Net Asset Test definition

Net Asset Test means, in connection with any assignment by a Conduit Investor of an interest in the Net Investment pursuant to Section 9.7 hereof, that on the day immediately prior to the day on which such assignment is to take effect, the Net Receivables Balance shall be greater than the Net Investment.

Net Asset Test means a test that is met if, as of the time of determination, the sum of the Net Receivables Balance and the amount on deposit in the Accounts, exceeds the aggregate Net Investment plus the amount of any outstanding Carrying Costs.

Net Asset Test shall have the meaning specified in the Note Purchase Agreement.

Examples of Net Asset Test in a sentence

• Provided that (i) the Net Asset Test is satisfied and (ii) the Transferor shall have paid to the Company all amounts due as described in Section 9.7(d) hereof, upon any such election by the Company or any such request by the Transferor, the Company shall make such assignment and the Bank Investors shall accept such assignment and shall assume all of the Company's obligations hereunder.

• There are no Liabilities of the Company, other than Liabilities (i) reflected or reserved against on the Net Asset Test Reference Balance Sheet, (ii) incurred since 31 December 1996 in the ordinary course of the business, consistent with the past practice, of the Company or (iii) disclosed in this Agreement or in Section 3.07 of the Seller's Disclosure Schedule and which do not and could not have a Material Adverse Effect.

• There are no Liabilities of the Partnership or any Subsidiary, other than Liabilities (i) reflected or reserved against on the Net Asset Test Reference Balance Sheet, (ii) incurred since March 31, 1997 in the ordinary course of the business, consistent with the past practice, or (iii) disclosed in this Agreement or in the Sellers' Disclosure Schedule, of the Partnership and the Subsidiaries and which do not and could not have a Material Adverse Effect.

• Provided that (i) the Net Asset Test is satisfied and (ii) the Transferor shall 77 have paid to the Company all amounts due as described in Section 9.7(d) (which amount may be deemed paid by the Transferor through an increase in the Net Investment), upon any such election by the Company or any such request by the Transferor, the Company shall make such assignment and the Bank Investors shall accept such assignment and shall assume all of the Company's obligations hereunder.

• Provided that the Net Asset Test is satisfied, upon any such election by the Company or any such request by the Pledgors, the Company shall make such assignment and the Bank Investors shall accept such assignment and shall assume all of the Company's obligations hereunder.

More Definitions of Net Asset Test

Net Asset Test means a test that is satisfied if the Net Invest ment less the quotient of (a) the amount on deposit in the Prefunding Account Account and (b) 100% less the quotient of (x) the percentage used to determine the Required Reserve Account Amount and (y) the Noteholder's Percentage is equal to or less than the product of the Noteholder's Percentage and the Net Receivables Balance.

Net Asset Test means, in connection with any assignment by the Company to the Bank Investors of an interest in the Net Investment pursuant to Section 10.7 hereof, that on the day immediately prior to the day on which such assignment is to take effect, the Net Receivables Balance shall be equal to or greater than the Net Investment.

Net Asset Test means a test that is satisfied if the product of the Net Receivables Balance and the Noteholder's Percentage is more than or equal to the Net Investment less the Adjusted Prefunding Account Amount.

Net Asset Test means, in connection with any assignment by the Company to the Bank Investors of an interest in the Net Investment pursuant to Section 9.7 hereof, that on the day immediately prior to the day on which such assignment is to take effect, the Principal Receivables shall be greater than or equal to the Net Investment.

Net Asset Test. As defined in thx Xxxx Purchase Agreement.

Net Asset Test means in connection with any assignment by the Purchaser to the Bank Investors of an interest in the Aggregate Purchaser's Investment pursuant to Section 13.5 hereof, that as of the day immediately preceding the day on which such transfer is to take effect, the Net Pool Balance shall be greater than or equal to the Aggregate Purchaser's Investment.

Net Asset Test means either (a) (i) the Surety Bond is in full force and effect and (ii) no Surety Bond Provider Default has occurred and is continuing or (b) the Net Investment is not greater than the Maximum Permitted Borrowing Base.