Approved Budget Variance Report means a weekly report (a) provided by the Borrower to the Agent in accordance with Section 6.02(a) (i) showing (x) in each case, by line item, the actual disbursements, cash receipts, net cash flow and Inventory receipts for the Prior Week, the Cumulative Period and the Cumulative Three-Week Period and (y) the actual Inventory levels, Borrowing Base, Total Revolver Outstandings, and Availability, in each case, determined as of the last day of the Prior Week, and in each case of clause (x) and (y), noting therein all variances, on a line-item and cumulative basis, from the amounts set forth for such period in the Approved Budget, and shall include explanations for all material variances and (ii) an analysis demonstrating the Loan Parties are in compliance with the budget covenants set forth in Section 6.20, and (b) certified by a Responsible Officer of the Borrower. The Approved Budget Variance Report shall be in a form, and shall contain supporting information, reasonably satisfactory to the Agent.
Approved Budget Variance Report means a weekly report provided by the Borrowing Agent to Agent (i) showing by line item Actual Disbursement Amounts, Actual Cash Receipts and Actual Net Cash Flow for the last day of the Prior Week and the Cumulative Period, noting therein all variances, on a line-item and cumulative basis, from the amounts set forth for such Period in the Approved Budget as in effect for such Prior Week and Cumulative Period, and shall include explanations for all material variances, and (ii) certified by an Authorized Officer of the Borrowing Agent.
Approved Budget Variance Report means a weekly report provided by the Lead Borrower to the Agent in accordance with Section 6.01(d): (i) showing by line item actual receipts for both inventory and revenues, actual disbursement amounts, cash on hand, actual professional fees (other than counsel for the Agent) and Availability as of the last day of the Cumulative Four Week Period and the Cumulative Period, noting therein all variances, on a line-item basis, from amounts set forth for such
Examples of Approved Budget Variance Report in a sentence
Notwithstanding the foregoing, the first Compliance Certificate and Approved Budget Variance Report shall cover the weeks ending June 7, 2014 and June 14, 2014 and shall be furnished on June 20, 2014.
On or before Wednesday of each week, the Debtors shall deliver to the DIP Agent and the Co-Administrative Agent an Approved Budget Variance Report (with delivery of the same to the U.S. Trustee, the Prepetition ABL Agent, the Prepetition Term Loan Agent and the Committee each week after delivery to the DIP Agent).
Attached hereto as Schedule [ ] is an Approved Budget Variance Report, prepared by the Borrowers as of the last day of the [Prior Week][Cumulative Four Week Period].
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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.
More Definitions of Approved Budget Variance Report
Approved Budget Variance Report means a report provided by the Borrower to the Administrative Agent and the Lenders (a) showing, in each case, on a line item by line item and cumulative basis, the Actual Cash Receipts, the Actual Operating Disbursement Amounts and Actual Restructuring Related Amounts as of the last day of the Prior Week, and the Variance Testing Period then most recently ended, noting therein (i) all variances, on a line item by line item basis and a cumulative basis, from the Budgeted Cash Receipts, the Budgeted Operating Disbursement Amounts, and the Budgeted Restructuring Related Expenses for such period as set forth in the Approved Budget as in effect for such period and (ii) containing an indication as to whether each variance is temporary or permanent and analysis and explanations for all material variances, (iii) certifying compliance or non-compliance with such maximum variances set forth therein, and (iv) including explanations for all material variances and violations, if any, of such covenant and if any such violation exists, setting forth the actions which the Borrower has taken or intends to take with respect thereto and (b) which such reports shall be certified by a Responsible Officer of the Borrower and shall be in a form, and shall contain supporting information, satisfactory to the Required Lenders in their sole discretion.
Approved Budget Variance Report means a weekly report, prepared by the Borrower (after consultation with the Borrower Consultant) and provided by the Borrower to the Administrative Agent, and as certified by a Responsible Officer of the Borrower as being true, correct and complete in all material respects showing by line item Actual Cash Receipts, Actual Disbursement Amounts, and Actual Net Cash Flow as of the last day of the Prior Week and for the Cumulative Four-Week Period then ended, noting therein all variances, on a line-item basis, from amounts set forth for such period in the Approved Budget for the Prior Week and for the Cumulative Four-Week Period then ended, and shall include explanations for all material variances (i.e., greater than 10%), together with back-up schedules and supporting information as reasonably requested by the Administrative Agent. The Approved Budget Variance Report shall be in a form, and shall contain supporting information, reasonably satisfactory to the Administrative Agent. Such Approved Budget Variance Report may be revised or adjusted from time to time by the Borrower with the prior written consent of the Administrative Agent.
