Examples of Relevant Borrowings in a sentence
Limitation on LiensThe Issuer will not, and will not permit any member of the BAE Systems Group (as defined below) to, create or permit to exist any Lien (as defined below) upon any of its or their present or future assets or revenues to secure any of its present or future Relevant Borrowings (as defined below) without making effective provision whereby all of the Securities shall be directly secured equally and ratably with such Relevant Borrowings.
This double assignment to goals and consideration levels is designed to ensure easy manageability.
On 25 and 26 November 2019, the Company successfully negotiated with the relevant banks in relation to the Relevant Borrowings and obtained written agreements to revise the financial covenant ratio requirement for the period ended 30 June 2019 and for the year ending 31 December 2019 and to waive their rights arising from the non-compliance under the original clauses (the “Waivers”).
In addition, based on the communications with the banks related to the bank borrowings with cross-default clauses and email confirmations obtained, the directors considered that the banks will not exercise their rights under the relevant cross-default clauses given the Group has successfully obtained waivers and revision of the restrictive undertaking of the Relevant Borrowings as mentioned above.
In respect to the covenant requirements of the Relevant Borrowings, the Group is required to report to the banks semi-annually.
On 25 and 26 November 2019, the Group successfully negotiated with the relevant banks in relation to the Relevant Borrowings and obtained written agreements to revise therestrictive undertaking of interest coverage ratio for the periods ended 30 June 2019 and 31 December 2019 and to waive their rights arising from the non-compliance under the original clauses of the loan agreements.
The Group has complied with restrictive undertaking of interest coverage ratio of the Relevant Borrowings of approximately RMB2,426,049,000 for the year ended 31 December 2019 under the revised terms of the loan agreements.
In June 2021, the Group obtained written consents from Relevant Banks on waiving their rights to request immediate repayment arising from the aforementioned non-compliance of financial covenants and therefore, the Relevant Borrowings will only be due for repayment in accordance with the original repayment terms.
For details on the shareholder loan from CWA, please refer the section headed ‘‘Relationship with CWA — Independence from the Remaining CWA Group — Financial Independence — Settlement of amount due to and due from the Remaining CWA Group — The Relevant Borrowings and Shareholder Loan.’’ The shareholder loan from CWA will subsist after [REDACTED] and constitute financial assistance by CWA to our Group.
It also includes our achievements for the previous year as well as further information about the role and structure of the partnership.