Reorder Point Quantity + FG Reorder Quantity - Printed Material On Hand. • The Reorder Point Quantity is recalculated, and changed if applicable, each time the printed material is reordered. Various factors including sales, finished goods inventory, and market intelligence are considered when assessing Reorder Point Quantities. Initial Order • Print requisition is received from the production office indicating finished goods quantity. • Buyer orders print in the quantity of [*****]% of the finished goods quantity; quantity ordered may be rounded up to the next price break point if it makes economic sense. • Buyer keeps the Reorder Point Quantity at [*****]; printed material is only ordered on demand. Reorders • Printed material is only ordered when finished goods orders are received. • Buyers order print in the quantity of [*****]% of the finished goods quantity. Initial Order • Print requisition is received from the production office indicating finished goods quantity. • Buyer orders print in the quantity of [*****]% of the finished goods quantity; quantity ordered may be rounded up to the next price break point if it makes economic sense. • Buyer sets reorder point at [*****]% of finished goods quantity. Reorders • Reorder strategy is the same as New Release — Commercial/Deluxe. Initial Order • Print requisition is received from the production office indicating finished goods quantity. • Buyer orders print in the quantity of [*****]% of the finished goods quantity; quantity ordered may be rounded up to the next price break point if it makes economic sense. • Buyer keeps the Reorder Point Quantity at [*****]; printed material is only ordered on demand. Reorders • Printed material is only ordered when finished goods orders are received. • Buyers order print in the quantity of [*****]% ...

Permitted Variances. The Borrower shall not permit or cause the consolidated revenue of the Borrower and its Subsidiaries to be: (i) for the fiscal quarter ending June 30, 2023, less than 75% of the consolidated revenue set forth in Borrower’s board-approved operating budget as of the Closing Date with respect to the fiscal quarter ending June 30, 2023, tested at quarter-end; (ii) for the fiscal quarter ending September 30, 2023, less than 75% of the consolidated revenue set forth in the Budget delivered for the fiscal quarter ending June 30, 2023 (the “July 2023 Budget”) with respect to the fiscal quarter ending September 30, 2023, tested at quarter-end; (iii) for the fiscal quarters ending December 31, 2023, and March 31, 2024, less than 80% of the consolidated revenue set forth in the July 2023 Budget with respect to the trailing two- and three-fiscal quarter periods, respectively, tested at quarter-end; and (iv) for each fiscal quarter thereafter, less than 85% of the consolidated revenue set forth in the July 2023 Budget for the trailing four-fiscal quarter period, tested at quarter‑end.

Permitted Variances. The DIP Loan Parties shall not make any payment that would result in occurrence of any of the following, or otherwise permit any of the following to occur (the “Budget Covenant”): (i) a negative variance with respect to receipts, taken on a line-item or cumulative basis, to exceed 10.0%; (ii) a positive variance with respect to disbursements (provided that disbursements to (x) the DIP Lender Professionals and (y) the professionals retained by the Debtors (including (i) Rothschild Inc., (ii) Davis Polk & Wardwell LLP, (iii) Richards, Layton & Xxxxxx X.X. axx (xx) Kurtzman Carxxx Xxxxxxxxxxx LLC) on account of such Xxxxxxx’ xxxxxxsionals’ standard hourly rates or similar terms of engagement (but excluding, in all cases, any success or exit fee or bonus to be paid to any of the Debtors’ professionals, except with the consent of the Required DIP Lenders or as set forth in the Approved Budget), shall not be included or otherwise considered for such variance testing), taken on a line-item or cumulative basis, to exceed 10.0%; (iii) the variance in total cash burn by the DIP Loan Parties to exceed 10.0%; or (iv) the making of any disbursement by any DIP Loan Party not contemplated by the Approved Budget (after giving effect to the foregoing variances) without having received the prior written consent of the Required DIP Lenders (which consent may be withheld in their sole discretion); provided that, for purposes of determining compliance with such Budget Covenant, there shall be permitted a carry-forward of any unused line-item surplus from week to week, solely as to such line item (and not on a cumulative basis) (such variances, collectively, the “Permitted Variance”). Unless consented to by the Required DIP Lenders, the DIP Loan Parties’ failure to comply with the Budget Covenant shall constitute an Event of Default.

Permitted Variances. So long as any principal of or interest on any Term Loan or Revolving Loan (whether or not due) shall remain unpaid or any Lender shall have any Term Commitment or Revolving Commitment hereunder, each Loan Party shall not, unless the Administrative Agent acting at the Direction of the Required Tranche A Lenders shall otherwise consent in writing, permit a Variance during any Variance Testing Period (i) in respect of the total aggregate amount of Company Disbursements to be more than 15% in excess for the of the amount of Company Disbursements forecasted in the Cash Flow Forecast applicable during such Variance Testing Period or (ii) in respect of the aggregate Net Cash Receipts (a) during the two week period after the Second Amendment Effective Date, to be less than 80%, for the trailing two week period, of the aggregate cash receipts forecasted in the Cash Flow Forecast applicable during such Testing Period, (b) during the three week period after the Second Amendment Effective Date, to be less than 82.5%, for the trailing three week period, of the aggregate cash receipts forecasted in the Cash Flow Forecast applicable during such Testing Period and (c) during the four week period after the Second Amendment Effective Date and thereafter, to be less than 85%, for the trailing four week period, of the aggregate cash receipts forecasted in the Cash Flow Forecast applicable during such Testing Period. Any Variance that is permitted pursuant to the foregoing clauses (i) and (ii) shall be referred to herein as a “Permitted Variance”. Notwithstanding anything herein, for purposes of calculating the Variance amount pursuant to this Section 6.15, expenditures and disbursements shall not include any provisional fees incurred in connection with a litigation proceeding. This Section 6.15 may be amended or waived by the Administrative Agent at the Direction of the Required Tranche A Lenders.

