Examples of Debt Incurrence Test in a sentence
The evidence presented established that it would have been impossible for GAAP-compliant financial statements for the fourth quarter of 2006 to be created prior to the January 3, 2007 closing date of the Sands Acquisition, and the Indenture Trustee’s claim that the debt incurred for the Sands Acquisition violated the Debt Incurrence Test (as defined in the Indentures) is not plausible.
Borrower will not, and will not permit any of its Subsidiaries to, incur any indebtedness for borrowed money (including Revolving Loans) that would cause Borrower and its Subsidiaries, on a consolidated basis after giving effect to such incurrence, to fail to be in compliance with the Debt Incurrence Test as of the previous Fiscal Quarter end of Borrower.
The following provision shall be added to Section 111 (Debt Incurrence Test) in each Long-term Note Supplemental Indenture.
Neither Holdco nor any Holdco Consolidated Entity (other than the Securitization Entities) may Incur any Indebtedness unless: (a) after giving effect to such Incurrence, the Holdco Debt Incurrence Test would be satisfied or (b) the Rating Agency Condition has been satisfied in connection with such Incurrence.