Asset Test Sample Clauses

Asset Test. The Board shall have determined that the Company satisfied the "5% asset test" of Section 856(c)(5) of the Code, or such successor provision as may be applicable, for the most recently ended calendar quarter as required by the Code.
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Asset Test. The ratio of the sum of consolidated accounts receivable and inventories subject to a first priority perfected security interest in favor of the Collateral Agent pursuant to the Guarantee and Collateral Agreement (and, in any event, exclusive of any then outstanding amounts secured by a security interest on inventory permitted by Section 6.3(f)) to Consolidated Funded Indebtedness as at the end of any Fiscal Quarter to be less than the amount set forth in the table below: FISCAL QUARTER ENDING RATIO ------------------------------------------------------------ ------------ December 31, 2003, March 31, 2004, June 30, 2004 and September 30, 2004 1.10 to 1.0 December 31, 2004, March 31, 2005 and June 30, 2005 1.20 to 1.0 September 30, 2005 and any Fiscal Quarter ending thereafter 1.35 to 1.0"
Sample 1
Asset Test. The ratio of the sum of consolidated accounts receivable and inventories subject to a first priority perfected security interest in favor of the Collateral Agent pursuant to the Guarantee and Collateral Agreement (and, in any event, exclusive of any then outstanding amounts secured by a security interest on inventory permitted by Section 6.3(f)) to Consolidated Funded Indebtedness as at the end of any Fiscal Quarter to be less than the amount set forth in the table below: FISCAL QUARTER ENDING RATIO --------------------- ----- September 30, 2005, December 31, 2005 and March 31, 2006 1.20 to 1.0 any Fiscal Quarter ending thereafter 1.25 to 1.0"
Sample 1
Asset Test. The Borrower will not permit the ratio of the sum of its consolidated accounts receivable and inventories subject to a first priority perfected security interest in favor of the Collateral Agent pursuant to the Guarantee and Collateral Agreement (and, in any event, exclusive of any then outstanding amounts secured by a security interest on inventory permitted by Section 6.02(f)) to Consolidated Funded Indebtedness at the end of any Fiscal Quarter to be less than the amount set forth in the following table: Quarter Ending Ratio -------------- ----- 12/31/03 1.10:1 66 Quarter Ending Ratio -------------- ----- 3/31/04 1.10:1 6/30/04 1.10:1 9/30/04 1.10:1 12/31/04 1.20:1 3/31/05 1.20:1 6/30/05 1.20:1 9/30/05 1.35:1 12/31/05 1.35:1 3/31/06 1.35:1 6/30/06 1.35:1 9/30/06 1.35:1 12/31/06 1.35:1 3/31/07 1.35:1 6/30/07 1.35:1 9/30/07 1.35:1 12/31/07 and thereafter 1.35:1
Sample 1
Asset Test. At the Closing, the Purchased Assets shall have Asset Value of at least $13,500,000 (the "Minimum Asset Value"). "Asset Value" means, with respect to the Purchased Assets: (i) the sum of the value of (A) accounts receivable, and (B) inventories, as of the date immediately preceding the Closing Date (ii) appropriate reserves to be established on the Closing Balance Sheet as finally determined by the parties pursuant to this Section 1.5. Any excess or deficiency in the Minimum Asset Value (the "Asset Value Adjustment") will be paid as follows:
Sample 1
Asset Test. 65 SECTION 6.12. Disclosure.............................................................................. 66 SECTION 6.13. Sale of Assets.......................................................................... 66
Sample 1
Asset Test. Holdings will not permit the ratio of (a) the sum of (i) Holdings' consolidated accounts receivable (including accounts receivable sold or otherwise transferred under Permitted Securitizations permitted by Section 6.01(k)) and (ii) Holdings' consolidated inventories which inventories are subject to a first priority perfected security interest in favor of the Collateral Agent pursuant to the Guarantee and Collateral Agreement (and, in any event, exclusive of any then outstanding amounts secured by a security interest on inventory permitted by Section 6.02(f)) to (b) Consolidated Funded Indebtedness at the end of any Fiscal Quarter to be less than the amount set forth in the following table: Quarter Ending Ratio -------------- ----- 9/30/05 1.20:1 12/31/05 1.20:1 3/31/06 1.20:1 6/30/06 and thereafter 1.25:1
Sample 1
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Asset Test. The Borrower will not permit the ratio of the sum of its consolidated accounts receivable and inventories subject to a first priority perfected security interest in favor of the Collateral Agent pursuant to the Guarantee and Collateral Agreement (and, in any event, exclusive of any then outstanding amounts secured by a security interest on inventory permitted by Section 6.02(f)) to Consolidated Funded Indebtedness at the end of any Fiscal Quarter to be less than 1.35 to 1.
Sample 1

