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This excerpt taken from the BZH 8-K filed Aug 24, 2005. Variance analysis. (a)
Within fifty (50) days of the end of each of the first three fiscal quarters of
each fiscal year of the Borrower, a quarterly variance analysis comparing
actual quarterly results versus the most recently projected quarterly results
for the fiscal quarter most recently ended (including consolidated income
statements of the Borrower and its Subsidiaries, an analysis of revenues,
closings and operating profits of the Borrower and each Subsidiary on a state
by state basis, and such other items as are requested by any of the Lenders),
together with a written explanation of material variances.
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(b) Within ninety-five (95) days after the end of each fiscal year of the Borrower, a quarterly variance analysis comparing actual quarterly results versus the most recently projected quarterly results for the fiscal year most recently ended (including consolidated income statements of the Borrower and its Subsidiaries accompanied by an opinion thereon acceptable to the Agent by Deloitte & Touche or other independent accountants selected by the Borrower and acceptable to the Agent, an analysis of revenues, closings and operating profits of the Borrower and each Subsidiary on a state by state basis, and such other items as are requested by any of the Lenders), together with a written explanation of material variances.
(5) |
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