Variance Reporting. The Debtors are subject to the variance reporting and testing as set forth in, and in accordance with the terms of, the DIP Credit Agreements. Concurrently with the delivery of each Updated Budget, the Debtors shall deliver to the DIP Agents, the DIP Agents’ professional advisors, and the professional advisors to the Majority Junior DIP Lenders the weekly cash balance reporting and variance reporting required under the DIP Credit Agreements. Variances in excess of the Permitted Variance (as defined in each DIP Credit Agreement) from the Approved Budget, and any proposed changes to the Approved Budget, shall be subject to written agreement by the Debtors and the Senior DIP Agent and, so long as no Senior DIP Event of Default has occurred and is continuing, the Majority Junior DIP Lenders, in each case without further notice, motion or application to, order of, or hearing before, the Court.
Variance Reporting. By no later than 5:00 p.m. New York City time on the Friday of each calendar week commencing with the Wednesday following the first full week after the Petition Date (each such Wednesday, a “Variance Report Date”), the Debtors shall deliver to the DIP Agent and the DIP Lenders a variance report (each, a “Variance Report”) setting forth, in reasonable detail, any differences between actual receipts and disbursements versus proposed receipts and disbursements set forth in the Approved Budget for the prior week, together with a statement certifying compliance with the Budget Covenants (with supporting back-up in reasonable detail) and certifying that no disbursements inconsistent with the Budget Covenants have been made. There should be a weekly teleconference between the Debtors and the DIP Lenders’ professionals to discuss the Variance Report, including a management discussion and analysis of permanent versus timing differences for any variances from the Approved Budget. Security: All obligations of the Debtors to the DIP Agent and the DIP Lenders under the DIP Facility, including, without limitation, all principal and accrued interest, premiums, costs, fees, expenses and any other amounts due under the DIP Facility (collectively, the “DIP Obligations”), shall be secured by the following liens and security interests (the “DIP Liens”) on all assets and properties of the Debtors (whether tangible, intangible, real, personal or mixed), whether now owned or hereafter acquired and wherever located, before or after the Petition Date, including, without limitation, all cash, cash equivalents, accounts, inventory, equipment, equity interests or capital stock in domestic and foreign subsidiaries, investment property, instruments, chattel paper, real property, leasehold interests, contracts, patents, copyrights, trademarks and other general intangibles, receivables (including those owed to the Debtors generated by intercompany transactions), all claims or causes of action (including, subject to entry of the Final DIP Order, Avoidance Actions (to be defined in the DIP Orders) and the proceeds thereof) and all products, offspring, profits and proceeds thereof (collectively, the “DIP Collateral”): 1. secured pursuant to Bankruptcy Code §364(c)(2), subject to the Carve-Out (as defined below), by a first-priority perfected lien on, and security interest in, all present and after-acquired property of the Debtors, wherever located, not subject to a perfected lien or securit...
Variance Reporting. The Loan Parties shall deliver to the Administrative Agent, on each Approved Budget Reporting Date, an Approved Budget Variance Report, and such Approved Budget Variance Report shall be in form and substance satisfactory to the Administrative Agent in its Permitted Discretion.
Variance Reporting. (1) Beginning with the delivery of the initial Variance Report and tested, as of the last day of each applicable Weekly Test Period, commencing with the last day of the first Weekly Test Period ending after the Effective Date, for such initial Weekly Test Period, and for each Weekly Test Period thereafter, (i) the variance (as compared to the Approved Forecast) of the actual operating cash of the Issuer; and (ii) the negative variance (as compared to the Approved Forecast) of the aggregate operating disbursements made by the Issuer, shall not, on a cumulative basis, exceed 15%.
