Allowed Variance definition

Allowed Variance has the meaning set forth in Section 2.2(c).
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Allowed Variance is defined in Section 6.1.2 of this Agreement.
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Allowed Variance means ten percent (10%) of any line item of the Budget during any week.
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Examples of Allowed Variance in a sentence

  • The net proceeds to the Borrowers from the Loans shall be used for each Borrower’s expenses as set forth in the Budget in accordance with each line-item of the Budget, subject to the Allowed Variance, and only to the extent that Cash Collateral and any other funds of the Debtors are insufficient to pay such expenses as they come due.

  • Any Metropolitan Community College student who has earned an Associate in Arts is guaranteed that MU will accept designated freshman and sophomore elective credits and all general education credits and will apply such to the Bachelor of Science in Soil, Environmental & Atmospheric Sciences degree in a manner consistent with the treatment of native students.

  • The Debtor shall not exceed any line item on the Second Interim Budget by an amount exceeding ten percent (10%) of each such line item; provided, however, that the Debtor may make payments up to ten percent (10%) in excess of the total budgeted expenses for that month in the Second Interim Budget so long as actual disbursements do not exceed one hundred and ten percent (110%) of the budgeted total expenses for the month (collectively, the "Allowed Variance").

  • Subject to the other conditions set forth herein, claims for shortages shall only be accepted by Seller if such claimed shortage (i) is in excess of an Allowed Variance permitted under Section 6 above, (ii) is for one-half of one percent (0.5%) or more of the weight, volume or quantity set forth on the bill of lading, and (iii) if, at Seller’s discretion, such claimed shortage is verified by Seller, an authorized agent of Seller’s carrier, or an independent professional inspector approved by Seller.

  • Buyer shall not be entitled to object to or reject the Products or any portion thereof due to an Allowed Variance and shall pay for such Products at the price set forth in the Order, as adjusted based on the amount of Product actually delivered.

  • For each month ending during the period beginning December 2004 through and including May 2005, the variance, if negative (but expressed as a positive number), between Borrower's EBITDA for the Applicable Period and (i) for the period ending December 2004, $1,669,000, and (ii) for each period thereafter, the EBITDA set forth in the Approved Projections for such period shall not exceed the Allowed Variance.

  • Table 3: Results of Variance Inflation Factor Testand Allowed Variance Table (3) shows that all values of the factor inflation variance were greater than (1) and less than (10).

  • Any claimed shortage exceeding an Allowed Variance shall be resolved in accordance with Section 13 below.

  • The net proceeds to the Borrowers from the Loans shall be used for each Borrower’s working capital needs as set forth in the Budget in accordance with each line-item of the Budget, subject to the Allowed Variance, and only to the extent that Cash Collateral and any other funds of the Debtors are insufficient to pay such expenses as they come due.


More Definitions of Allowed Variance

Allowed Variance means, for any date of calculation, $200,000 multiplied by the number of months included in the Applicable Period for such date of calculation. "Approved Projections" means for any period of time, the projections for such period that have been approved by Borrower's Board of Directors and delivered to Bank. Borrower shall deliver to Bank (i) a preliminary draft of the projections for the next fiscal year of Borrower by January 31 of each year and (ii) the updated projections approved by Borrower's Board of Directors for the next fiscal year not later than February 28 of each year.
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Related to Allowed Variance

  • Cut-off Date Principal Balance As to any Mortgage Loan, the Stated Principal Balance thereof as of the close of business on the Cut-off Date.

  • Cut-off Date Pool Principal Balance The aggregate Stated Principal Balances of all Mortgage Loans as of the Cut-off Date.

  • Cut-Off Date Aggregate Principal Balance The aggregate of the Cut-Off Date Principal Balances of the Mortgage Loans is as set forth in Section 11.03.

  • Overcollateralization Release Amount With respect to any Distribution Date, the lesser of (x) the Principal Remittance Amount for such Distribution Date and (y) the Excess Overcollateralized Amount.

  • REMIC 2 Overcollateralization Target Amount 1.00% of the Overcollateralization Target Amount.

  • Overcollateralization Target Amount means 0.85% of the Adjusted Pool Balance as of the Cutoff Date.

