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.
(b) The Borrower shall provide a Compliance Certificate each quarter in respect of the financial covenants.
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. 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. 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. The financial covenants set out in this Clause 25 (Financial Covenants) shall not be tested until the end of the Measurement Period beginning on or after the Closing Date.
Testing of Financial Covenants. (a) Agent and Lenders agree that they shall not test the compliance of Huffy and its Subsidiaries with the covenant set forth in Section 9.23 of the Loan Agreement with respect to EBITDA for the immediately preceding four (4) consecutive quarters ended December 31, 2003.
(b) Agent and Lenders agree that they shall not test the compliance of Huffy and its Subsidiaries with the covenant set forth in Section 9.24 of the Loan Agreement with respect to the Fixed Charge Coverage Ratio for the ten (10) month period ended December 31, 2003.
Testing of Financial Covenants. (a) Each of the financial covenants in respect of the Guarantor as set out clauses 20.1(a)(a) to (d) shall be tested by calculation of the Facility Agent as at each Testing Date by reference to the figures set out:
(i) in respect of the Fiscal Quarter in each Fiscal Year ending 31 December, in the audited annual consolidated financial statements of the Guarantor and/or the Borrower (as the case may be) as delivered by the Borrower to the Facility Agent in accordance with clause 18.1 (Financial statements and Project reports); and
(ii) in respect of each other Fiscal Quarter in each Fiscal Year, in the unaudited consolidated financial statements of the Guarantor and/or the Borrower (as the case may be) for that Fiscal Quarter, as delivered by the Borrower to the Facility Agent in accordance with clause 18.1 (Financial statements and Project reports).
(b) The financial covenant in respect of the Borrower as set out in clause 20.1(e) (Maximum Production Cost) shall be tested by calculation of the Facility Agent once per month on the date of receipt by the Facility Agent of the Production Report of the Borrower for that month, (to be delivered by the Borrower to the Facility Agent in accordance with clause 18.1(b)(ii) (Financial statements and Project reports)), by reference to the figures as set out in each such Production Report.
Testing of Financial Covenants. (a) The financial covenants set out in Clause 20.2 (Financial condition) shall be tested by reference to each of the latest sets of financial statements delivered pursuant to Clause 19.1 (Financial statements) which is accompanied by a Compliance Certificate delivered pursuant to Clause 19.2 (Compliance Certificate).
(b) The financial covenants set out in Clause 20.2 (Financial condition) shall be calculated by the Principal Company and set out in a Compliance Certificate.
Testing of Financial Covenants. (i) The covenant contained in Clause 17.1 will be tested at the end of each Financial Year by reference to the annual statements delivered pursuant to Clause 16.1 (Annual Statements);
(ii) The covenant contained in Clause 17.2 will be tested as of the dates specified by reference to quarterly statements delivered pursuant to Clause 16.2 (Quarterly Statements) and by reference to the annual statements delivered pursuant to Clause 16.1 (Annual Statements).
