Testing of Financial Covenants. The financial covenants set forth in this Section 10.1 shall apply at all times but, unless otherwise expressly required pursuant to this Agreement and the other Loan Documents, the Parent Guarantor and the Borrower shall in any event only be obligated to report its compliance therewith at the end of each fiscal quarter or fiscal year, as applicable, as provided in Section 9.3.
Testing of Financial Covenants. (a) Each of the financial covenants set out in Clauses 17.3 to 17.8 (inclusive) shall be tested by reference to each rolling twelve (12) month Measurement Period, provided always that the Interest and Principal Coverage Ratio referred to in Clause 17.7 shall be tested on the basis of the financial statements of the Borrower for the last fiscal quarter of the Borrower in the event of the occurrence of the circumstances set out in Clause 17.8.
Testing of Financial Covenants. Notwithstanding anything to the contrary contained herein, it is hereby understood and agreed that each of the Leverage Ratio and the Interest Coverage Ratio shall, in addition to the dates on which this Agreement otherwise sets forth for the calculation of such financial covenants, be tested on January 4, 2009; provided, that (i) for the purposes of calculating the Leverage Ratio and the Interest Coverage Ratio as of such date, Consolidated EBITDA shall be calculated based on the four fiscal quarters of the Borrower ending September 27, 2008, (ii) for the purpose of calculating the Leverage Ratio as of such date, total Indebtedness of the Borrower and its Subsidiaries shall be calculated as of January 4, 2009, (iii) for the purpose of calculating the Interest Coverage Ratio as of such date, Consolidated Interest Expense shall be calculated based on the four fiscal quarters of the Borrower ending September 27,2008, (iv) on or before January 5, 2009, a Financial Officer of the Borrower shall deliver a certificate setting forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with such financial covenants, and (v) for the avoidance of doubt, there shall be no Default or Event of Default with respect to any noncompliance with the Leverage Ratio and the Interest Coverage Ratio being tested pursuant to this Section 9.20 until on or after January 4, 2009.”
Testing of Financial Covenants. All of the financial covenants set forth in paragraphs 7.16 through 7.20 shall be fully satisfied by Guarantor and Borrower on a quarterly reporting basis.
Testing of Financial Covenants. All of the financial covenants set forth in Sections 7.16 though 7.20 shall be fully satisfied by Guarantor and Borrower on a quarterly reporting basis, and shall take into account the Cam Judgment Adjustment for any period to which it is applicable."
Testing of Financial Covenants. The financial covenants set out in this Clause 22 (Financial Covenants) shall not be tested until the end of the Measurement Period beginning on or after the Closing Date.
Testing of Financial Covenants. Each of the financial covenants in respect of the Guarantor as set out clauses 20.1(a) to 20.1(d) shall be tested by calculation of the Facility Agent as at each Testing Date by reference to the figures set out:
Testing of Financial Covenants. The financial covenants set forth in Section 10.1 and Section 10.2 of this Agreement shall be tested quarterly and shall be calculated in reasonable detail and presented in the quarterly compliance certificate that SI is required to provide to U.S. Bank pursuant to Section 9.9(g) of this Agreement. The financial covenant set forth in Section 10.3 of this Agreement shall be tested annually and shall be calculated in reasonable detail and presented in the quarterly compliance certificate with respect to the quarter ending as of the end of SI’s fiscal year that SI is required to provide U.S. Bank pursuant to Section 9.9(g) of this Agreement.
Testing of Financial Covenants. Lender agrees that it shall not test the compliance of Borrower with (a) the covenant set forth in Section 9.17 of the Loan Agreement with respect to Tangible Net Worth for the period from July 1, 2004 through and including September 29, 2004 and (b) the covenant set forth in Section 9.18 of the Loan Agreement with respect to EBITDA for the one-month period ended July 31, 2004 and the two-month period ending August 31, 2004; provided, that, the negotiations with Familymeds, Inc. (“Familymeds”) with respect to the proposed merger of Borrower with Familymeds continue in accordance with Agreement and Plan of Merger with Familymeds Group, Inc., dated March 19, 2004, between Familymeds and Borrower.
Testing of Financial Covenants. The Financial Covenants in paragraph 1 shall be tested as at the end of each Quarter (other than in respect of the Quarter ending 30 June 2004) by reference to the management accounts for the relevant Quarter and the Parent’s compliance certificate delivered in accordance with clauses 10.1(b)(ii) and (iii) Provided that if the audited consolidated financial statements of the Group and/or the Auditors’ compliance certificate for any financial year delivered in accordance with clauses 10.1(b)(i) and (iv) show different determinations for such Financial Definitions than that shown in the management accounts for the last Quarter in such financial year, such audited financial statements shall prevail in respect of such determinations. Back to Contents Schedule 9 Letter of Credit to be issued by the Fronting Bank To: [Beneficiary] Date: Dear Sirs Irrevocable Standby Letter of Credit No. [•] This Letter of Credit is issued by [ ], (the “Bank”) in your favour on the following terms:
