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Field Code Changed. ◼ If the principal amount of a Local Authority's borrowings, or the Company's commitment under a facility agreement with a Local Authority, is at any time greater than NZD 20 million, be a party to a deed of guarantee and an equity commitment deed (in each case in a form set by the Company). Financial covenant Lending policy covenants Foundation policy covenants Net Debt / Total Revenue <175% <280% Net Interest / Total Revenue <20% <20% Net Interest / Annual Rates Income <25% <30% Liquidity >110% >110% Alternative Net Debt / Total Revenue Covenant Financial Year ending Net Debt / Total Revenue 30 June 2020 <250% 30 June 2021 <300% 30 June 2022 <300% 30 June 2023 <295% 30 June 2024 <290% 30 June 2025 <285% Total Revenue is defined as cash earnings from rates, grants and subsidies, user charges, interest, dividends, financial and other revenue and excludes non government capital contributions (e.g. developer contributions and vested assets). Net debt is defined as total debt less liquid financial assets and investments. Liquidity is defined as external debt plus committed loan facilities plus liquid investments divided by external debt. Net Interest is defined as the amount equal to all interest and financing costs less interest income for the relevant period. Annual Rates Income is defined as the amount equal to the total revenue from any funding mechanism authorised by the Local Government (Rating) Act 2002 together with any revenue received from other local authorities for services provided (and for which the other local authorities rate). Financial covenants are measured on Council only basis and not consolidated group basis, unless requested by a Local Authority and approved by the Board. Auckland Council will be limited to a maximum of 40% of the Company's total Local Authority (including CCO) assets. Subject to implementation of any amendments or other actions considered necessary, advisable or expedient by the Board and the approval of the Board in relation to the relevant CCO (as defined below) (which may be a council-controlled trading organisation, as defined in the Local Government Act), an approved CCO may borrow from the Company provided that: ▪ The CCO is a "council-controlled organisation" as defined in section 6 of the Local Government Act, where the CCO is a company in which equity securities carrying at least 51% or more of the voting rights at a meeting of the shareholders of the CCO are held or controlled, directly or indirectly, by one ...
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Field Code Changed. It is accessed via the following link (it can also be copied and pasted into a web browser): xxxxx://xxxxxx0.xxxxxxxx.xxxx.xxx.
Field Code Changed. Within thirty (30) days of execution of this Agreement, Provider shall submit Exhibit G to DHS’ Office of Contract Administration, 000 Xxxxx Xxxxxxx Xxxxxx, Xxxxxxxxxxx, Xxxxxxxx, 00000, or via email at XXX.XXXXXX@xxxxxxxx.xxx. Providers with multiple Agreements with DHS for the same fiscal year need to submit Exhibit G only once.
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Field Code Changed. Unless due to the negligence of Lessor or Xxxxxx's failure to abide by the terms of this Lease, Xxxxxx hereby indemnifies and agrees to hold Lessor harmless from and against all claims, which either arise from or in connection with, the possession, use, occupation, management, repair, maintenance, or control of the Premises or any portion thereof or which, claim results from any default, breach, violation, or non-performance of this Lease or any provision of this Lease by Xxxxxx. Xxxxxx will defend any claims against Lessor with respect to the foregoing or in which it may be impleaded. Lessee will pay, satisfy, and discharge any judgments, orders and decrees which are recovered against Lessor in connection with the foregoing, including attorney's fees. Xxxxxx hereby indemnifies and agrees to hold Xxxxxx harmless and will defend any claims against Xxxxxx in any action where Xxxxxx was negligent or failed to abide by the terms of this Lease.
Field Code Changed. (e) An Employer and a full-time Employee may agree in writing to a different ADO arrangement to that in subclause 48.2(c).
Field Code Changed. (e) The End User may refer as a dispute the calculation of the Relinquishment Fee or the assumptions used by Aurizon Network to calculate the Relinquishment Fee for resolution under clause 35.3. The decision of the expert will be binding on Aurizon Network and the End User.
Field Code Changed. Deleted: may refuse to accept that payment (and, if so, the Transfer Fee is deemed not to have been paid by the End User); and
