Asset Coverage Test Date definition

Asset Coverage Test Date means (a) each date on which a Material Acquisition or Material Disposition is consummated (after giving effect to such Material Acquisition or Material Disposition on such date) and (b) (i) prior to the First Priority Obligations Payment Date (A) each Redetermination Date, (B) each Mandatory Asset Coverage Test Date and (C) such other date during each calendar year, if any, as selected by the Administrative Agent at the request of any Lender and notified to the Borrower at least 30 days in advance, provided that the Administrative Agent shall select no more than one additional testing date during any calendar year and (ii) from and after the First Priority Obligations Payment Date, each May 1 and November 1 of each year, commencing with the first such date following the First Priority Obligations Payment Date.
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Asset Coverage Test Date means the date (i) of each Borrowing Base redetermination as set forth in the First Lien Credit Agreement, including all scheduled, interim and special redeterminations thereunder, (ii) of any Material Acquisition or Material Disposition and (iii) selected by the Administrative Agent pursuant to Section 8.13(c).
Sample 1
Asset Coverage Test Date means (a) the date of each Borrowing Base redetermination under the First Lien Credit Agreement, including all scheduled, interim and special redeterminations thereunder, (b) the last day of each fiscal quarter, commencing with the fiscal quarter ending July 31, 2014, (c) each other date on which the Loan Parties acquire or Dispose of (to the extent permitted hereby or otherwise consented to in accordance with the terms hereof) Oil and Gas Properties or any other Properties pursuant to Section 9.12(c) or Section 9.05(n) or otherwise with an aggregate NYMEX Value of total Proved Developed Reserves or fair market value, respectively, equal to $500,000 or more, and (d) the date on which any borrowing of First Lien Loans or any other credit extension is made under the First Lien Credit Agreement (including without limitation any issuance of a letter of credit thereunder).
Sample 1

Examples of Asset Coverage Test Date in a sentence

  • On or before the tenth (10th) Business Day after each Asset Coverage Test Date, a certificate of a Financial Officer in the form set forth in Exhibit H setting forth, as of such Asset Coverage Test Date, a calculation in reasonable detail of the Asset Coverage Ratio as of such Asset Coverage Test Date.

  • The Borrower will not permit, as of any Asset Coverage Test Date, Asset Coverage Ratio to be less than 1.5 to 1.0.

  • Subject to the conditions precedent set forth in Section 4 hereof, each of the Lenders party hereto agrees to waive any Default or Event of Default existing pursuant to Section 9.01(c) of the Credit Agreement, but only as to the Asset Coverage Test Date of December 31, 2014.

  • Among the Hague Conventions only the one on testamentary dispositions and to a lesser extent the one on trusts have any real impact on the development of private international law, although in a narrower scope of jurisdictions the recent regulatory initiatives by the European Union successfully involve a much larger legal audience.

  • The Borrower shall not, as of any Asset Coverage Test Date, permit the Asset Coverage Ratio to be less than 1.5 to 1.00.

  • So long as the Second Lien Term Loan Agreement is in effect, the Borrower will not permit, as of any Asset Coverage Test Date, the ratio of (a) the NYMEX Value of the total Proved Developed Reserves of the Loan Parties as shown on the most recently delivered Reserve Report, to (b) Total Debt, to be less than 1.10 to 1.00.

  • The Borrower will not permit, as of any Asset Coverage Test Date, the ratio of (a) the NYMEX Value of the total Proved Developed Reserves of the Loan Parties as shown on the most recently delivered Reserve Report, to (b) Total Debt, to be less than 1.10 to 1.00.


More Definitions of Asset Coverage Test Date

Asset Coverage Test Date means (i) the “as of” date for each Reserve Report delivered under Section 8.12 (a) or (b), (ii) the date of any Material Acquisition or Material Disposition or (iii) the date selected by the Administrative Agent pursuant to Section 8.13(c).
Sample 1
Asset Coverage Test Date means (a) the date of each Borrowing Base redetermination pursuant to Section 2.07 or any other Borrowing Base Adjustment Provisions, including all scheduled, interim and special redeterminations, (b) the last day of each fiscal quarter, commencing with the fiscal quarter ending July 31, 2014, (c) each other date on which the Loan Parties acquire or Dispose of (to the extent permitted hereby or otherwise consented to in accordance with the terms hereof) Oil and Gas Properties or any other Properties pursuant to Section 9.12 or Section 9.05(n) or otherwise with an aggregate NYMEX Value of total Proved Developed Reserves or fair market value, respectively, equal to $500,000 or more, and (d) the date on which any Borrowing or any other extension of credit is made under this Agreement.
Sample 1

Related to Asset Coverage Test Date

  • Asset Coverage Test has the meaning given to it in Schedule 2 of the Guarantor Agreement;

  • Interest Coverage Test means the Class A/B Interest Coverage Test, the Class C Interest Coverage Test, the Class D Interest Coverage Test and the Class E Interest Coverage Test.

