Financial Statement Variance definition

Financial Statement Variance means, for any financial reporting period, a difference of (a) greater than 5.0% between the cumulative revenues of the Parent and its consolidated Subsidiaries for the most recently completed Measurement Period and the cumulative revenues of the Company and its Restricted Subsidiaries for the most recently completed Measurement Period; (b) greater than 5.0% between the total assets of the Parent and its consolidated Subsidiaries for the last reporting period and the total assets of the Company and its Restricted Subsidiaries for the last reporting period (for purposes of this clause (b) only, determined without taking into account any assets arising from intercompany Indebtedness between or among the Company (as lender) and the Parent and/or its direct and indirect equityholders (as borrowers)); or (c) greater than 10.0% between the Parent Adjusted Operating Income of the Parent and its consolidated Subsidiaries for the most recently completed Measurement Period and the Adjusted Operating Income of the Company and its Restricted Subsidiaries for the most recently completed Measurement Period. Notwithstanding anything to the contrary elsewhere in this Credit Agreement, references to “consolidated Subsidiaries” of the Parent in the immediately preceding sentence shall exclude (x) those consolidated Subsidiaries of the Parent listed on Schedule 1.01(g), and (y) such other consolidated Subsidiaries of the Parent that are not Restricted Subsidiaries whose assets primarily consist of investments in and/or loans to non-consolidated Affiliates so long as the aggregate assets of all consolidated Subsidiaries of the Parent excluded from the immediately preceding sentence pursuant this sentence does not exceed 20% of the aggregate assets of the Parent and its consolidated Subsidiaries (determined without giving effect to any exclusions pursuant to this sentence) (such consolidated Subsidiaries of the Parent excluded pursuant to this sentence at any time of determination being the “Excluded Consolidated Subsidiaries”).

Financial Statement Variance. “Excluded Indebtedness” has the meaning given to such term in Section 8.01(e). “Excluded Accounts” means (x) deposit or securities accounts maintained solely as tax accounts, payroll accounts, escrow accounts, trust accounts, operational disbursements accounts, xxxxx cash accounts or flexible spending and other benefits and healthcare accounts (including healthcare claims funding accounts), and (y) other deposit or securities accounts so MSGN – A&R Credit Agreement (2019)

Financial Statement Variance means, for any financial reporting period, a difference of (a) greater than 5.0% between the cumulative revenues of the Parent and its consolidated Subsidiaries for the most recently completed Measurement Period and the cumulative revenues of the Company and its Restricted Subsidiaries for the most recently completed Measurement Period; (b) greater than 5.0% between the total assets of the Parent and its consolidated Subsidiaries for the last reporting period and the total assets of the Company and MSGN – A&R Credit Agreement (2019)

Examples of Financial Statement Variance in a sentence

• On or prior to the last day of the Financial Review Period, the Buyer may deliver to the Holder Representative a written statement setting forth a description of the Material Financial Statement Variance in reasonable detail, and indicating the Buyer’s determination of the Material Financial Statement Variance Damages (the “Statement of Damages”).

• During the Financials Review Period, the Buyer and its accountants shall have full access to the books and records of the Company for the purpose of reviewing the Reviewed Financials and to determine if a Material Financial Statement Variance has occurred and if so, what the Material Financial Statement Variance Damages are, provided, that such access shall be in a manner that does not interfere with the normal business operations of the Company.

• THAT Council receive the verbal Financial Statement Variance report.

• Presented the following documents to the Budget and Finance committee members: March 2018 Financial StatementsMarch 2018 Financial Statement Variance AnalysisMarch 31, 2018 Accounts Receivable Aged Invoice Report B.

• December 2016 Financial Statement Variance Analysis Reviewed Revenues: GA Landing Fee Terminal Space RentTaxi Operator Permits and Trip fess TNC Permits and Trip FeesRental Car Concessions Parking Concessions Facility / Space RentsSelf-Storage ConcessionTenant Employee Parking, Decals & Badges* * In December the airport invoiced Envoy and UGE agent and passenger service providers for FY 2017 parking permits.

• FINANCIAL UPDATEAcceptance of Financial Statement, Variance Report, Executive Summary and Investment Strategy forthe period ending January, February and March 2017.7:05 V.

• Presented the following documents to the Budget and Finance committee members: Macias Gini and O'Connell’s Fiscal Year 2018 Audit PlanJune 2018 Financial StatementsJune 2018 Financial Statement Variance AnalysisJune 30, 2018 Accounts Receivable Aged Invoice Report Investment Policy Revised 2018-07-31Finance and Accounting Policy 2018-07-31 B.

• If the Material Financial Statement Variance Damages are finally determined as aforesaid prior to the Closing, the amount of the Material Financial Statement Variance Damages shall be deducted from the Purchase Price and retained by the Buyer as set forth in Section 9.9(a).

• District resident Doug McKenzie was present via ZOOM meeting.The following documents were presented to the Budget and Finance Committee members: June 2020 Financial StatementsJune 2020 Financial Statement Variance AnalysisJune 30, 2020 Accounts Receivable Aged Invoice ReportResolution No. 1782, Authorizing a Professional Services Agreement with PFM Financial Advisors LLC to Provide Financial Services Related to the Development of Airport Capital Improvement Projects B.

• Executive Director La Pier was absent.The following documents were presented to the Budget and Finance Committee members: December 2019 Financial StatementsDecember 2019 Financial Statement Variance AnalysisDecember 31, 2019 Accounts Receivable Aged Invoice Report B.