Gearing. The Guarantor must ensure that its Total Borrowings are always less than 65% of its Total Assets.
Gearing. The Company must ensure that the ratio of Consolidated Total Net Borrowings (as at each Testing Date) to Consolidated EBITDA (for the Measurement Period ending on that Testing Date) is not more than 3:1.
Gearing. The Company must ensure that Consolidated Total Borrowings do not at any time exceed 150 per cent. of Consolidated Total Equity at that time.
Gearing. The Company must ensure that the ratio of (1) Consolidated Total Net Borrowings to (2) Consolidated EBITDA on the last day of each Measurement Period is less than or equal to 3.0:1.
Gearing. Without the prior written approval of the Board, the debt to capital ratio (calculated by reference to current market values) of a Non- New Zealand Portfolio Entity shall not exceed 55%. If it is proposed that the ratio be higher than 55%, the Manager shall provide the Company with a study demonstrating that there is a net benefit to it in the higher gearing. This study shall have specific regard to the relevant asset, the greater financial risks that flow from increased gearing and the higher expected returns to equity.53
Gearing. Imperial shall ensure that the ratio of Consolidated Total Net Borrowings at the end of each Measurement Period ending on or after 1 March 2007 to Consolidated EBITDA for that Measurement Period does not exceed 4.00:1.
Gearing. The Borrower must ensure that Total Borrowings are always less than 65% of Total Assets at that time.
Gearing. Unless waived by the Facility Agent (acting on the instructions of the Majority Lenders) the Borrower must ensure that Total Borrowings are always less than sixty five per cent (65%) of Total Assets at that time.
Gearing. Subject to Clause 22.5 (Fall-Away) below, the Company must ensure that:
(a) if, on the Loan Adjustment Date, the Company and the members of the Merck Group together own less than 75% of the Shares, Consolidated Gross Debt does not exceed at any time during any period below W times Consolidated Equity, where W has the value indicated in the table below opposite the relevant period: Period (all dates inclusive) W 31.12.2006 — 30.12.2007 1.40 31.12.2007 – 30.12.2008 1.25 31.12.2008 – 30.12.2009 1.00 31.12.2009 – 30.12.2010 0.80 31.12.2010 – 30.12.2011 0.80 (b) if, on the Loan Adjustment Date, the Company and the members of the Merck Group together own 75% or more of the Shares, Consolidated Total Net Debt does not exceed at any time during any period below X times Consolidated Equity, where X has the value indicated in the table below opposite the relevant period: Period (all dates inclusive) X 31.12.2006 — 30.12.2007 1.45 31.12.2007 – 30.12.2008 1.40 31.12.2008 – 30.12.2009 1.20 31.12.2009 – 30.12.2010 1.00 31.12.2010 – 30.12.2011 1.00 Subject to Clause 22.5 (Fall-Away) below, the Company must ensure that:
(a) if, on the Loan Adjustment Date, the Company and the members of the Merck Group together own less than 75% of the Shares, Consolidated Gross Debt does not, at the end of each Measurement Period, exceed Y times Consolidated EBITDA for that Measurement Period, where Y has the value indicated in the table below opposite the month during which the end of that Measurement Period falls: December 2006/March 2007/June 2007/September 2007 3.10 December 2007/March 2008/June 2008/September 2008 2.75 December 2008/March 2009/June 2009/September 2009 2.25 December 2009 onwards 2.00 (b) if, on the Loan Adjustment Date, the Company and the members of the Merck Group together own 75% or more of the Shares, Consolidated Total Net Debt does not, at the end of each Measurement Period, exceed Z times Consolidated EBITDA for that Measurement Period, where Z has the value indicated in the table below opposite the period during which the end of that Measurement Period falls: December 2006/March 2007/June 2007/September 2007 3.75 December 2007/March 2008/June 2008/September 2008 3.50 December 2008 onwards 2.50
Gearing. The Company must ensure that on each Testing Date the aggregate of all Borrowed Moneys (for the time being undischarged) does not exceed 65 per cent. of Consolidated Capital at that time.
