Variance Reports Clause Samples

Variance Reports. Variance Report, including the following:

Variance Reports. On Wednesday following each two-week period (with the first such delivery on March 1, 2023 with respect to the first Variance Test Period, with the second such delivery of March 15, 2023 with respect to the second Variance Test Period and thereafter the Wednesday following each applicable Variance Test Period), a report in substantially the form of Exhibit M (the “Variance Report”).

Variance Reports. By no later than 12:00 p.m. New York City time on the Thursday of each calendar week following the week in which the Petition Date occurs (each such Thursday, a “Variance Report Date”) commencing with June 25, 2020, a line-item by line-item variance report (each, a “Variance Report”) setting forth, in reasonable detail: (x) the actual receipts and operating disbursements (including any professional fees) for each line item in the Approved DIP Budget for the week ending on the most recent Friday (and, in the case of the first such report, the week in which the Petition Date occurs), (y) any differences between such actual amounts for each line item in the Approved DIP Budget for such period versus projected amounts set forth in the Approved DIP Budget for such period for each line item included in the Approved DIP Budget for such period and on a cumulative basis for the period from the beginning of the week in which the Petition Date occurs through the end of such period (such cumulative report to be prepared by aggregating the variances set forth in each Variance Report) and (z) the computations necessary to determine compliance with Section 6.09 together with a statement from a Financial Officer certifying the information contained in the report. The Variance Report shall also provide a reasonably detailed explanation for any variance in such Variance Report in excess of 5.0% in actual receipts or operating disbursements for each such line item during the Variance Testing Period as compared to projections for such line items during the Variance Testing Period as set forth in the Approved DIP Budget for such period.

Variance Reports. Any variance report furnished by the Borrower pursuant to subsection 4.2(A)(1)(b) shows either (i) a negative variance of cumulative actual aggregate disbursements from the Projected Aggregate Disbursements set forth in the Approved Budget since the beginning of the first projected Calendar Week ending August 29, 2008 of greater than $2,500,000 in the aggregate, or (ii) a negative variance of cumulative actual aggregate collections from the Projected Aggregate Collections set forth in the Approved Budget since the beginning of the first projected Calendar Week ending August 29, 2008 of greater than $2,500,000 in the aggregate, unless, with respect to clauses (i) and (ii) above, a negative variance of cumulative actual net cash flow before borrowings from the Projected Net Cash Flow Before Borrowings set forth in the Approved Budget since the beginning of the first projected Calendar Week ending August 29, 2008, 2008 is less than $2,500,000; or

Variance Reports. Such Loan Party will obtain from the Manager a Variance Report: (i) with respect to any specific Artist Catalogue, as of the date that is twelve (12) months following the date of acquisition of such Artist Catalogue and (ii) with respect to all Artist Catalogues that have been owned by a Loan Party for more than twelve (12) months, the date of each Appraisal delivered pursuant to Section 5.01(o) above. The Manager shall deliver a copy of each Variance Report prepared in accordance with this Section 5.01(r) to each Lender on |US-DOCS\161499384.7|| or prior to the earlier of the Reporting Date or the Borrowing Date next following the date of such report.

Variance Reports. Management shall prepare quarterly variance reports on the Association’s compliance with the Capital Augmentation Plan and Business Plan within thirty (30) days after the close of each quarter beginning with the quarter ending June 30, 2009. Such variance reports shall detail actual operating results versus projected results and shall include detailed explanations of any material deviations with a description of the specific corrective actions or measures that have been implemented or are proposed to address the material deviation. The Board shall review the variance reports on a quarterly basis, and shall discuss Association’s compliance with the Capital Augmentation Plan and Business Plan. The Board’s review of the variance reports and evaluation of the Association’s compliance with the material elements of the Capital Augmentation Plan and Business Plan shall be thoroughly documented in the Board meeting minutes.

Variance Reports. On each Budget Testing Date (prior to 11:59 p.m.), a variance report certified by the chief financial officer of the Company, in form reasonably acceptable to the Required Lenders in their sole discretion, setting forth (x) (i) the actual cash receipts, expenditures and disbursements for the immediately preceding calendar week period on a line-item basis and the aggregate liquidity as of the end of such calendar week period and (ii) the variance in dollar amounts of the actual expenditures and disbursements (including debt service, professional fees and capital expenditures) for each weekly period from those reflected for the corresponding period in the Budget and (y) an explanation demonstrating compliance with Section 8.8 for such week (if applicable). Each notice pursuant to clause (c) of this Section 7.1 shall describe with particularity any and all provisions of this Agreement and any other Credit Document that have been breached and shall be accompanied by a statement of an Authorized Officer of the Borrowers setting forth details of the occurrence referred to therein and stating what action the Borrowers and/or the other applicable Credit Party has taken and proposes to take with respect thereto. Existence . Each Credit Party will, and will cause each of its Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business, except to the extent permitted by Section 8.9 or not constituting an Asset Sale hereunder. Payment of Obligations . Each Credit Party will pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature arising after the Petition Date, except where (i) the amount or validity thereof is being contested in good faith or (ii) non-payment thereof is permitted under the Bankruptcy Code or order of the Bankruptcy Court.

Variance Reports. As soon as possible, but in any event within fifteen (15) days after the end of each Fiscal Month, deliver to the Agent a report prepared in a manner consistent with the Projections and otherwise in form and substance acceptable to the Agent, that compares the financial performance of the Borrowers set forth in the Projections against the actual financial performance for such corresponding periods, with such performance figures compared on both a monthly and year-to-date basis.

Variance Reports. TWCC shall, not later than fifteen (15) Business Days following the end of each Month and each Quarter, provide the detailed budget and variance information as set forth in Exhibit 15.