Asset Test definition

Asset Test means, for an Asset Review, each Test, as defined in the Asset Representations Review Agreement, in Schedule A to the Asset Representations Review Agreement to be performed by the Asset Representations Reviewer on the related Asset Review Receivables.

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Asset Test. A transfer satisfies the Asset Test if: (i) At the time of the transfer, and at the close of each of the transferee's two fiscal years preceding the transferee's fiscal year of transfer, the transferee's gross assets for financial reporting purposes exceed $100 million and its net assets for financial reporting purposes exceed $10 million. The gross assets and net assets of a transferee do not include any obligation of any "related person" or any other asset if a principal purpose for holding or acquiring the other asset is to permit the transferee to satisfy such monetary conditions; (ii) The transferee must be an "eligible corporation" and must agree in writing that any subsequent transfer of the interest will be to another eligible corporation in a transaction that satisfies paragraphs 9 through 11 of this Transfer Affidavit and the Asset Test. A transfer fails to meet the Asset Test if the transferor knows, or has reason to know, that the transferee will not honor the restrictions on subsequent transfers of the Certificate; and

Asset Test. A transfer satisfies the Asset Test if: (i) At the time of the transfer, and at the close of each of the transferee's two fiscal years preceding the transferee's fiscal year of transfer, the transferee's gross assets for financial reporting purposes exceed $100 million and its net assets for financial reporting purposes exceed $10 million. The gross assets and net assets of a transferee do not include any obligation of any “related person” or any other asset if a principal purpose for holding or acquiring the other asset is to permit the transferee to satisfy such monetary conditions; (ii) The transferee must be an “eligible corporation” and must agree in writing that any subsequent transfer of the interest will be to another eligible corporation in a transaction that satisfies paragraphs 9 through 11 of this Transfer Affidavit and the Asset Test. A transfer fails to meet the Asset Test if the transferor knows, or has reason to know, that the transferee will not honor the restrictions on subsequent transfers of the Certificate; and (iii) A reasonable person would not conclude, based on the facts and circumstances known to the transferor on or before the date of the transfer, that the taxes associated with the Certificate will not be paid. The consideration given to the transferee to acquire the Certificate is only one factor to be considered, but the transferor will be deemed to know that the transferee cannot or will not pay if the amount of consideration is so low compared to the liabilities assumed that a reasonable person would conclude that the taxes associated with holding the Certificate will not be paid. For purposes of applying the Asset Test, (i) an “eligible corporation” means any domestic C corporation (as defined in section 1361(a)(2) of the Code) other than (A) a corporation which is exempt from, or is not subject to, tax under section 11 of the Code, (B) an entity described in section 851(a) or 856(a) of the Code, (C) A REMIC, or (D) an organization to which part I of subchapter T of chapter 1 of subtitle A of the Code applies; (ii) a “related person” is any person that (A) bears a relationship to the transferee enumerated in section 267(b) or 707(b)(1) of the Code, using “20 percent” instead of “50 percent” where it appears under the provisions, or (B) is under common control (within the meaning of section 52(a) and (b)) with the transferee.

Examples of 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.

• WAIVER OF REQUIREMENT THAT TRANSFEREE CERTIFIES TRANSFER OF CERTIFICATE SATISFIES CERTAIN REGULATORY "SAFE HARBORS" The Transferor hereby waives the requirement that the Transferee certify that the transfer of the Certificate satisfies either the "Asset Test" imposed by Treasury Regulation ss.

• 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.

• Hold any promissory notes, corporate stock, partnership or LLC interests (other than in any permitted wholly owned subsidiaries) or other security Own any property other than the Property REIT Reporting Requirements: Information reasonably requested by SRT’s tax advisors confirming compliance with the quarterly REIT Asset Test.

• Provided that (i) the Net Asset Test is satisfied and (ii) the Transferor shall 77 have paid to the Company all amounts due as described in Section 9.7(d) (which amount may be deemed paid by the Transferor through an increase in the Net Investment), 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.

• The Owner may subsequently elect to procure the grant of the Cross Charges at any time even if another Owner has still not met the Sufficient Asset Test.

• 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.

• It may however meet the Asset Test if it becomes a CFC and is required to use the adjusted tax basis of its assets to make this determination.

• The Portfolio Management Staff is required to monitor compliance with the Pre-Trade Compliance Checklist at all times to make sure that the BDC is meeting the 70% Qualifying Asset Test as well as the other BDC and RIC Tests included therein.

• As a result, its must use the adjusted tax basis of its assets to determine whether it meets the Asset Test.

More Definitions of Asset Test

Asset Test means, for an Asset Review, each Test, as defined in the 20__-_ Asset Representations Review Agreement, to be performed by the Asset Representations Reviewer on the related Asset Review Receivables.

Asset Test means the asset limits for eligibility in the [state pharmacy assistance program] state medicare part D program as defined by the Medicare Modernization Act and any amendments thereto.

Asset Test means the asset limits as defined by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, Pub. L. No. 108-173;

Asset Test means the asset limits as defined by the Medicare Prescription Drug Act of 2003.

Asset Test means the Total Parity Assets of the Trust Estate divided by the sum of (i) the Total Parity Liabilities of the Trust Estate and (ii) $4,000,000.

Asset Test means, certain conditions as to the nature of the assets of a trust which are set forth in paragraph 132(7)(a) of the Tax Act currently in force which, if satisfied, a trust may rely upon to qualify as a "mutual fund trust" for the purposes of the Tax Act;