Release Tests definition

Release Tests means Tenant has (a) maintained an average Aggregate Lease Coverage in excess of 1.25 for each year in a period of two (2) consecutive Lease Years, which shall be tested on December 31 of each Lease Year during the Term, with the first (1st) test to occur on December 31, 2010 for the two (2) consecutive Lease Years prior thereto (each, an “Aggregate Lease Coverage Release Test”), (b) maintained a balance of $10,000,000.00 in the Variable Security Deposit Reserve Account (or such lesser required Variable Security Deposit Reserve Account balance amount as may then be applicable as a result of a sale of a Property pursuant to Section 5(ii) of Exhibit C to this Amendment), as measured on the fifteenth (15th) day of each Accounting Period, for a period of two (2) consecutive Lease Years, and (c) paid aggregate Minimum Rent based on a Lease Rate of at least 8.5% for a period of two (2) consecutive Lease Years; provided, however, that, for purposes of determining whether Tenant has satisfied an Aggregate Lease Coverage Release Test, only Properties leased by Tenant for the entire Lease Year prior to the applicable Aggregate Lease Coverage Release Test shall be included in the calculation.
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Release Tests means the following tests, Test 1, Test 2 and Test 3 being:
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Examples of Release Tests in a sentence

  • In the case where SGI accepts ICOS Product tests (QC Release Tests) and shipment is to be made to a third party, "delivery" for the purposes of risk in and title to bulk Product, shall occur upon the signed acceptance of ICOS Product tests (QC Release Tests) by SGI.

  • In addition to the provisions currently set forth in the Omnibus Agreement with respect to the Guaranty Agreements, the Parties agree that, subject to Section 4(v)(d) of Exhibit C to this Amendment, the Guaranty Agreements shall remain in full force and effect from and after Closing unless and until Tenant satisfies the Release Tests.

  • In the case where SGI accepts ICOS Product tests (QC Release Tests) and shipment is to be made to a third party, “delivery” for the purposes of risk in and title to Product, shall occur upon the signed acceptance of ICOS Product tests(QC Release Tests) by SGI but which shall occur no later than ICOS's delivery of the Product FAS ICOS's premises.

  • With respect to the PGMI Pledge Agreement, the Omnibus Agreement is hereby amended to reflect that (a) on and after Closing, the PGMI Pledge Agreement shall remain in full force and effect until such time as the Release Tests (defined in Section 7 below) are met by Tenant, and (b) at Closing, the PGMI Pledge Agreement shall be amended to reflect the terms of the preceding clause (a) of this Section 1, with such amendment to be in form and substance reasonably acceptable to the CNL Parties.

Related to Release Tests

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

  • Guarantee Test(s) means the test(s) specified in the Procuring Entity's Requirements to be carried out to ascertain whether the Facilities or a specified part thereof is able to attain the Functional Guarantees specified in the Appendix to the Contract Agreement titled Functional Guarantees, in accordance with the provisions of GCC Sub-Clause25.2 (Guarantee Test) hereof.

  • Testing means that element of inspection that determines the properties or elements, including functional operation of materials, equipment, or their components, by the application of established scientific principles and procedures.

  • Commissioning Tests means all of the procedures and tests which, in accordance with the Reasonable and Prudent Standard, and in compliance with industry guidelines, practices and standards, are:

  • Maintenance Test means the maintenance test set out in Clause 12.1 (Maintenance Test).