DEFAULT RATIOS Clause Samples

DEFAULT RATIOS as evidenced by any Project Forecast prepared pursuant to clause 19 of the Intercreditor Agreement: (i) the EIB Loan Life Cover Ratio on the date as at which such Project Forecast was prepared is less than 1.10:1; or (ii) the average of the EIB Forecast Annual Debt Service Cover Ratios in respect of the two 12 months periods within each consecutive period of 24 months, of which the first commences on the date as at which the relevant Project Forecast has been prepared and the last ends on the CBFA Final Maturity Date (and for the purposes of this clause each subsequent period of 24 months shall commence on the day after the last day of the proceeding period of 24 months), is less than 1.05: 1.