Common use of Basis of calculations Clause in Contracts

Basis of calculations. 19.2.1. All the terms defined in Clause 1.2 (Financial definitions) are to be determined (except as expressly included or excluded in the relevant definition) in accordance with IFRS. No item shall be deducted or credited more than once in any calculation. 19.2.2. The financial undertaking in Clause 19.1 above (unless expressly otherwise stated) shall apply as of the last day of each Measurement Period and compliance (or otherwise) shall be verified by reference to the financial statements of the Project Company for the relevant Measurement Period and Compliance Certificates delivered pursuant to Clause 18 (Information Undertakings). 19.2.3. Where a Measurement Period would otherwise commence before the Closing Date: 19.2.3.1. that Measurement Period shall, instead, commence on the Closing Date (the part of that period falling before the Closing Date being ignored); 19.2.3.2. EBITDA and Free Cashflow, for any Measurement Period ending less than 12 months after the Closing Date, shall be determined on an annualised basis by dividing each such amount by the number of days from the Closing Date to the Measurement Date at the end of that Measurement Period and multiplying by 365.