Common use of Amortization Test Clause in Contracts

Amortization Test. (1) Following the occurrence and during the continuance of an Issuer Event of Default, for as long as there are Covered Bonds outstanding, the Partnership must ensure that, on each Calculation Date following the occurrence and during the continuance of such Issuer Event of Default, the Partnership is in compliance with the Amortization Test as set out in Schedule 3. (2) If as of any Calculation Date following the occurrence and during the continuance of an Issuer Event of Default, the Partnership is not in compliance with the Amortization Test, the Managing GP (or the Cash Manager on its behalf) shall immediately (and in any event no later than the Canadian Business Day that is at least two days prior to the Guarantor Payment Date after such Calculation Date) notify in writing CMHC, the Partners and the Bond Trustee thereof.

Amortization Test. (1) Following the occurrence and during the continuance of an Issuer Event of Default, for as long as there are Covered Bonds outstanding, the Partnership must ensure that, on each Calculation Date following the occurrence and during the continuance of such an Issuer Event of Default, the Partnership is in compliance with the Amortization Test as set out in Schedule 3. (2) If as of any Calculation Date following the occurrence and during the continuance of an Issuer Event of Default, the Partnership is not in compliance with the Amortization Test, the Managing GP (or the Cash Manager on its behalf) shall immediately (and in any event no later than the Canadian Toronto Business Day that is at least two days prior to the Guarantor Payment Date after such Calculation Date) notify in writing CMHCthe Partners, the Partners CMHC and the Bond Trustee thereof.