Covenant Test definition

Covenant Test means an assessment as to whether the Employer is of sufficient size and financial strength such that an immediate increase of 50% in the assets and the liabilities (as measured on a range of underlying assumptions which the Trustees deem appropriate):
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Covenant Test means the test, as specified in the Trust Deed, carried out by the Trustees within two months prior to the Centralisation Date, as to the ability of an Employer to support its liabilities under the Scheme;
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Covenant Test. For Testing Periods ending on the Closing Date through March 31, 2007: No greater than 3.50 to 1.00 For Testing Periods ending from June 30, 2007 and thereafter: No greater than 3.25 to 1.00 *Consolidated EBITDA during each of the fiscal quarters ending October 1, 2005, December 31, 2005 and April 1, 2006 shall be deemed to be $12,767,000, $13,542,000 and $15,669,000, respectively.
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Examples of Covenant Test in a sentence

  • The Loan Parties shall maintain a Consolidated Fixed Charge Coverage Ratio for each Test Period ending on the last day of the fiscal quarter occurring immediately prior to the occurrence of (and as of the last day of each fiscal quarter ending during) a Financial Covenant Test Event not less than 1.0 to 1.0.

  • The Original Borrower shall procure that between 1 November 2020 and 31 December 2021 (inclusive), KEL does not make, declare or pay any Shareholder Distribution to shareholders who receive such Shareholder Distribution in their capacity as a holder of common shares in KEL unless the ratio of Consolidated Total Net Borrowings to EBITDAX on the day the Shareholder Distribution is made, declared or paid is less than or equal to 3.50:1.00 (calculated as if such day was a Financial Covenant Test Date).

  • The Borrower will not permit the Net First Lien Leverage Ratio as of the last day of any Financial Performance Covenant Test Period to exceed 3.25 to 1.00.

  • Liabilities to Assets Ratio as at the end of each Relevant Period ending on or after the First Financial Covenant Test Date shall not exceed 80%.

  • Within 30 days after each Liquidity Covenant Test Date, a calculation of the average Liquidity of the Borrower and its Restricted Subsidiaries, taken as a whole, (determined in good faith by the Borrower) for the 45 consecutive days preceding the applicable Liquidity Covenant Test Date (a “Liquidity Report”).

  • If the Initial Performance Covenant Test Date has occurred, Borrower shall thereafter satisfy either of (i) Performance Covenant A or Performance Covenant B, tested at all times, or (ii) Performance Covenant C, tested quarterly.

  • The Loan Parties shall maintain a Total Net Leverage Ratio for each Test Period ending on the last day of the fiscal quarter occurring immediately prior to the occurrence of (and as of the last day of each fiscal quarter ending during) a Financial Covenant Test Event of not greater than 4.00 to 1.00.

  • The following defined terms set forth in Section 1.1 of the Loan Agreement hereby are deleted in their entirety: “Availability Trigger”; “First Interest Only Extension Conditions”; “Initial Performance Covenant Test Date”; “Performance Test Period”; “PDUFA Action Date”; “Second Interest Only Extension Conditions”.

  • The Loan Parties shall maintain a Consolidated Fixed Charge Coverage Ratio for each Test Period ending on the last day of the fiscal quarter occurring immediately prior to the occurrence of (and as of the last day of each fiscal quarter ending during) a Financial Covenant Test Event not less than 1.00 to 1.00.

  • If as of the last day of any fiscal quarter the Financial Covenant Test Condition is then applicable, permit the Consolidated First Lien Leverage Ratio, for the period of four fiscal quarters ending as of the last day of any fiscal quarter period of the Borrower, to exceed 5.25:1.00.