Approved Budget Variance Report means, as of any date, a current report that: (i) details the actual amount of cash receipts and disbursements for the prior week for each line item included in the then most recently approved Budget (on a cumulative basis), (ii) compares such actual cash receipts and disbursements (on a line item by line item basis) with the weekly and cumulative budgeted amounts for each such line item set forth in the Budget for such period, and (iii) provides an explanation for all variances between budgeted and actual amounts.
Approved Budget Variance Report means a report provided by the Borrower to the Administrative Agent and the Lenders (a) showing on a line item by line item and cumulative basis, the Actual Operating Disbursement Amounts as of the last day of the Prior Week, and the Variance Testing Period then most recently ended, noting therein (i) all variances, on a line item by line item basis and a cumulative basis, from the Budgeted Operating Disbursement Amounts for such period as set forth in the Approved Budget as in effect for such period and (ii) containing an indication as to whether each variance is temporary or permanent and analysis and explanations for all material variances, (iii) certifying compliance or non-compliance with such Variance Testing Period, and (iv) including explanations for all material variances and violations, if any, of such covenant and if any such violation exists, setting forth the actions which the Borrower has taken or intends to take with respect thereto and (b) which such reports shall be certified by a Responsible Officer of the Borrower and shall be in a form, and shall contain supporting information, satisfactory to the Required Lenders and the Sponsors, in each case, in their sole discretion (which satisfaction may be communicated via an email from either of the Specified Lender Advisors and the Sponsor Advisors, as applicable); provided that the Required Lenders shall be deemed to have provided such satisfaction unless Lenders constituting the Required Lenders shall have objected within five Business Days after the date of delivery of supporting information.
Approved Budget Variance Report means a report provided by the Borrowers to the Administrative Agent showing, in each case, (i) the Actual Disbursement Amounts as of the last day of the Prior Week and the Variance Testing Period then ended; (ii) the Actual Cash Receipts as of the last day of the Prior Week and the Variance Testing Period then ended; (iii) Actual Net Cash Flows during the applicable Variance Testing Period; (iv) Actual Restructuring Related Amounts and Actual Receivables Facility Amounts during the during the applicable Variance Testing Period; (v) a comparison (whether positive or negative, in dollars and expressed as a percentage) of the aggregate and line-item Actual Cash Receipts and Actual Disbursement Amounts, and aggregate Actual Net Cash Flows, Actual Restructuring Related Amounts and Actual Receivables Facility Amounts, for the applicable Variance Testing Period to Budgeted Cash Receipts and Budgeted Disbursement Amounts, and aggregate Budgeted Net Cash Flows, Budgeting Restructuring Related Amounts and Budgeted Receivables Facility Amounts for such Variance Testing Period; and (vii) management commentary on any individual line item with positive or negative variance of 10.0% or more compared to the Approved Budget for Variance Testing Period (unless the dollar amount corresponding to such variance is less than $1,000,000, in which case no such commentary shall be required). Such reports shall be certified by a Responsible Officer of the Borrowers and shall be in the form attached as Exhibit 2 to the DIP Order or otherwise in a form satisfactory to the Required Lenders in their reasonable discretion.
Approved Budget Variance Report means (i) a weekly budget variance report/reconciliation for each Test Period immediately preceding the date of each such delivery setting forth in reasonable detail, actual operating receipts, operating disbursements, non-operating disbursements, and any other receipts and disbursements of the Company on an individual line item basis and aggregate basis for such Test Period to receipts and disbursements for such Test Period as set forth in the Approved Budget, and (ii) a statement certifying compliance with the Approved Budget and explaining in reasonable detail all variances from the Approved Budget. The Approved Budget Variance Report shall be in a form, and shall contain supporting information, reasonably satisfactory to the Holder (or its advisors).
Approved Budget Variance Report has the meaning specified in the First Lien Credit Agreement.