Overcollateralization Test definition

Overcollateralization Test has the meaning specified in Section 5.4(c).

Overcollateralization Test means each Overcollateralization Test, for so long as any Secured Notes remain Outstanding, which will be met on any Measurement Date if the Overcollateralization Ratio on such Measurement Date is equal to or greater than the required ratio for such test specified in the table below.

Overcollateralization Test has the meaning set forth in the Collateral Valuation Schedule.

Examples of Overcollateralization Test in a sentence

• The Class A/B Overcollateralization Test was less than 100% as of June 3, 2015 (being the Distribution Date immediately preceding the Removal Direction (as defined below)).

• In the case of a Pro Rata Redemption, each Collateral Quality Test is satisfied on the date of such notice and either (x) if the Required Overcollateralization Test is satisfied prior to the redemption, such test is satisfied after giving effect to such redemption or (y) if the Required Overcollateralization Test is not satisfied before such redemption, such test is maintained or improved after giving effect to such redemption.

• So long as any Class A Notes or Class B Notes are Outstanding, the Collateral Manager may be removed by the Issuer at the direction of Holders of at least 66-2/3% in Aggregate Outstanding Amount of the Controlling Class of Notes if the Class A/B Overcollateralization Test is less than 100% as of the immediately preceding Determination Date, upon not less than 45 days’ prior written notice to the Collateral Manager, pursuant to Section 11(c) of the Collateral Management Agreement.

More Definitions of Overcollateralization Test

Overcollateralization Test means a test that is satisfied as of any Business Day if (a) the sum, as of such Business Day, of (i) the outstanding principal amount of Senior Indebtedness and (ii) solely with respect to a determination of the Overcollateralization Test under Section 6.02(k) (Payment of Management Fees), the Minimum Overcollateralization Amount, is less than or equal to (b) the Advance Amount calculated as of such Business Day.

Overcollateralization Test means a test that shall be satisfied on any date of determination if the Overcollateralization Ratio is greater than or equal to 200%.

Overcollateralization Test on any date of determination if the Outstanding Receivables Balance of all Eligible Receivables (other than any Eligible Receivables that would cause the Concentration Limits to be exceeded), equals or exceeds an amount equal to (i) the outstanding principal amount of the Notes, plus (ii) the Required Overcollateralization Amount, minus (iii) the amount remaining on deposit in the Collection Account representing the portion of Required Monthly Payments that will be distributed on the following Payment Date in reduction of the Aggregate Class A Note Principal.

Overcollateralization Test means the Class A/B Overcollateralization Test and the Class C Overcollateralization Test.

Overcollateralization Test if, on any date of determination, (i) the sum of the Outstanding Receivables Balance of all Eligible Receivables plus the amount on deposit in the Collection Account equals or exceeds (ii) the sum of the outstanding principal amount of the Senior Notes plus the Required Overcollateralization Amount.

Overcollateralization Test means a test that will be satisfied on any date of determination if the Overcollateralization Ratio as of such date of determination is greater than or equal to the Overcollateralization Ratio corresponding to the case selected by the Portfolio Manager from the Matrix.

Overcollateralization Test means a test that is satisfied as of any Business Day if (a) the sum, as of such Business Day, of (i) the Dollar Equivalent of the aggregate outstanding principal amount of Senior Indebtedness and (ii) solely with respect to a determination of the Overcollateralization Test under Section 6.02(k) (Payment of Management Fees), the Minimum Overcollateralization Amount, is less than or equal to (b) the Advance Amount calculated as of such Business Day.