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 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 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) 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. The Incurrence Test shall be applied in connection the incurrence of Financial Indebtedness which requires that the Incurrence Test is met, until and including the Final Redemption Date. The Incurrence Test shall be tested on the date on which the relevant Financial Indebtedness is incurred (the “Incurrence Test Date”). The Incurrence Test is met if:
Incurrence Test. The incurrence test (the "Incurrence Test") is met if:
(a) the ratio of Adjusted EBITDA to Bond Interest Expense exceeds 2.5; and
(b) the Equity Ratio is 10% or higher (calculated on a pro forma basis for the Issuer on an unconsolidated basis), immediately after additional Bonds are issued through a Tap Issue.
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.
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.
