Incurrence Test. The Incurrence Test is met if, at the relevant time;
(a) the Net Interest Bearing Debt to EBITDA is not greater than 4.5:1;
(b) the Interest Cover Ratio is greater than 2.5:1; and
(c) no Event of Default is continuing or would occur upon the issuance of Subsequent Bonds, calculated in accordance with the calculation principles set out in Clause 13.4 (Calculation Adjustments), on a consolidated basis and based on the most recently delivered Financial Report.
Incurrence Test. The Incurrence Test is met if:
(a) The Net Leverage Ratio is not greater than:
(i) 5.00x until 31 March 2022;
(ii) 4.75x until 31 March 2023; (iii) 4.50x until 31 March 2024;
Incurrence Test. The Borrower will not, and will not permit any Restricted Subsidiary to, Incur any Indebtedness (including Acquired Indebtedness); provided, however, that the Borrower and its Restricted Subsidiaries may Incur Indebtedness if on the date of the Incurrence of such Indebtedness the Consolidated Coverage Ratio for the Borrower and its Restricted Subsidiaries would be equal to or greater than 2.00:1.00.
Incurrence Test. The Incurrence Test is met if:
(a) the Leverage Ratio is not greater than;
(i) 3.00:1 for the period up to, and including, the date falling eighteen (18) months after the First Issue Date; and
(ii) 2.50:1 for the period up to, but excluding, the date falling eighteen (18) months after the First Issue Date to, and including, the Final Maturity Date;
(b) no Event of Default is continuing or would occur upon the incurrence of Financial Indebtedness, or distribution (as applicable).
Incurrence Test. (a) In these Terms and Conditions, the Incurrence Test is met if:
(i) the ratio of Net Interest Bearing Debt to EBITDA is not greater than 3.25; and
(ii) the Interest Coverage Ratio exceeds 2.75.
(b) When the Interest Coverage Ratio is measured under the Incurrence Test, the calculation of the Interest Coverage Ratio shall be made for the Relevant Period ending on the last day of the period covered by the most recent Financial Report.
(c) The calculation of the ratio of Net Interest Bearing Debt to EBITDA shall be made as per a testing date determined by the Issuer, falling no more than one month prior to the incurrence of the new Financial Indebtedness, or making of a Restricted Payment, as applicable. The Net Interest Bearing Debt shall be measured on the relevant testing date so determined, but include the new Financial Indebtedness provided it is an interest bearing obligation (however, any cash balance resulting from the incurrence of the new Financial Indebtedness shall not reduce the Net Interest Bearing Debt).
(d) The figures for EBITDA, Finance Charges and Net Finance Charges for the Relevant period ending on the last day of the period covered by the most recent Financial Report shall be used for the Incurrence Test, but adjusted so that:
(i) entities acquired or disposed of by the Group during the Relevant Period, or after the end of the Relevant period but before the relevant testing date, shall be included or excluded (as applicable), pro forma, for the entire Relevant Period; and
(ii) any entity to be acquired with the proceeds from new Financial Indebtedness shall be included, pro forma, for the entire Relevant Period.
Incurrence Test. (a) The Incurrence Test is met if, at the relevant time:
(i) the ratio of Net Interest Bearing Debt to EBITDA (i) tested in connection with an acquisition which is completed within 12 months from the First Issue Date, is not greater than 5.00x, provided that a minimum of 45.00 per cent. of the consideration for such acquisition is contributed as an Equity Injection, or (ii) tested in connection with other events than as set out in (i) above, is not greater than:
(A) 4.50x until the first anniversary of the First Issue Date,
(B) 4.25x until the second anniversary of the First Issue Date,
(C) 4.00x until the third anniversary of the First Issue Date,
(D) 3.75x until the fourth anniversary of the First Issue Date, and
(E) 3.50x thereafter until the Final Redemption Date;
(ii) the Interest Coverage Ratio exceeds 2.50; and
(iii) no Event of Default is continuing or, if applicable, would occur upon the incurrence of debt or disposal of assets (as applicable).
