Capex. The Capex incurred in each fiscal year over the life of the Financing, specifically excluding (i) the amounts invested in other companies as foreseen in the Financial Model and defined therein as Investments in Related Parties, (in particular, including but not limited to, the sums for the acquisition of Matchmind Shares and Galian Shares), and (ii) Renting or Leasing Transactions with no Impact on Treasury (except for the instalments of the same paid within the relevant financial year), may not exceed FIFTEEN MILLION EUROS (€ 15,000,000), and the maximum aggregate amount for the entire period of time may not exceed FIFTY MILLION EUROS (€ 50,000,000). In any event, if in any given fiscal year the Borrower were to make investments below the annual established limit, it would be allowed to increase the Capex limit for the next fiscal year in an amount equivalent to the difference between the annual limit and the amount actually incurred, although the Borrower shall only be allowed to do this once during the life of the Financing. The amount of the DTN Deferred Payments and any additional payments for Adjustments to the DTN Purchase-Sale Price made by Telvent Export during the life of the Financing as stipulated in the DTN Purchase-Sale Agreement, as well as the sum for any additional payments for Matchmind/Galian Sales Agreement Adjustments which Telvent Outsourcing pays during the life of the Financing Agreement, in accordance with the stipulations contained in Matchmind/Galian Sales Agreements, respectively, shall count towards the Capex limit for the fiscal year in which such payments are made. Prior to making any such payments, the Borrower shall provide the Agent with a certificate signed by a duly authorised representative of the Borrower stating that there will be no breach of the Financial Ratios as a consequence of making such payments. The above notwithstanding, the Borrower shall be authorised to exceed the Capex limits established in this section provided that it will result in a breach of the Debt Ratio and the Debt Service Coverage Ratio in relation to the next to calculation periods of the Financial Ratios as a consequence of having exceeded the limits. To this end, if the Borrower decides to exceed the Capex limits, it shall be obliged to provide the Agent with a certificate, signed by a duly authorised representative of the Borrower, including a forecast of the Debt Ratio and Debt Service Coverage Ratio for the next two periods covered by the Financial Ratio calculation, certifying compliance once the total Capex figure has been recorded in the corresponding items (including the excess of the limit established herein).
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Capex. The Capex incurred in each fiscal year over the life of the Financing, specifically excluding (i) the amounts invested in other companies as foreseen in the Financial Model and defined therein as Investments in Related Parties, (in particular, including but not limited to, the sums for the acquisition of Matchmind Shares and Galian Shares), and (ii) Renting or Leasing Transactions with no Impact on Treasury (except for the instalments of the same paid within the relevant financial year), may not exceed FIFTEEN TWELVE MILLION EUROS (€ 15,000,000€12,000,000), and the maximum aggregate amount for the entire period of time may not exceed FIFTY MILLION EUROS (€ €50,000,000). In any event, if in any given fiscal year the Borrower were to make investments below the annual established limit, it would be allowed to increase the Capex limit for the next fiscal year in an amount equivalent to the difference between the annual limit and the amount actually incurred, although the Borrower shall only be allowed to do this once during the life of the Financing. The amount of the DTN Deferred Payments and any additional payments for Adjustments to the DTN Purchase-Sale Price made by Telvent Export during the life of the Financing as stipulated in the DTN Purchase-Sale Agreement, as well as the sum for any additional payments for Matchmind/Galian Sales Agreement Adjustments which Telvent Outsourcing pays during the life of the Financing Agreement, in accordance with the stipulations contained in Matchmind/Galian Sales Agreements, respectively, shall count towards the Capex limit for the fiscal year in which such payments are made. Prior to making any such payments, the Borrower shall provide the Agent with a certificate signed by a duly authorised representative of the Borrower stating that there will be no breach of the Financial Ratios as a consequence of making such payments. The above notwithstanding, the Borrower shall be authorised to exceed the Capex limits established in this section provided that it will result in a breach of the Debt Ratio and the Debt Service Coverage Ratio in relation to the next to calculation periods of the Financial Ratios as a consequence of having exceeded the limits. To this end, if the Borrower decides to exceed the Capex limits, it shall be obliged to provide the Agent with a certificate, signed by a duly authorised representative of the Borrower, including a forecast of the Debt Ratio and Debt Service Coverage Ratio for the next two to periods covered by the Financial Ratio calculation, certifying compliance once the total Capex figure has been recorded in the corresponding items (including the excess of the limit established herein).
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