Common use of Testing of Financial Covenants Clause in Contracts

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. (a) Each of the financial covenants set out in Clauses 17.3 to 17.8 17.7 (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 17.816.25(d) (Termination of Time Charter). (b) The Borrower shall provide a Compliance Certificate each quarter in respect of the financial covenants.

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 Guarantor for the last fiscal quarter of the Borrower Guarantor in the event of the occurrence of the circumstances set out in Clause 17.8. (b) The Borrower Guarantor shall provide a Compliance Certificate each quarter in respect of the financial covenants.

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.