Breach of Financial Covenants. A breach of any Financial Covenant shall have occurred; or
Breach of Financial Covenants. Borrower shall fail to satisfy any covenant set forth in Article IX and such failure shall continue for forty (40) days after Borrower's knowledge thereof.
Breach of Financial Covenants. If there is a breach in the performance or observance of any of the covenants or agreements in Section 14.2 or Section 14.3(h).
Breach of Financial Covenants. Borrower shall (i) fail to satisfy any financial covenant set forth in Article 8 other than the financial covenants set forth in Sections 8.3, 8.4 and 8.6, and such failure shall continue for thirty (30) days, or (ii) fail to satisfy any of the financial covenants set forth in Section 8.3, 8.4 or 8.6 (as to which there shall be no cure period).
Breach of Financial Covenants. The Issuer fails to fulfil any requirement of paragraph (d) (Financial covenants) of Clause 13.5 (Preservation of equity and financial covenants) provided that a breach of the minimum Interest Coverage Ratio set out therein shall not constitute an Event of Default under this Bond Agreement if:
(i) in respect of any single Quarter Date, the Issuer at the subsequent Reporting Date, provides documentation to the Bond Trustee evidencing that (at the Quarter Date to which such subsequent Reporting Date relates), the Liquidity of the Issuer (on a consolidated basis) is no less than the higher of (a) USD 40,000,000, and (b) 3% of its Net Interest-Bearing Debt; or
(ii) in respect of any two or more consecutive Quarter Dates, the Issuer at the Reporting Date of the second of those two Quarter Dates, provides documentation to the Bond Trustee evidencing that, the Liquidity of the Issuer (on a consolidated basis) is no less than the higher of (a) USD 50,000,000, and
Breach of Financial Covenants. A breach of any Financial Covenant, it being acknowledged that the shareholders of Holdco will have the right (exercisable on not more than four occasions and no cures in respect of consecutive Relevant Periods) to cure breaches of a Financial Covenant for a Relevant Period by the contribution of additional equity/subordinated loans to the Borrower (through Holdco and the Parent) in an amount not exceeding the amount sufficient to cure the breach (each, a “Cure Amount”) within 20 Business Days after the date of delivery of the financial statements relating to the period ending on the last day of such Relevant Period (or, if earlier, such date by which such financial statements are required to be delivered under the Facility Agreement). For the purposes of determining compliance with the Financial Covenants only (but not for any other purpose including determining any compliance/pro forma compliance with Financial Covenants for the purposes of Permitted Distributions and Permitted Acquisitions), any such Cure Amount shall be deemed for the Relevant Period to which such breach relates, to be (for the purposes of Adjusted Leverage) deducted from the amount of Total Net Debt and (for the purposes of Liabilities to Assets Ratio) deducted from the amount of Total Liabilities.
Breach of Financial Covenants. (i) Borrower shall fail to satisfy any financial covenant set forth in Article IX (other than the requirements in Section 9.2, 9.4, 9.5, 9.6 and 9.8) and such failure shall continue for sixty (60) days; or (ii) Borrower shall fail to satisfy any financial covenant set forth in Section 9.4, 9.5 or 9.6 as of the last day of any Fiscal Quarter and as of the last day of each of the next two calendar months (determined, in each of the latter cases, on the basis of the three-month period ended as of such date); or (iii) Borrower shall fail to satisfy the financial covenant set forth in Section 9.2 at any time.
Breach of Financial Covenants. Either:
(a) the Interest Coverage Ratio; and/or
(b) the Leverage Ratio; in each case, as at the relevant Calculation Date as stated in the Compliance Certificate provided to the Security Trustee breaches the relevant Default Ratio and provided that an Event of Default under paragraph (a) or (b) may be cured by exercise of any Equity Cure Right.
Breach of Financial Covenants. An Obligor does not comply with any provision of Clause 22.2 (Financial Covenants).
Breach of Financial Covenants. (a) Any of the financial covenants contained in Clause 17.1 (Financial Covenants) are breached when tested.
(b) In the event that there is a breach of paragrapha (a) or (b) of Clause 17.1 (Financial Covenants) in respect of any Relevant Period, the Lessee shall have the right (an "Equity Cure Right") to cure such breach in accordance with this Clause.
(c) If the Lessee wishes to exercise an Equity Cure Right in respect of a Relevant Period (the "Cure Relevant Period") in relation to an breach of paragraph (b) of Clause 17.1 (Financial Covenants) it shall procure that after the end of the Cure Relevant Period but on or before the date falling 14 days after the date by which the Lessee is obliged to deliver a Compliance Certificate in respect of the Cure Relevant Period to the Lessor pursuant to the terms of this Agreement, the Lessee receives an amount (the "Cure Amount") of cash proceeds of a new shareholder injection and the Cure Amount shall be deemed to be added to the Cash for the Cure Relevant Period and the three immediately succeeding Relevant Periods.
(d) If the Lessee exercises its Equity Cure Right, the undertakings set out in paragraph (b) of Clause 17.1 (Financial Covenants) shall be recalculated accordingly in respect of the Cure Relevant Period and if on such basis such undertaking is satisfied, any breach of the same in respect of the Cure Relevant Period shall be deemed to have been remedied.
(e) The Lessee may not exercise an Equity Cure Right on more than twice a year.
