Budget Variance. With respect to any Variance Test Period, the Credit Parties shall not permit (in each case tested on the date on which the Borrower delivers a Variance Report pursuant to Section 6.01(j)) the positive variance (as compared to the Approved Budget) of aggregate operating disbursements (excluding Other Disbursements) made by the Borrower and its Subsidiaries for such Variance Test Period to exceed 15.0%. The permitted variances set forth in this Section 6.20 shall be referred to herein as the “Permitted Variances”.
Appears in 2 contracts
Sources: Term Loan Credit Agreement (Virgin Orbit Holdings, Inc.), Term Loan Credit Agreement (Virgin Orbit Holdings, Inc.)