In-Balance Test definition

In-Balance Test means the covenant set forth in Section 5.16.

In-Balance Test shall be satisfied with respect to a Project as of any date of determination if, as of such date, the portion of the Project Funds then allocable to such Project equal or exceed the aggregate Remaining Costs for such Project, as set forth in an In-Balance Test Certificate calculated as of such date.

In-Balance Test means that, at the time of calculation and after giving effect to any requested Credit Extension, the Available Funds for MGM National Harbor equal or exceed the aggregate Remaining Costs for MGM National Harbor to be incurred prior to the Final Completion Date.

Examples of In-Balance Test in a sentence

• Each In-Balance Test Certificate is a true and correct statement in all material respects of the proposed sources and uses for the development and completion of MGM National Harbor.

• Prior to the Construction Completion Date, promptly after any Material Change to the Plans and Specifications or the Project Budget, an Officer’s Certificate of the Borrower certifying that (i) such changes are not materially adverse to the interests of the Lenders and (ii) the Borrower will remain in compliance with the In-Balance Test after giving effect to such change.

• On the date of each Request for Credit Extension (i) of Term A Loans prior to the Final Completion Date and (ii) of Revolving Loans prior to the Opening Date, the In-Balance Test shall be satisfied as of such date and each such Request for Credit Extension shall be accompanied by an In-Balance Test Certificate, attaching the In-Balance Projections.

• Financial Statements; Plans and Specifications; In-Balance Test Certificate .

• Summary descriptions for all cases below will follow in subsequent OIG quarterly reports, upon formal charging.

More Definitions of In-Balance Test

In-Balance Test shall have the meaning assigned to such term in the Disbursement Agreement.

In-Balance Test means, at any time, that Available Funding (which for the purposes of the first application of the In-Balance Test pursuant to Article 3 only shall be computed excluding the amount of the Completion Support) exceeds Remaining Project Costs.

In-Balance Test means, at any time, the test to establish that Available Funding is at least equal to the Remaining Project Costs.

In-Balance Test means, as of each date of determination, that the Available Funds equal or exceed the Remaining Costs. The In-Balance Test is "satisfied" when Available Funds equal or exceed Remaining Costs.

In-Balance Test means the covenant set forth in Section 5.17.

In-Balance Test with respect to any Project, the test to determine whether, as of any date, the Project Sources exceed the Project Uses for such Project (and for all other Unfinished Projects) for the Project Period for such Project.

In-Balance Test shall be satisfied with respect to the Development as of any date of determination if, as of such date, taking into account (if in connection with a Disbursement Request) the funds to be disbursed pursuant to such Disbursement and the pro-forma reduction in Remaining Costs from the application of such funds, the Project Funds equal or exceed the Remaining Costs (plus the Required Contingency), as set forth in an In-Balance Test Certificate calculated as of such date.