Debt Incurrence Test definition

Debt Incurrence Test means, with respect to any incurrence of Indebtedness or other transaction, a Leverage Ratio of less than or equal to 7.00 to 1.00, calculated for the most recent fiscal quarter end for which financial statements have been provided pursuant to Section 6.1 or 6.2, as applicable, and calculated after giving pro forma effect to such transaction and the incurrence or repayment or prepayment of any Indebtedness in connection therewith and the application of the proceeds thereof.

Debt Incurrence Test means the debt incurrence test set out in Clause 12.1 (Incurrence Test).

Debt Incurrence Test means the test set out in Clause 13(a).

Examples of Debt Incurrence Test in a sentence

• 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.

• This is a [Debt Incurrence Test]/[Distribution Test]/[Hybrid Instrument Distribution Test] in respect of [describe relevant Restricted Payment, issuance of Subsequent Bonds or incurrence of Financial Indebtedness which requires that the Debt Incurrence Test, the Hybrid Instrument Distribution Test and the Distribution Test is met (as applicable)] (the “Incurrence”).

• 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 Issuer may, at one or several occasions issue additional Bonds until the total aggregate amount under such subsequent Bonds and the initial Bonds equals EUR 125,000,000 less any amounts repaid, always provided that the Debt Incurrence Test (as defined in the Bond Terms) is met.

• The following provision shall be added to Section 111 (Debt Incurrence Test) in each Long-term Note Supplemental Indenture.

More Definitions of Debt Incurrence Test

Debt Incurrence Test means, with respect to any applicable transaction, a Consolidated Total Leverage Ratio of less than or equal to 4.50 to 1.00.

Debt Incurrence Test has the meaning assigned to such term in Section 6.03(a).

Debt Incurrence Test means the Debt Incurrence Test as set out in paragraph (a) of Clause 11.4 (Incurrence Tests).

Debt Incurrence Test has the meaning assigned to such term in Section 6.03(a). “Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States, El Salvador, Nicaragua or other applicable jurisdictions from time to time in effect. “Default” means any event or condition which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. “Defaulting Lender” means any Lender that (a) failed to (i) fund any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder (unless such Xxxxxx is disputing in good faith whether it is contractually obliged to fund), or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder within two (2) Business Days of the date when due, or (b) has notified any Obligor or any Credit Party or has made a public statement to the effect that it does not intend or expect to comply with any of its funding obligations under this Agreement or any other agreements in which it commits to extend credit (unless such Lender is disputing in good faith whether it is contractually obliged to fund), or (c) has failed, within three (3) Business Days after request by a Credit Party or any Obligor, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans under this Agreement (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Obligors), or (d) is, or has a direct or indirect parent company that is, the subject of a (i) Proceeding under any Debtor Relief Law, (ii) Bankruptcy Event or (iii)

Debt Incurrence Test means the ratio described in Section 10.1(iii)(i) of the March 2003 Note Purchase Agreement. "Effective Time shall mean October 31, 2003.

Debt Incurrence Test means, with respect to any applicable transaction, a Total Net Leverage Ratio of less than or equal to 5.00 to 1.00.

Debt Incurrence Test means the test pursuant to Clause 15.1 (Debt Incurrence Test).