(b) The calculation of the ratio of Net Interest Bearing Debt to EBITDA shall be made as per a testing date determined by the Issuer, falling no more than two months prior to the incurrence of the new Financial Indebtedness. The Net Interest Bearing Debt shall be measured on the relevant testing date so determined, but include the new Financial Indebtedness provided it is an interest bearing obligation (however, any cash balance resulting from the incurrence of the new Financial Indebtedness shall not reduce the Net Interest Bearing Debt). EBITDA shall be calculated as set out below. When the Interest Coverage Ratio is measured under the Incurrence Test, as applicable, the calculation of the Interest Coverage Ratio shall be made for the Reference Period ending on the last day of the period covered by the most recent Financial Report.
(c) The figures for EBITDA, Finance Charges and Net Finance Charges for the Reference Period ending on the last day of the period covered by the most recent Financial Report shall be used for the Incurrence Test, but adjusted so that:
(i) entities acquired or disposed of by the Group during the Reference Period, or after the end of the Reference Period but before the relevant testing date, shall be included or excluded (as applicable), pro forma, for the entire Reference Period
(ii) any entity to be acquired with the proceeds from new Financial Indebtedness shall be included, pro forma, for the entire Reference Period; and
(iii) the pro forma calculation of EBITDA shall be adju...
Incurrence Test. (a) The Incurrence Test is met if:
(i) the Asset Cover Ratio is not less than 150 per cent.;
(ii) the Interest Coverage Ratio exceeds 1.25; and
(iii) no Event of Default is continuing or would occur upon the incurrence.
(b) The calculation of the ratio of Asset Cover Ratio shall be made as per a testing date determined by the Issuer, falling no more than one month prior to the incurrence of the new Financial Indebtedness. The Adjusted Financial Indebtedness shall be measured on the relevant testing date so determined, but include the new Financial Indebtedness provided it is an interest bearing obligation (however, any cash balance resulting from the incurrence of the new Financial Indebtedness shall not reduce the Adjusted Financial Indebtedness).
(c) When the Interest Coverage Ratio is measured under the Incurrence Test, as applicable, the calculation of the Interest Coverage Ratio shall be made for the Reference Period ending on the last day of the period covered by the most recent financial statements.
Incurrence Test. (a) The Incurrence Test is met if:
(i) there is forecasted to be a minimum of 15,000,000 DKK, unrestricted liquidity in the Issuer during the coming twelve months from the relevant testing date;
(ii) the management of the Issuer has confirmed that the Issuer is able to continue as a "going concern" for the next twelve months following the delivery of the Compliance Certificate; and
(iii) no Event of Default is continuing or would occur upon the incurrence of new Financial Indebtedness or making of a Permitted Payment (as applicable).
(b) When assessing the Issuer's ability to continue as a going concern pursuant to paragraph (a)(ii) above, the Issuer shall base its assessment on the accounting principles applicable to it and, in particular, the assessment shall take into consideration:
(i) the Issuer's current financial condition, including its liquidity sources at the date of the Compliance Certificate;
(ii) the Issuer's conditional and unconditional obligations due or anticipated within one year after the date of the Compliance Certificate;
(iii) the funds necessary to maintain the Issuer's operations considering its current financial condition, obligations, and other expected cash flows; and
(iv) any other conditions and events that may adversely affect the Issuer's ability to meet its obligations within one year after the date of the Compliance Certificate.
Incurrence Test. 64 13. EVENTS OF DEFAULT; ACCELERATION; ETC........................................64 13.1. Events of Default and Acceleration...................................64 13.2. Termination of Commitments...........................................68 13.3. Remedies.............................................................68 13.4. Exchange Rate........................................................69 13.5. Distribution of Collateral Proceeds..................................69 14. SETOFF......................................................................70 15.
Incurrence Test. As of the last day of the most recent fiscal quarter of the Borrower (the “Incurrence Test”) the Coverage Ratio equals or exceeds 1.10x.
