Incurrence Test Sample Clauses

Incurrence Test. The Incurrence Test is met if, at the relevant time; (a) the Net Interest Bearing Debt to EBITDA is not greater than 4.5:1; (b) the Interest Cover Ratio is greater than 2.5:1; and (c) no Event of Default is continuing or would occur upon the issuance of Subsequent Bonds, calculated in accordance with the calculation principles set out in Clause 13.4 (Calculation Adjustments), on a consolidated basis and based on the most recently delivered Financial Report.

Incurrence Test. The Incurrence Test is met if (a) the Leverage Ratio is not greater than: (i) 3.75, if tested during the period from the First Issue Date to, and including, 1 June 2018, (ii) 3.25, if tested during the period from 1 June 2018 to, and including, 1 June 2019, and (iii) 2.75, if tested during the period from 1 June 2019 to and including, the final redemption date; (b) the Interest Cover Ratio is at least 3.00:1; and (c) no Event of Default is continuing or would occur upon the incurrence or distribution (as applicable). When the Interest Cover Ratio is measured under the Incurrence Test, the calculation of the Interest Cover Ratio shall be made for the Reference Period ending on the last day of the period covered by the most recent Financial Report.

Incurrence Test. The Borrower will not, and will not permit any Restricted Subsidiary to, Incur any Indebtedness (including Acquired Indebtedness); provided, however, that the Borrower and its Restricted Subsidiaries may Incur Indebtedness if on the date of the Incurrence of such Indebtedness the Consolidated Coverage Ratio for the Borrower and its Restricted Subsidiaries would be equal to or greater than 2.00:1.00.

Incurrence Test. (a) The Incurrence Test is met if: (i) the Asset Cover Ratio is not less than 150 per cent.; (ii) the Interest Coverage Ratio exceeds 1.25; and (iii) no Event of Default is continuing or would occur upon the incurrence. (b) The calculation of the ratio of Asset Cover Ratio shall be made as per a testing date determined by the Issuer, falling no more than one month prior to the incurrence of the new Financial Indebtedness. The Adjusted Financial Indebtedness shall be measured on the relevant testing date so determined, but include the new Financial Indebtedness provided it is an interest bearing obligation (however, any cash balance resulting from the incurrence of the new Financial Indebtedness shall not reduce the Adjusted Financial Indebtedness). (c) When the Interest Coverage Ratio is measured under the Incurrence Test, as applicable, the calculation of the Interest Coverage Ratio shall be made for the Reference Period ending on the last day of the period covered by the most recent financial statements.

Incurrence Test. (a) The Incurrence Test is met if: (i) in respect of incurrence of new Financial Indebtedness: (A) the Leverage Ratio (calculated in accordance with paragraph (c) below), is equal to or less than 2.50:1.00; and (B) the Interest Cover Ratio is equal to or greater than 2.75:1.00; (ii) in respect of any Distribution, the Leverage Ratio (calculated in accordance with paragraph (c) below), is equal to or less than 1.75:1.00. (b) Compliance with the Incurrence Test is subject to in each case, that no Event of Default is outstanding or would result from the relevant event for which compliance with the Incurrence Test is required. (c) The calculation of the Leverage Ratio for the purpose of the Incurrence Test shall: (i) Be made as per a testing date determined by the Issuer, falling no earlier than thirty (30) days prior to the event relevant for the application of the Incurrence Test. (ii) The Consolidated Net Total Borrowings shall be measured on the relevant testing date so determined, shall include the full principal amount of the Financial Indebtedness in respect of which the Incurrence Test is applied and shall exclude any Financial Indebtedness which shall be refinanced with the new Financial Indebtedness (however, any cash balance resulting from the incurrence of such Financial Indebtedness shall not reduce the Consolidated Net Total Borrowings). (iii) The figures for Adjusted EBITDA for the Relevant Period (or a later Relevant Period if applicable) immediately prior to the testing date (unless the testing date is a financial quarter end) shall be used for the Incurrence Test, but adjusted so that: (A) the operating profit before interest, tax, depreciation, amortisation and impairment changes (calculated on the same basis as EBITDA) of any Group Company (or attributable to a business or assets acquired by a Group Company) acquired or disposed of or in respect of any discontinued operations after the end of the Relevant Period but before the relevant testing date, shall be included or excluded (as applicable), pro forma, for the entire Relevant Period; and (B) any company, business, undertaking or assets to be acquired with the proceeds from new Financial Indebtedness in respect of which the Incurrence Test is applied shall be included, pro forma, for the entire Relevant Period.

Incurrence Test. ‌ (a) the Leverage Ratio is not greater than; (i) 3.00:1 for the period up to, and including, the date falling eighteen (18) months after the First Issue Date; and (ii) 2.50:1 for the period up to, but excluding, the date falling eighteen (18) months after the First Issue Date to, and including, the Final Maturity Date; (b) no Event of Default is continuing or would occur upon the incurrence of Financial Indebtedness, or distribution (as applicable).

Incurrence Test amend the Credit Agreement to provide that in relation to any Additional Facility and any new Commitment pursuant to an Increase Confirmation that it shall be a condition to any drawing of that Additional Facility or new Commitment that the Company certifies in the relevant Utilisation Request that on a pro forma basis that the ratio of Senior Net Debt to Annualised EBITDA shall be no greater than 4.5:1.

Incurrence Test. The Agent shall have received a certificate from --------------- the Borrower certifying that the Revolving Credit Loan being requested may be incurred in compliance with the covenant set forth in (S)4.07(a) of the Senior Notes Indenture.

Incurrence Test. The Incurrence Test is met if: (a) the Loan to Value on the immediately preceding 31 December was not higher than 70 per cent; and (b) the Interest Coverage Ratio for the Relevant Period ending on the immediately preceding 31 December was not less than 2.00x.