  • Required Overcollateralization Amount With respect to any Distribution Date, (a) prior to the Stepdown Date, an amount equal to 1.80% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date, (b) on or after the Stepdown Date if a Trigger Event is not in effect, the greater of (i) an amount equal to 3.60% of the aggregate outstanding Stated Principal Balance of the Mortgage Loans after giving effect to distributions made on that Distribution Date and (ii) the Overcollateralization Floor and (c) on or after the Stepdown Date if a Trigger Event is in effect, an amount equal to the Required Overcollateralization Amount from the immediately preceding Distribution Date. The Required Overcollateralization Amount may be reduced so long as written confirmation is obtained from each Rating Agency that such reduction shall not reduce the ratings assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating or the rating assigned to such Certificates as of the Closing Date by such Rating Agency. Residential Funding: Residential Funding Corporation, a Delaware corporation, in its capacity as seller of the Mortgage Loans to the Depositor and any successor thereto.

  • Cut-off Date Balance With respect to any Mortgage Loan or Serviced Companion Loan, the outstanding principal balance of such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Cut-Off Date, after application of all payments of principal due on or before such date, whether or not received.

  • Cut-off Date Pool Balance The aggregate Cut-off Date Principal Balance of all the Original Mortgage Loans.

  • CREFC® Loan Level Reserve/LOC Report The monthly report in the “CREFC® Loan Level Reserve/LOC Report” format substantially in the form of and containing the information called for therein for the Mortgage Loans, or such other form for the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

  • CMSA Loan Level Reserve/LOC Report means the monthly report substantially in the form of, and containing the information called for in, the downloadable form of the "Loan Level Reserve/LOC Report" available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

  • Undercollateralization Distribution As defined in Section 4.2(g).

  • Required Balance has the meaning set forth in the Reinsurance Agreement.

  • Pool Scheduled Principal Balance As to any Distribution Date, the aggregate Scheduled Principal Balances of all Mortgage Loans that were Outstanding Mortgage Loans on the Due Date in the month preceding the month of such Distribution Date.

  • Overcollateralization Reduction Amount With respect to any Distribution Date on which the Excess Overcollateralization Amount is, after taking into account all other distributions to be made on such Distribution Date, greater than zero, the Overcollateralization Reduction Amount shall be equal to the lesser of (i) the Excess Overcollateralization Amount for that Distribution Date and (ii) the Principal Remittance Amount on such Distribution Date.

  • Note Principal Balance means, with respect to each Note, at any time of determination, the Principal Balance for such Note, as set forth on the Mortgage Loan Schedule, less any payments of principal thereon (or any New Notes issued in substitution thereof) received by the related Note Holder (or any holders of New Notes in substitution thereof) or reductions in such amount pursuant to Section 3 or 4, as applicable.

  • Aggregate Overcollateralization Release Amount With respect to any Distribution Date, the lesser of (x) the aggregate of the Principal Remittance Amounts for each Mortgage Pool for such Distribution Date and (y) the amount, if any, by which (i) the Overcollateralization Amount for such date, calculated for this purpose on the basis of the assumption that 100% of the aggregate of the Principal Remittance Amounts for such Distribution Date is applied on such date in reduction of the aggregate Certificate Principal Amount of the Certificates, exceeds (ii) the Targeted Overcollateralization Amount for such Distribution Date.

  • Class B Note Principal Balance means, on any date of determination, an amount equal to (a) the Class B Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class B Noteholders on or prior to such date.

  • Class Principal Balance With respect to any Class and as to any date of determination, the aggregate of the Certificate Balances of all Certificates of such Class as of such date.

  • Class A Note Principal Balance means, on any date of determination, an amount equal to (a) the Class A Note Initial Principal Balance, minus (b) the aggregate amount of principal payments made to the Class A Noteholders on or prior to such date.

  • Yield Supplement Overcollateralization Amount means, with respect to any calendar month and the related Payment Date, or with respect to the Closing Date, the aggregate amount by which the Principal Balance as of the last day of the related Collection Period or the Cutoff Date, as applicable, of each of the related Receivables with an APR as stated in the related contract of less than the Required Rate, other than Defaulted Receivables, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of each scheduled payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days.

  • Target Overcollateralization Amount means, with respect to any Payment Date, 3.00% of the Adjusted Pool Balance as of the Cut-off Date. Notwithstanding the foregoing, the Target Overcollateralization Amount shall not exceed the Adjusted Pool Balance on such Payment Date.

  • Targeted Overcollateralization Amount means, for a Payment Date, an amount equal to:

  • Class A Non-PO Principal Balance As of any date, an amount equal to the Class A Principal Balance less the Principal Balance of the Class A-PO Certificates.

  • Initial Class Principal Balance As set forth in the Preliminary Statement.

  • Excess Overcollateralization Amount With respect to any Distribution Date, the excess, if any, of (a) the Overcollateralization Amount on such Distribution Date over (b) the Required Overcollateralization Amount for such Distribution Date.