Common use of Certain Financial Calculations Clause in Contracts

Certain Financial Calculations. (a) For purposes of Section 7.1(a) only, prior to the Initial Phase II Calculation Date, Consolidated Total Debt, as used in the calculation of the Consolidated Leverage Ratio pursuant thereto, shall equal the Consolidated Total Debt as of the applicable Quarterly Date less the aggregate amount of all Project Costs for the Phase II Project expended on or prior to such Quarterly Date other than any such Project Costs paid with the proceeds of any capital contributions from Wxxx Resorts or its Affiliates. Any proceeds of the 2014 Notes applied on the Closing Date in order to consummate the Refinancing Transaction and any proceeds of the Senior Unsecured Debt, the Additional 2014 Notes, the Senior Secured Notes, the 2020 Notes and the Additional 2020 Notes applied on the date of issuance thereof to transaction costs related thereto shall not be deemed to be Project Costs with respect to the Phase II Project. (b) For purposes of calculating the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio for all purposes including ECF Percentage, financial covenant calculations pursuant to Sections 7.1(b) and 7.1(c), permitted Dispositions in accordance with Section 7.5(k), payment of Management Fees in accordance with Section 7.22 and the Pricing Grid, for any four full fiscal quarter period ending on each of the Initial Phase II Calculation Date and each of the first two Quarterly Dates thereafter, the Consolidated EBITDA of the Borrower, as used in such calculations of the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio, shall be calculated on an annualized basis, taking into consideration only Consolidated EBITDA attributable to periods beginning on the first day of the fiscal quarter beginning immediately after the Phase II Opening Date and not taking into consideration any Consolidated EBITDA attributable to periods prior to the fiscal quarter of the Borrower beginning immediately after the Phase II Opening Date.

Certain Financial Calculations. (a) For purposes of Section 7.1(a) only, prior to the Initial Phase II Calculation Date, Consolidated Total Debt, as used in the calculation of the Consolidated Leverage Ratio pursuant thereto, shall equal the Consolidated Total Debt as of the applicable Quarterly Date less the aggregate amount of all Project Costs for the Phase II Project expended on or prior to such Quarterly Date other than any such Project Costs paid with the proceeds of any capital contributions from Wxxx Xxxx Resorts or its Affiliates. Any proceeds of the 2014 Notes applied on the Closing Date in order to consummate the Refinancing Transaction and any proceeds of the Senior Unsecured Debt, the Additional 2014 Notes, the Senior Secured Notes, the 2020 Notes and the Additional 2020 Notes applied on the date of issuance thereof to transaction costs related thereto shall not be deemed to be Project Costs with respect to the Phase II Project. (b) For purposes of calculating the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio for all purposes including ECF Percentage, financial covenant calculations pursuant to Sections 7.1(b) and 7.1(c), permitted Dispositions in accordance with Section 7.5(k), payment of Management Fees in accordance with Section 7.22 and the Pricing Grid, Grid for any four full fiscal quarter period ending on each of the Initial Phase II Calculation Date and each of the first two Quarterly Dates thereafter, the Consolidated EBITDA of the Borrower, as used in such calculations of the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio, shall be calculated on an annualized basis, taking into consideration only Consolidated EBITDA attributable to periods beginning on the first day of the fiscal quarter beginning immediately after ending on the Initial Phase II Opening Calculation Date and not taking into consideration any Consolidated EBITDA attributable to periods prior to the fiscal quarter of the Borrower beginning immediately after ending on the Initial Phase II Opening Calculation Date.

Certain Financial Calculations. (a) For purposes of Section 7.1(a) only, prior to the Initial Phase II Calculation Date, Consolidated Total Debt, as used in the calculation of the Consolidated Leverage Ratio pursuant thereto, shall equal the Consolidated Total Debt as of the applicable Quarterly Date less the aggregate amount of all Project Costs for the Phase II Project expended on or prior to such Quarterly Date other than any such Project Costs paid with the proceeds of any capital contributions from Wxxx Wynn Resorts or its Affiliates. Any proceeds of the 2014 Notes applied on the Closing Date in order to consummate the Refinancing Transaction and any proceeds of the Senior Unsecured Debt, the Additional 2014 Notes, the Senior Secured Notes, the 2020 Notes and Notes, the Additional 2020 Notes or the Additional First Lien Mortgage Notes applied on the date of issuance thereof to transaction costs related thereto shall not be deemed to be Project Costs with respect to the Phase II Project. (b) For purposes of calculating the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio for all purposes including ECF Percentage, financial covenant calculations pursuant to Sections 7.1(b) and 7.1(c), permitted Dispositions in accordance with Section 7.5(k), payment of Management Fees in accordance with Section 7.22 and the Pricing Grid, for any four full fiscal quarter period ending on each of the Initial Phase II Calculation Date and each of the first two Quarterly Dates thereafter, the Consolidated EBITDA of the Borrower, as used in such calculations of the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio, shall be calculated on an annualized basis, taking into consideration only Consolidated EBITDA attributable to periods beginning on the first day of the fiscal quarter beginning immediately after the Phase II Opening Date and not taking into consideration any Consolidated EBITDA attributable to periods prior to the fiscal quarter of the Borrower beginning immediately after the Phase II Opening Date.

Certain Financial Calculations. (a) For purposes of Section 7.1(a) only, prior to the Initial Phase II Calculation Date, Consolidated Total Debt, as used in the calculation of the Consolidated Leverage Ratio pursuant thereto, shall equal the Consolidated Total Debt as of the applicable Quarterly Date less the aggregate amount of all Project Costs for the Phase II Project expended on or prior to such Quarterly Date other than any such Project Costs paid with the proceeds of any capital contributions from Wxxx Wynn Resorts or its Affiliates. Any proceeds of the 2014 Notes applied on the Closing Date in order to consummate the Refinancing Transaction and any proceeds of the Senior Unsecured Debt, Debt and the Additional 2014 Notes, the Senior Secured Notes, the 2020 Notes and the Additional 2020 Notes applied on the date of issuance thereof to transaction costs related thereto shall not be deemed to be Project Costs with respect to the Phase II Project. (b) For purposes of calculating the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio for all purposes including ECF Percentage, financial covenant calculations pursuant to Sections 7.1(b) and 7.1(c), permitted Dispositions in accordance with Section 7.5(k), payment of Management Fees in accordance with Section 7.22 and the Pricing Grid, for any four full fiscal quarter period ending on each of the Initial Phase II Calculation Date and each of the first two Quarterly Dates thereafter, the Consolidated EBITDA of the Borrower, as used in such calculations of the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio, shall be calculated on an annualized basis, taking into consideration only Consolidated EBITDA attributable to periods beginning on the first day of the fiscal quarter beginning immediately after the Phase II Opening Date and not taking into consideration any Consolidated EBITDA attributable to periods prior to the fiscal quarter of the Borrower beginning immediately after the Phase II Opening Date.