Financial testing. The financial covenants set out in Clause 20.2 (Financial condition) shall be tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to Clause 19.2 (Compliance Certificate).
Financial testing. The financial covenants set out in this Clause 24 shall be calculated in accordance with Accounting Principles and tested by reference to the latest financial statements (whether audited or unaudited) and each Compliance Certificate, and presented to the Agent in form and substance satisfactory.
Financial testing. Subject to paragraph (b) below, the financial covenant set out in Clause 24.2 (Financial condition) shall be calculated in accordance with the Accounting Principles as used in the preparation of the Financial Model and tested by reference to each of the financial statements delivered pursuant to paragraph (a)(ii) of Clause 23.1 (Financial statements) and/or each Compliance Certificate delivered pursuant to Clause 23.2 (Provision and contents of Compliance Certificate).
Financial testing. The financial covenants set out in Clause 22.2 (Financial conditions) shall be tested by reference to the financial statements and Compliance Certificates delivered pursuant to Clause 21.2 (Compliance Certificate) in respect of the Relevant Period, except that, in respect of Project SH4, all the financial covenants set out herein will only be tested after 12 Months falling the Project SH4 Completion.
Financial testing. The Financial Covenants shall be tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to Clause 17.2 (Compliance Certificate).
Financial testing. The financial covenants set out in clause 20.2 (Financial condition) shall be calculated in accordance with GAAP on a consolidated basis and tested by reference to each of the Financial Statements of the Group delivered pursuant to, and defined as such in, clause 19.1 (Financial statements) and/or each Compliance Certificate delivered pursuant to clause 19.2 (Provision and contents of Compliance Certificate and valuations).
Financial testing. Subject to Clause 26.4 (Champions League Non Qualification Event) below, the financial covenant set out in Clause 26.2 (Financial condition) shall be calculated in accordance with the Accounting Principles and tested by reference to each of the financial statements delivered pursuant to paragraphs (a) and (b) of Clause 25.1 (Financial statements) and/or each Compliance Certificate delivered pursuant to Clause 25.2 (Provision and contents of Compliance Certificate).
Financial testing. The financial covenants set out in Clause 21.2 (Financial condition) shall be tested by reference to (a) at any time other than during the Pro-Forma Relevant Period, each of the Consolidated Financial Statements or the Consolidated Quarterly Financial Statements (as the case may be) and/or each Compliance Certificate delivered pursuant to Clause 20.2 (Compliance Certificate), or (b) during the Pro-Forma Relevant Period, each of the Consolidated Pro-Forma Consolidated Financial Statements or the Consolidated Quarterly Financial Statements (as the case may be) and/or each Compliance Certificate delivered pursuant to Clause 20.2 (Compliance Certificate).
Financial testing. The financial covenants set out in this Clause 24 (Financial Covenants) shall be calculated in accordance with IFRS consistently applied and tested quarterly, by reference to each of the financial statements delivered pursuant to paragraphs (a) and (b) of Clause 23.1 (Financial Statements) and/or each Compliance Certificate delivered pursuant to Clause 23.3 (Provision and contents of Compliance Certificate) and/or, in respect of the Liquidity of each Borrower, by reference to the balance credited on the applicable Operating Accounts.
Financial testing. The financial covenants set out in Clause 24.3 (Financial condition) (the “Maintenance Covenant”) shall be calculated in accordance with IFRS and tested by reference to each of the reports delivered pursuant to Section 4.03(a)(2) and Section 4.03(a)(3) of Schedule 14 (Covenants) and/or each Compliance Certificate delivered pursuant to Section 4.04 of Schedule 14 (Covenants), provided that the Maintenance Covenant shall not be tested and no Compliance Certificate will be required to be delivered, if the Financial Ratio Test Condition is not met on the last day of the applicable Ratio Period.