Related to Asset Test

  • Stability Testing Patheon may be requested to conduct stability testing on the Products in accordance with the protocols set out in the Specifications for the separate fees and during the time periods set out in Schedule C to a Product Agreement. Patheon will not make any changes to these testing protocols without prior written approval from Client. If a confirmed stability test failure occurs, Patheon will notify Client within one Business Day, after which Patheon and Client will jointly determine the proceedings and methods to be undertaken to investigate the cause of the failure, including which party will bear the cost of the investigation. Patheon will not be liable for these costs unless it has failed to perform the Manufacturing Services in accordance with the Specifications, cGMPs, and Applicable Laws. Patheon will give Client ail stability test data and results at Client’s request.

  • Financial testing The financial covenants set out in Clause 20.2 (Financial condition) shall be tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to Clause 19.2 (Compliance Certificate).

  • Financial Tests The Company hereby certifies and warrants to you that the following is a true and correct computation as at the Computation Date of the following ratios and/or financial restrictions contained in the Credit Agreement:

  • Product Testing Upon request, Customer shall provide Operator a laboratory report for each Product delivery by Customer or Customer’s supplier. Operator will not be obligated to receive Contaminated Product for throughput through the Pipelines, nor will Operator be obligated to accept Product that fails to meet the applicable quality specifications for the Berths under the BAUTA and any Terminal Service Orders issued thereunder.

  • Money Market Fund Compliance Testing and Reporting Services Subject to the authorization and direction of the Trust and, in each case where appropriate, the review and comment by the Trust’s independent accountants and legal counsel, and in accordance with procedures that may be established from time to time between the Trust and the Administrator, the Administrator will:

  • Servicing Criteria    Applicable Servicing Criteria Reference Criteria 1122(d)(3)(ii) Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. X 1122(d)(3)(iii) Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements. X 1122(d)(3)(iv) Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. X Pool Asset Administration 1122(d)(4)(i) Collateral or security on receivables is maintained as required by the transaction agreements or related receivable loan documents. 1122(d)(4)(ii) Receivable loan and related documents are safeguarded as required by the transaction agreements. 1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. 1122(d)(4)(iv) Payments on receivables, including any payoffs, made in accordance with the related receivable loan documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related receivable loan documents. 1122(d)(4)(v) The Servicer’s records regarding the receivables agree with the Servicer’s records with respect to an obligor’s unpaid principal balance. 1122(d)(4)(vi) Changes with respect to the terms or status of an obligor’s receivables (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

  • Acceptance Testing The MCP must have the capability to report all elements in the Minimum Data Set as set forth in the ODJFS Encounter Data Specifications and must submit a test file in the ODJFS-specified medium in the required formats prior to contracting or prior to an information systems replacement or update. Acceptance testing of encounter data is required as specified in Section 29(a)(v) of this Appendix.

  • Performance Tests Contractor shall perform Performance Tests in accordance with Section 11.2 of the Agreement and Attachment S.

  • Property Cash Flow Allocation (a) During any Cash Management Period, all Rents deposited into the Deposit Account during the immediately preceding Interest Period shall be applied on each Payment Date as follows in the following order of priority:

  • Waiver of Inventory, Accounting and Appraisal Requirement The Trustee shall be relieved of, and each Certificateholder hereby waives, any requirement of any jurisdiction in which the Trust, or any part thereof, may be located that the Trustee file any inventory, accounting or appraisal of the Trust with any court, agency or body at any time or in any manner whatsoever.

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