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.
Appears in 4 contracts
Sources: Terms and Conditions, Amendment and Restatement Agreement, Amendment and Restatement Agreement