Leverage Ratio Test definition
Leverage Ratio Test means a test that is satisfied on any determination date, (i) if no Loans are outstanding, if the Leverage Ratio as of such date does not exceed the maximum leverage allowed pursuant to TALF Debt and (ii) if Loans are outstanding, if the Leverage Ratio as of such date does not exceed, if a Half Turn Election is in effect, 5.00 to 1.00. The Leverage Ratio Test will not be applicable if a Full Turn Election is in effect.
Leverage Ratio Test means a test that is satisfied on any date of determination if the Leverage Ratio, as of such date of determination, does not exceed (a) with respect to any date of determination that occurs when the Principal Amount is zero, no other amounts are outstanding under the Loan Documents and TALF Debt has been incurred by any Financing Subsidiary and remains outstanding on such date of determination, the maximum leverage allowed pursuant to the documentation governing such TALF Debt and (b) with respect to any date of determination that occurs when either (i) the Principal Amount exceeds zero or any other amounts are outstanding under the Loan Documents or (ii) TALF Debt is no longer available for the purchase or acquisition of Eligible Assets or no TALF Debt remains outstanding and owing by any Financing Subsidiary on such date of determination, 5.00 to 1.00.
Leverage Ratio Test means the Average Net Senior Debt Utilization to EBITDA Ratio at the end of the Fiscal Quarter immediately preceding the Fiscal Quarter in which the applicable Interest Payment Date or Payment Date is due, is less than 1.00:1.00 “ Liquidity Test ” means, on the applicable Interest Payment Date or Payment Date, the consolidated balance of cash and Cash Equivalents of the Obligors (determined on a Modified Consolidated Basis) plus the undrawn amount of the credit facilities available under the Senior Credit Agreement would on a pro forma basis be equal to or greater than Cdn. [Dollar Amount Redacted] , as set out in a certificate of an officer of the Borrower delivered to the Agent on such date. “ Loan Documents ” means (a) this Agreement, the Guarantees and any Notes issued hereunder, (b) the Payment Letter and arrangements letter referred to in Sec tion 4.03 and (c) all present and future agreements delivered by any Obligor to the Agent or the Lenders pursuant to, or in respect of the agreements referred to in clauses (a), (b) and (c) inclusive of this definition, in each case as the same may be supplemented, amended or restated from time to time, and “ Loan Document ” will mean any one of the Loan Documents. “ Loan Facility ” has the meaning set forth in Sect ion 2.01(1) . “ Majority Lenders ” means Sagard and the Specified Lender, as Lenders, plus such other Lenders as may be required to hold at least [Percentage Redacted] of the outstanding Advances under the Loan Facility. “ Material Adverse Effect ” means (a) a material adverse effect on the business, operations, properties, assets, or condition (financial or otherwise) of all Obligors on a consolidated basis; (b) an adverse effect on the legality, validity or enforceability of any of the Loan Documents which could reasonably be considered material having regard to the Loan Documents considered as a whole; (c) a material adverse effect on the right, entitlement or ability of the Obligors as a
More Definitions of Leverage Ratio Test
Leverage Ratio Test means that the Total Net Senior First Lien Secured Leverage Ratio does not exceed 3.00:1.00.
Leverage Ratio Test has the meaning set forth in paragraph (e)(i)A of the definition of “Permitted Distribution”. “ LIBO Rate ” means, for each Interest Period for each LIBOR Advance, the interest rate expressed as a percentage rate per annum calculated on the basis of a 360 day year, equal to: (a) the rate set by ICE Benchmark Administration Limited (or any display substituted therefor or any successor thereto) for deposits in United States Dollars for a period comparable to such LIBOR Interest Period which appears on Bloomberg, currently the BBAM01 page (or such other page as the Agent, after consultation with the Lenders, will nominate which replaces that page for the purpose of displaying offered rates of leading banks for London inter - bank deposits in US Dollars) for a period comparable to such LIBOR Interest Period as of 11:00 a.m.
Leverage Ratio Test has the meaning set forth in paragraph (e)(i)A of the definition of “Permitted Distribution”. “ LIBO Rate ” means, for each Interest Period for each LIBOR Advance, the interest rate expressed as a percentage rate per annum calculated on the basis of a 360 day year, equal to: (a) the rate set by ICE Benchmark Administration Limited (or any display substituted therefor or any successor thereto) for deposits in United States Dollars for a period comparable to such LIBOR Interest Period which appears on Bloomberg, currently the BBAM01 page (or such other page as the Agent, after consultation with the Lenders, will nominate which replaces that page for the purpose of displaying offered rates of leading banks for London inter - bank deposits in US Dollars) for a period comparable to such LIBOR Interest Period as of 11:00 a.m. (London, England time) on the second Business Day preceding the first day of such LIBOR Interest Period; or (b) if a rate is not determinable pursuant to clause (a) of this definition at the relevant time, as determined by the Agent, such rate, as determined by the Agent, to be the average (rounded upward, if necessary, to the nearest whole multiple of 1/16 of one percent per annum of the rates per annum) of the rates per annum at which deposits in US Dollars are offered by the principal lending office in London, England of the Agent to leading banks in the London inter - bank market at approximately 11:00 a.m. (London, England time) on the second Business Day preceding the first day of such LIBOR Interest Period for a period comparable to the LIBOR Interest Period and in an amount comparable to the amount of the LIBOR Advance to be outstanding during such LIBOR Interest Period; or (c) if the rate is not determinable pursuant to clause (a) or (b) of this definition at the relevant time in respect of the relevant period, Sec tion 2.14(2) will apply, provided however that in no event shall the LIBO Rate be less than zero (0). “ LIBO Rate Margin ” means, for any period, the applicable percentage rate per annum applicable to that period as indicated below the reference to “LIBOR Advance” in the definition of “Applicable Margin”, as adjusted pursuant to the definition of “Applicable Margin”. “ LIBOR Advance ” means an Advance in, or Conversion into, United States Dollars made by the Lenders to a Borrower with respect to which such Borrower has specified that interest is to be calculated by reference to the LIBO Rate . “ LIBOR Interest Period ” m...
Leverage Ratio Test. The maximum principal amount which, when added to the total outstanding balance of Consolidated Total Unsecured Indebtedness (including the Loans and Letter of Credit Liabilities), would not exceed sixty percent (60%) of Unencumbered Asset Value as most recently determined under the Credit Agreement: $