The Consolidated Net Borrowings1 of the BBC2 must not at any time exceed the sum specified in a direction given by the Secretary of State3; and the Consolidated Net Borrowings of the BBC's commercial arm must not at any time exceed either of the following: (1) the sum specified in a direction given by the Secretary of State; (2) three times the commercial arm's EBITDA multiple in the preceding financial year4. The BBC must put in place arrangements to ensure compliance with these requirements, which must include: (a) arrangements for formal testing of compliance at least annually or on
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