  • Coverage Test means each of the Class A/B Par Value Test, the Class A/B Interest Coverage Test, the Class C Par Value Test, the Class C Interest Coverage Test, the Class D Par Value Test, the Class D Interest Coverage Test, the Class E Par Value Test and the Class E Interest Coverage Test.

  • Class C Coverage Tests means the Class C Interest Coverage Test and the Class C Par Value Test.

  • Coverage Tests The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied to each specified Class or Classes of Secured Debt.

  • Asset Coverage Ratio means the ratio, determined on a consolidated basis, without duplication, in accordance with GAAP, of (a) the Value of total assets of the Borrower and its Subsidiaries, less all liabilities (other than Indebtedness, including Indebtedness hereunder) of the Borrower and its Subsidiaries, to (b) the aggregate amount of Indebtedness of the Borrower and its Subsidiaries.

  • Class A/B Coverage Tests means the Class A/B Interest Coverage Test and the Class A/B Par Value Test.

  • Class C Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class C Interest Coverage Ratio is at least equal to 110.0 per cent.

  • Class D Coverage Tests means the Class D Interest Coverage Test and the Class D Par Value Test.

  • Class A/B Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class A/B Interest Coverage Ratio is at least equal to 120.0 per cent.

  • Asset Coverage means “asset coverage” of a class of senior security which is a stock, as defined for purposes of Section 18(h) of the 1940 Act as in effect on the date hereof, determined on the basis of values calculated as of a time within 48 hours (only including Business Days) next preceding the time of such determination.

  • Asset Coverage Cure Date means, with respect to the failure by the Fund to maintain Asset Coverage as of the close of business on a Business Day (as required by Section 2.4(a)), the date that is thirty (30) calendar days following such Business Day.

  • LCA Test Date has the meaning specified in Section 1.03(e).

  • LCT Test Date shall have the meaning provided in Section 1.12(b).

  • Interest Coverage Amount The amount to be paid by the Depositor to the Trustee for deposit into the Interest Coverage Account on the Closing Date pursuant to Section 4.08, which amount is $____________.

  • Class D Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class D Interest Coverage Ratio is at least equal to 105.0 per cent.

  • Plant Test Date or "PTD" means the date acceptance testing is performed with CLEC. "Point of Interface", "Point of Interconnection," or "POI" is a demarcation between the networks of two (2) LECs (including a LEC and CLEC). The POI is that point where the exchange of traffic takes place.

  • Cash Interest Coverage Ratio With respect to any Loan for any Relevant Test Period, either (a) the meaning of “Cash Interest Coverage Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying Instruments do not include a definition of “Cash Interest Coverage Ratio” or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor with respect to the applicable Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith.

  • Incurrence Test means the incurrence test set out in Clause 12.1 (Incurrence Test).

  • Interest Coverage Ratio means, as at any date, the ratio of (a) EBITDA for the period of four consecutive fiscal quarters ending on or most recently ended prior to such date to (b) Interest Expense for such period.

  • Cash Flow Coverage Ratio means, for any period, the ratio of (i) Adjusted Parent Operating Cash Flow for such period to (ii) Corporate Charges for such period.

  • EBITDA Coverage Ratio defined as EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt and the prior period current maturity of subordinated debt.

  • Unencumbered Interest Coverage Ratio means the ratio of (a) the Unencumbered Adjusted NOI to (b) the Unsecured Interest Expense for the immediately preceding calendar quarter.

  • Debt Coverage Ratio or “DCR” means the ratio of a Project’s net operating income (rental income less Operating Expenses and reserve payments) to foreclosable, currently amortizing debt service obligations.

  • 1940 Act Asset Coverage means “asset coverage,” as defined for purposes of Section 18(h) of the 1940 Act, of at least 200% with respect to all outstanding senior securities of the Fund which are shares of stock for purposes of the 1940 Act, including all outstanding MuniFund Term Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act or by rule, regulation or order of United States Securities and Exchange Commission as the minimum asset coverage for senior securities which are shares of stock of a closed-end investment company).

  • Interest Coverage means as of the last day of any fiscal quarter, the quotient, expressed as a percentage (which may be in excess of 100%), determined by dividing EBITDA by Interest Expense; all of the foregoing calculated by reference to the immediately preceding four fiscal quarters of the Company ending on such date of determination.