Common use of Breach of financial covenant Clause in Contracts

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. (a) Imperial is in breach of its obligations under Clause 21.3 25.3 (Interest cover). (b) Imperial is in breach of its obligations under Clause 21.2 25.2 (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 23.2 (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 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 daysBusiness 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 Clause 26.3 together with each Compliance Certificate under Clause 20.6 23.6 (Compliance Certificates).

Breach of financial covenant. (a) Imperial The Borrower is in breach of its obligations under Clause 21.3 22.3 (Interest cover). (b) Imperial The Borrower is in breach of its obligations under Clause 21.2 22.2 (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 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 daysBusiness Days), the Facility Agent (after consultation with the Obligors’ Agent and the Lenders) may specify another page or service displaying the appropriate rate. Imperial The Borrower shall supply to the Facility Agent details of the currency translation criteria applied for the purpose of this clause Clause 23.3 together with each Compliance Certificate under Clause 20.6 (Compliance Certificates).