Gearing. Imperial shall ensure that the ratio of Consolidated Total Net Borrowings at the end of each Measurement Period ending on or after 1 March 2007 to Consolidated EBITDA for that Measurement Period does not exceed 4.00:1.
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Sources: Finance Agreement, Credit Facilities Agreement (Imperial Tobacco Group PLC)
Gearing. Imperial shall ensure that the ratio of Consolidated Total Net Borrowings to Consolidated EBITDA:
(a) at the end of each Measurement Period ending on or after 1 March 2007 to Consolidated EBITDA but before 1 November 2009 does not, for that Measurement Period, exceed 4.50:1; and
(b) at the end of each Measurement Period ending on or after 1 November 2009 does not not, for that Measurement Period, exceed 4.00:1.
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