Secured Debt Incurrence Test definition
Secured Debt Incurrence Test means on any date of incurrence (or, at the option of the Borrowers in case of any Limited Condition Transaction, on the date of establishments of the commitments in respect thereof) of Indebtedness and after giving effect to such incurrence and on a pro forma basis (including the receipt and pro forma application of the proceeds therefrom), the aggregate principal amount of Indebtedness of the Credit Parties and their Restricted Subsidiaries constituting Secured Debt (determined on a consolidated basis in accordance with GAAP), net of Unrestricted Cash (other than proceeds of such Indebtedness) that would be stated on a balance sheet of the Credit Parties and their Restricted Subsidiaries as of the date of calculation, on a consolidated basis is less than or equal to 40.0% of Total Assets.