(2) No later than 2:00 p.m. New York City time on the Thursday of the first week after each Weekly Test Period (commencing with the Thursday of the first week after the first Weekly Test Period ending following the Effective Date), the Issuer shall deliver to the Holders (and, if one has been appointed, the Holder Representative), a Variance Report for the immediately preceding Weekly Test Period; provided that each Holder may decline to receive such Variance Reports in their sole discretion by delivery of advance written notice to the Issuer and such election shall remain in effect until the Holder notifies the Issuer by delivery of advance written notice that it would like to receive subsequent Variance Reports. Each such Variance Report shall be certified by an Officer of the Issuer as being prepared in good faith and fairly presenting in all material respects the information set forth therein.
Variance Reporting. Not later than 5:00 p.m. prevailing Pacific time every Friday (commencing with Friday of the week immediately following the week in which the Petition Date occurs) (each such Friday a “Variance Report Deadline”), the Debtors shall deliver to the Lender and the Lender Advisors a variance report (each, a “Variance Report”) for the period that ends on Friday of the calendar week immediately preceding such Variance Report, in form and substance satisfactory to the Lender, showing: (i) the difference between (x) total budgeted revenue as set forth in the Approved Budget, minus (y) total actual revenue, divided by (z) total budgeted revenue as set forth in the Approved Budget (the “Sales Variance”); DIP Loan and Security Agreement 0000-0000-0000 v.3.docx
Variance Reporting. Not later than 5:00 p.m. New York City time every Friday (commencing with Friday of the week immediately following the week in which the Petition Date occurs) (each such Friday, a “Variance Report Deadline”), the Loan Parties shall deliver to the Administrative Agent, the Lenders and the Lender Advisors a variance report (each, a “Variance Report”), in form and substance satisfactory to the Administrative Agent, showing:
Variance Reporting. By no later than 5:00 p.m. New York City time on the Wednesday of each calendar week commencing with Wednesday, February 10, 2016 (each such Wednesday, a “Variance Report Date”), the Debtors shall deliver to the DIP Agent and the Lenders a variance report setting forth, in reasonable detail, any differences between actual receipts and disbursements verses proposed receipts and disbursements set forth in the Approved Budget for the prior week, together with a statement certifying compliance with the Budget Covenants (with supporting back-up in reasonable detail) and certifying that no disbursements inconsistent with the Approved Budget have been made.
Variance Reporting. By no later than 5:00 p.m. New York City time on the Thursday of each calendar week, commencing with Thursday, August 10, 2017 (each such date, a “Variance Report Date”), the DIP Loan Parties shall deliver to the Agent and the DIP Lenders a variance report setting forth, in reasonable detail, any differences between actual receipts and disbursements verses proposed receipts and disbursements set forth in the Approved Budget for the prior week, on a line-item and aggregate basis, on a weekly basis and a cumulative basis from the beginning of the period covered by the then-current Approved Budget, together with a statement certifying compliance with the Budget Covenants (as defined below) (with supporting back-up in reasonable detail) explaining in reasonable detail all material variances from the then-current Approved Budget for such week/period and certifying that no disbursements inconsistent with the Approved Budget have been made.
Variance Reporting. By no later than 5:00 p.m. New York City time on Wednesday, August 16, 2017 and thereafter on the tenth (10th) Business Day of each subsequent month (each such Business Day, a “Variance Reporting Date”), the Issuer shall deliver to the Note Purchaser a variance report with respect to the most recently ended month (i) setting forth actual cash receipts and disbursements of the Subject Companies for such period and setting forth all the variances, on a line item and aggregate basis, as compared to the corresponding amounts set forth in the Approved Budget for such period, together with a certificate of the chief financial officer of the Subject Companies (x) explaining in reasonable detail all material variances from the Approved Budget for such period and (y) certifying compliance by the Subject Companies with the Disbursement Variance for the most recently ended Test Period and explaining in reasonable detail any non-compliance by the Subject Companies with the Disbursement Variance for such Test Period.
Variance Reporting. 106 ARTICLE VI. NEGATIVE COVENANTS ....................................................................................... 105106 SECTION 6.01 Indebtedness ................................................................................... 105106 SECTION 6.02