Permitted Variances. The Credit Parties shall ensure that at no time shall: (a) actual “Cumulative Receipts” be less than the lesser of (i) $2.0 million less than the “Cumulative Receipts” line item in the Approved Budget and (ii) 15% less than the “Cumulative Receipts” line item in the Approved Budget, in each case, on a cumulative basis for the applicable Testing Period; (b) actual “Cumulative Direct Excl Employee” disbursements be more negative than the lesser of (i) $2.0 million more negative than the “Cumulative Direct Excl Employee” line item in the Approved Budget and (ii) 20% more negative than the “Cumulative Direct Excl Employee” line item in the Approved Budget, in each case, on a cumulative basis for the applicable Testing Period; (c) actual “Cumulative Indirect Excl Employee” disbursements be more negative than the lesser of (i) $2.0 million more negative than the “Cumulative Indirect Excl Employee” line item in the Approved Budget and (ii) 20% more negative than the “Cumulative Indirect Excl Employee” line item in the Approved Budget, in each case, on a cumulative basis for the applicable Testing Period; (d) actual “Cumulative Employee Cost” disbursements be more negative than the lesser of (i) $2.0 million more negative than the “Cumulative Employee Cost” line item in the Approved Budget and (ii) 20% more negative than the “Cumulative Employee Cost” line item in the Approved Budget, in each case, on a cumulative basis for the applicable Testing Period; (e) actual “Total Operating Disbursements” be more negative than the lesser of (i) $2.0 million more negative than the “Total Operating Disbursements” line item in the Approved Budget and (ii) 15% more negative than the “Total Operating Disbursements” line item in the Approved Budget, in each case, on a cumulative basis for the applicable Testing Period; or (f) actual “Net Cash Flow” be more negative than the lesser of (i) $4.0 million more negative than the “Net Cash Flow” line item in the Approved Budget and (ii) 15% more negative than the “Net Cash Flow” line item in the Approved Budget, in each case, on a cumulative basis for the applicable Testing Period. The first sentence of this Section 6.2 shall be referred to herein as the “Permitted Variances.”

Permitted Variances. So long as any principal of or interest on any Term Loan or any other Obligation (whether or not due) shall remain unpaid (other than Contingent Indemnity Obligations) or any Lender shall have any Term Loan Commitment hereunder, each Loan Party shall not, unless the Required Lenders shall otherwise consent in writing: permit a Variance during any Testing Period (i) in respect of the total aggregate amount of Operating Disbursements to be more than 10% in excess of the amount of Operating Disbursements forecasted in the 13-Week Cash Flow Forecast applicable during such Testing Period or (ii) in respect of the aggregate cash receipts to be less than 90% of the aggregate cash receipts forecasted in the 13-Week Cash Flow Forecast applicable during such Testing Period. Any Variance that does not exceed the Variance permitted pursuant to the foregoing clauses (i) and (ii) shall be referred to herein as a “Permitted Variance”.

Permitted Variances. Permitted Variances under the Approved Budget are exceeded for any relevant Test Period.

Permitted Variances. Following the first two (2) full weeks after the Petition Date, during which period compliance with the budget shall not be tested, covenant compliance will be tested weekly. • Actual disbursements and actual operating cash receipts shall be tested against the Initial DIP Budget (or, if one or more Approved DIP Budgets have been subsequently approved, such Approved DIP Budget, solely with respect to the period covered by such subsequent Approved DIP Budget, it being understood that to the extent the Initial DIP Budget and/or any subsequent Approved DIP Budgets cover overlapping periods of time, the most recent Approved DIP Budget shall govern) during each Cumulative Period with the covenant levels (the “Permitted Variances”) provided for on Schedule 2 attached to the Interim DIP Order. • The Permitted Variances reflected on Schedule 2 are based on the current prepetition DIP Budget provided by the Company Parties. In connection with the consideration of the Initial DIP Budget, a Proposed DIP Budget, or otherwise, the Permitted Variances reflected on Schedule 2 may be modified in form and substance acceptable to the Debtors and the Required DIP Lenders. • Notwithstanding anything to the contrary herein: (a) in the event any shortfall in actual operating cash receipts exceeds the applicable Permitted Variance for any Cumulative Period, any default arising therefrom shall be deemed cured if, by the fourth (4th) Testing Date thereafter, actual operating cash receipts over the applicable Cumulative Period comply with the Initial DIP Budget or Approved DIP Budget (as applicable), subject to application of the applicable Permitted Variance; and (b) in the event actual disbursements exceed the applicable Permitted Variance for any Cumulative Period, any default arising therefrom shall be deemed cured if, as of the next Testing Date thereafter, actual disbursements over the applicable Cumulative Period comply with the Initial DIP Budget or Approved DIP Budget (as applicable), subject to application of the applicable Permitted Variance, ((a) and (b) contained herein, collectively, the “Budget Cure Period”); provided, that, during the Budget Cure Period, the Debtors shall not be permitted to any further drawings of funds from the DIP Account (subject to the Carve Out). Cash disbursements considered for determining compliance with the DIP Budget shall exclude the Debtors’ disbursements in respect of all professional fees paid by the Debtors and the U.S. Trustee’s fees...