Common use of Covenant Compliance Generally Clause in Contracts

Covenant Compliance Generally. (a) For purposes of determining compliance under Sections 9.1, 9.2, 9.3, 9.5 and 9.6, any amount in a currency other than Dollars will be converted to Dollars in a manner consistent with that used in the preparation of the most recent annual financial statements of the Borrower and its Restricted Subsidiaries delivered pursuant to Section 8.1(a). Notwithstanding the foregoing, for purposes of determining compliance with Sections 9.1, 9.2, 9.3, 9.5 and 9.6, with respect to any amount of Indebtedness, Investment, Asset Disposition or Restricted Payment in a currency other than Dollars, (i) no breach of any basket contained in such sections shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness, Investment, Asset Disposition or Restricted Payment is incurred and (ii) the Dollar equivalent of such amount shall be determined at the time such event occurs and shall not vary as a result of changes in rates of exchange occurring after the time such Indebtedness, Investment, Asset Disposition or Restricted Payment is made or incurred. (b) Notwithstanding anything to the contrary herein, for purposes of the covenants described in Article IX, if any Indebtedness, Lien, Investment or Restricted Payment (or any portion thereof) would be permitted pursuant to one or more provisions within the same covenant described therein, the Borrower (in its sole discretion) may, at any time, divide and classify (on one or more occasions) such Indebtedness, Liens, Investments or Restricted Payment (or portion thereof) in any manner within the same covenant that complies with the covenants set forth in Article IX, and may later re-divide and reclassify (on one or more occasions) any such Indebtedness, Lien, Investment, Asset Disposition or Restricted Payment (or any portion thereof) so long as the Indebtedness, Lien, Investment, Asset Disposition or Restricted Payment (or portion thereof) as so re-divided and/or reclassified would be permitted to be made within the same covenant in reliance on the applicable exception as of the date of such redivision or reclassification.