Breach of financial covenant. The Original Borrower does not comply with the provisions of the Financial Covenants, provided that where the LLCR, FLCR, ICR or DCR has been breached, the Original Borrower shall have 45 days within which to remedy any breach of the relevant financial covenant by means of a prepayment and/or a cancellation of the Facility where any prepayment is funded by the provision of Additional Debt subordinated on terms acceptable to the Majority Lenders (acting reasonably), or by the contribution of equity to the capital of a Borrower or by taking such other remedial action as may be approved by the Majority Lenders provided always that the Original Borrower shall be entitled to remedy any such breach not more than twice in total and not more than once in any 12 month period.
Breach of financial covenant. (a) Imperial is in breach of its obligations under Clause 21.3 (Interest cover).
(b) Imperial is in breach of its obligations under Clause 21.2 (Gearing), unless it would not otherwise be in breach of its obligations under that clause if for the purposes of calculating the ratio of Consolidated Total Net Borrowings to Consolidated EBITDA, Consolidated Total Net Borrowings had been calculated using the currency translation criteria applied to continuing businesses in the latest profit and loss account of the Group delivered under Clause 20.2 (Financial Information) in respect of the relevant Measurement Period which means applying the average of the foreign exchange rates specified as the daily rate of foreign exchange transactions between each relevant currency (other than Sterling) and Sterling on the Reuters screen WMR spot 16 for each business day of that Measurement Period of the Group, except that:
(i) if the Reuters screen WMR spot 16 is not available on any day, the next day on which the Reuters screen WMR spot 16 is available will be used in applying the average of the foreign exchange rates; and
(ii) if the Reuters screen WMR spot 16 is replaced or the service ceases to be available (for more than 10 consecutive days), the Facility Agent (after consultation with the Obligors’ Agent and the Lenders) may specify another page or service displaying the appropriate rate. Imperial shall supply to the Facility Agent details of the currency translation criteria applied for the purpose of this clause together with each Compliance Certificate under Clause 20.6 (Compliance Certificates).
Breach of financial covenant. The Company does not comply with the provisions of the Financial Covenants, provided that where the debt cover ratio in clause 19.1 (Debt cover ratio) or interest cover ratio in clause 19.2 (Interest cover ratio) has been breached, the Borrowers shall have 45 days within which to remedy any breach of the relevant financial covenant by means of a prepayment and/or a cancellation of the Facility where any prepayment is funded by the provision of Additional Debt subordinated on terms acceptable to the Majority Lenders (acting reasonably), or by the contribution of equity to the capital of a Borrower or by taking such other remedial action as may be approved by the Majority Lenders provided always that the Company shall be entitled to remedy any such breach not more than twice in total and not more than once in any 12 Month period.
Breach of financial covenant. Kosmos does not comply with the provisions of the Financial Covenants, provided that where the LLCR, FLCR, ICR or DCR has been breached, the Borrower shall have 45 days within which to remedy any breach of the relevant financial covenant by means of a prepayment and/or a cancellation of the Facility where any prepayment is funded by the provision of Additional Debt subordinated on terms acceptable to the Majority Lenders (acting reasonably), or by the contribution of equity to the capital of the Borrower or by taking such other remedial action as may be approved by the Majority Lenders provided always that the Borrower shall be entitled to remedy any such breach not more than twice in total and not more than once in any 12 month period.
Breach of financial covenant. Any requirement of Clause 27 (Financial Covenant) is not satisfied.
Breach of financial covenant. The Company does not comply with the provisions of the Financial Covenants, provided that where the debt cover ratio or interest cover ratio has been breached, the Borrower shall have 45 days within which to remedy any breach of the relevant financial covenant by means of a prepayment and/or a cancellation of the Facility where any prepayment is funded by the provision of Additional Debt subordinated on terms acceptable to the Majority Lenders (acting reasonably), or by the contribution of equity to the capital of the Borrower or by taking such other remedial action as may be approved by the Majority Lenders provided always that the Borrower shall be entitled to remedy any such breach not more than twice in total and not more than once in any 12 month period.
Breach of financial covenant. A default by Borrower in any of the covenants set forth in Section 10 of this Agreement.
Breach of financial covenant. A breach by Sponsor of any of the financial covenants contained in Section 5 of the Guaranty.
Breach of financial covenant. Kosmos does not comply with the provisions of clause 27 (Financial Covenants), provided that:
(A) Prior to Project Completion where the Funding Sufficiency Ratio is less than 1:00, the Borrower shall have 30 days from the date of such breach (the “FSR Breach Date”) to provide to the Facility Agents a sources and uses statement showing all Project Costs falling in that 30 day period and in such additional period following that 30 day period (not exceeding an additional 60 days) (the total period from the FSR Breach Date being hereafter referred to as the “Deficiency Funded Period”) together with the funding of those Project Costs, and interest falling due, scheduled hedging payments under any Hedging Agreement entered into in accordance with the Hedging Policy and commitment fees, in accordance with the Deficiency Funding Criteria during the Deficiency Funded Period. If such statement is provided within the relevant period of 30 days an Event of Default shall not arise. By no later than the 45th day after the FSR Breach Date, the Borrower shall provide the Lenders with a remedial plan in respect of ensuring that the Funding Sufficiency Ratio is equal to greater than 1:00. In the event that the Majority Lenders (acting reasonably), and in consultation with the Technical and Modelling Bank, Technical Consultant and the Borrower, have not approved the remedial plan by the end of the relevant Deficiency Funded Period there shall be an immediate Event of Default. If a remedial plan is approved by the Majority Lenders, the Borrower undertakes that it will procure compliance with such plan. In relation to any part of the funding set out in a remedial plan that is by way of equity investment by the Shareholders to the Borrower, the Lenders may not decline to approve that plan solely in respect thereof if the plan is accompanied by a confirmation from each Shareholder that it has, and will have, sufficient available liquidity to meet its proportionate share of such equity investment.
(B) After Project Completion where the DSCR, LLCR or FLCR has been breached, the Borrower shall have 45 days within which to remedy any breach of the relevant financial covenant by means of a prepayment and/or a cancellation of a Facility where any prepayment is funded by the provision of Additional Debt subordinated on terms acceptable to the Majority Lenders (acting reasonably), or by the contribution of equity to the capital of the Borrower or by taking such other remedial action as ...
