Financial testing Clause Samples

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. 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 covenants) shall be calculated in accordance with GAAP in force as at the date of this Agreement and tested as of 30 June and 31 December of each financial year of the Guarantor and by reference to each of the financial statements delivered in respect of the Guarantor pursuant to clause 18.1 (Financial statements) and/or each Compliance Certificate delivered pursuant to clause 18.2 (Compliance Certificate).

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 Relevant Pro-Forma 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 Relevant Pro-Forma 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 clause 22.1 (Financial covenants) shall be calculated in accordance with IFRS and tested by reference to each of the financial statements delivered pursuant to clause 21.1 (Financial statements) and/or such other information required in relation to certain of the components of the financial covenants where required and/or each Compliance Certificate delivered pursuant to clause 21.2 (Compliance Certificate).

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.