Test Condition definition

Test Condition has the meaning assigned to such term in Section 6.03.

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Test Condition means the condition that the Testing Date Cash Balance be equal to or greater than the Threshold Amount.

Test Condition means (x) with respect to the Test Dates on 31 December 2022 and 30 June 2023, the LR for the Relevant Period ending on that Test Date is greater than 3.25:1 and (y) with respect to the Test Date on 31 December 2023 and any Test Date thereafter, the LR for the Relevant Period ending on such Test Date is greater than 2.50:1. The LR shall, in each case, be calculated in accordance with the Accounting Principles and tested by reference to each of the financial statements of the Issuer for the Relevant Period. The increase in PIK Margin to 1.500% per annum shall become effective from the date falling three months after the relevant Test Date; provided that, if on any subsequent Test Date, the LR for the Relevant Period ending on that Test Date falls below the applicable threshold set out above, with effect from the date falling three months after the relevant Test Date, the PIK Margin shall decrease to 0.500% per annum

Examples of Test Condition in a sentence

Solely with respect to the Revolving Credit Facility, commencing with the fiscal quarter ending December 31, 2018, on the last day of any Test Period on which the Revolving Credit Facility Test Condition is then applicable, the Borrower will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio for the Test Period ending on such last day to be greater than 6.75:1.00.
All modules chosen must have a PVUSA Test Condition (PTC) rating of 204 or greater and a current, I[pmax,low ], under low irradiance, of 1.55 amp or greater.
Solely with respect to the Revolving Credit Facility, Holdings will not permit the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period on which the Revolving Credit Facility Test Condition is then satisfied to be greater than 5.75 to 1.00.
If, on the last day of any Test Period, the Revolving Facility Test Condition is then satisfied (it being understood and agreed that this Section 6.12(a) shall not apply until the Test Period that includes the last day of the second full Fiscal Quarter ending after the Closing Date), the Borrower shall not permit the First Lien Leverage Ratio to be greater than 8.50:1.00 as of the last day of such Test Period.
On the last day of any Test Period ending on or after the Amendment No. 8 Effective Date on which the Revolving Facility Test Condition is then satisfied, the Parent Borrower shall not permit the First Lien Leverage Ratio to be greater than 6.00:1.00.
On the last day of any Test Period on which the Revolving Facility Test Condition is then satisfied (it being understood and agreed that this Section 6.15 shall not apply until the last day of the first full Fiscal Quarter ending after the Closing Date), the Borrowers shall not permit the First Lien Leverage Ratio to be greater than 7.75:1.00.
On the last day of any Test Period ending on or after the last day of the first full Fiscal Quarter ending after the Closing Date on which the Revolving Facility Test Condition is then satisfied, the Borrower shall not permit the First Lien Leverage Ratio to be greater than 6.25:1.00, stepping-down to a First Lien Leverage Ratio of 6.00:1.00 for the Fiscal Quarter ended on or about September 30, 2020 and thereafter.
As of the last day of each fiscal quarter of the Borrower (commencing with the first full fiscal quarter ending after the Effective Date) on which the Revolving Test Condition is satisfied, the Borrower will not permit the First Lien Leverage Ratio to be greater than 6.75 to 1.00.
On the last day of any Test Period on which the Revolving Facility Test Condition is then satisfied (it being understood and agreed that this Section 6.15(a) shall not apply earlier than the last day of the first Fiscal Quarter ending after the Restatement Effective Date (and on such date, only to the extent the Revolving Facility Test Condition is then satisfied)), the Borrower shall not permit the Secured Net Leverage Ratio to be greater than 3.00:1.00.
On the last day of any Test Period commencing with the last day of the first full Fiscal Quarter ending after the Closing Date on which the Revolving Facility Test Condition is then satisfied, Parent shall not permit the First Lien Leverage Ratio to be greater than 5.75:1.00.

More Definitions of Test Condition

Test Condition means, at 5.00 p.m. on any Test Date:

Test Condition means the aggregate Base Currency Amount (as defined in the Credit Agreement as of the date hereof) of all Utilisations (as defined in the Credit Agreement as of the date hereof) and Ancillary Outstandings (as defined in the Credit Agreement as of the date hereof) (excluding any Letters of Credit (as defined in the Credit Agreement as of the date hereof), guarantee, bond or letters of credit other than to the extent issued in relation to or to support Financial Indebtedness) exceeds 20% of the Total Commitments (as defined in the Credit Agreement as of the date hereof).