Common use of Financial Covenant Adjustments Clause in Contracts

Financial Covenant Adjustments. With respect to any fiscal quarter in which the race schedule mandated by NASCAR results in fewer scheduled races during such fiscal quarter than were held in the same fiscal quarter for the prior year (the “Prior Period”), the Borrowers will be permitted to include in the calculation of Consolidated EBITDA for such fiscal quarter the actual Consolidated EBITDA from the Prior Period attributable to any scheduled race not included in such fiscal quarter solely as a result of scheduling, provided the race will occur in a subsequent fiscal quarter. In the event of the foregoing, the Borrowers shall be required to provide to the Administrative Agent in writing not less than ten (10) days prior to the end of such fiscal quarter (i) information (including reasonable estimates) demonstrating that the Borrowers would reasonably be expected to be in compliance with all financial covenants set forth in this Section 7.11 as of the next fiscal quarter ended Date but for the NASCAR schedule and (ii) information (including reasonable estimates) demonstrating that the Borrowers are expected to be in compliance will all financial covenants set forth in this Section 7.11 as of the next fiscal quarter not impacted by the NASCAR schedule. For purposes of clarity, to the extent that the financial results attributed to any race are included in Consolidated EBITDA for any fiscal quarter in accordance with this Section 7.11(c), such financial results shall not also be included in Consolidated EBITDA for the Fiscal Quarter in which such race actually occurred.

Financial Covenant Adjustments. With respect to any fiscal quarter in which the race schedule mandated by NASCAR results in fewer scheduled races during such fiscal quarter than were held in the same fiscal quarter for the prior year (the “Prior Period”), the Borrowers will be permitted to include in the calculation of Consolidated EBITDA for such fiscal quarter the actual Consolidated EBITDA from the Prior Period attributable to any scheduled race not included in such fiscal quarter solely as a result of scheduling, provided the race will occur in a subsequent fiscal quarter. In the event of the foregoing, the Borrowers shall be required to provide to the Administrative Agent in writing not less than ten (10) days prior to the end of such fiscal quarter (i) information (including reasonable estimates) demonstrating that the Borrowers would reasonably be expected to be in compliance with all financial covenants set forth in this Section 7.11 as of the next fiscal quarter ended Date date but for the NASCAR schedule and (ii) information (including reasonable estimates) demonstrating that the Borrowers are expected to be in compliance will all financial covenants set forth in this Section 7.11 as of the next fiscal quarter not impacted by the NASCAR schedule. For purposes of clarity, to the extent that the financial results attributed to any race are included in Consolidated EBITDA for any fiscal quarter in accordance with this Section 7.11(c7.11(e), such financial results shall not also be included in Consolidated EBITDA for the Fiscal Quarter in which such race actually occurred.