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 shall have the meaning specified in the Note Purchase Agreement.

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.

Examples of Net Asset Test in a sentence

• In addition, and notwithstanding anything to the contrary set forth herein, neither the Borrower nor any Subsidiary shall sell the Equity Interests of a Liberty Subsidiary unless on the date of any such sale and after giving effect thereto and any associated prepayment or repayment of Indebtedness, the Consolidated Net Asset Test would be satisfied.

• Provided that the Net Asset Test is satisfied, 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 a Conduit Investor or any such request by the Transferor to such Conduit Investor, such Conduit Investor shall make such assignment and the Bank Investors in its Related Group shall accept such assignment and shall assume all of such Conduit Investor’s obligations hereunder.

• 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.

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 Buyer A to the Bank Investors of an interest in Buyer A's Net Investment pursuant to Section 9.9 hereof, that on the day immediately prior to the day on which such assignment is to take effect, the amount of Principal Receivables shall be greater than or equal to Buyer A's 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 Enterprise 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 sum of the Enterprise Net Investment plus the Sheffield Net Investment plus the Enterprise Liquidation Yield plus the Sheffield Liquidation Yield.

Net Asset Test means, in connection with any assignment by the Company 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 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.

Net Asset Test means, at any date of determination, the maintenance by the Borrower of a ratio of (i) the value of the aggregate Eligible Collateral at such time to (ii) the sum of (x) the Advances then outstanding plus (y) the aggregate Available Amount of all Letters of Credit then outstanding, of not less than 1.5 to 1.0.