Coverage Tests Clause Samples

Coverage Tests. 10 14.4. Mobility/Handover............................................... 10

Coverage Tests. (a) The Borrower shall not at any time permit the aggregate principal amount of the Borrower’s Debt to exceed the lesser of (i) 10% of the Borrower’s Adjusted Net Asset Value; (ii) 50% of the Borrower’s Liquid Assets and (iii) 50% of Borrower’s Eligible Assets, provided that in no event shall any interest of the Borrower in any collective undertaking or fund that is sponsored or advised by the Bank or any of its affiliates, including, without limitation, by SSgA Funds Management, Inc., be included in the Borrower’s Adjusted Net Asset Value, the Borrower’s Liquid Assets or the Borrower’s Eligible Assets for purposes of determining compliance with the covenant set forth in this Section 5.14. (b) The Borrower will not permit, at any time, the aggregate amount of its Total Leverage to exceed 33- 1/3% of the sum of (i) its Net Asset Value plus (ii) its Total Leverage.

Coverage Tests. (a) At any time during which any of the Notes are Outstanding, if any of the Coverage Tests described below are not satisfied as of the related Calculation Date, amounts that would otherwise be used (i) for payments of Excess Funds on the Class E Subordinate Income Notes, (ii) for the purchase of additional Collateral Debt Securities; (iii) for the payment of certain fees and expenses; (iii) in the case of a failure to satisfy either the Class A Interest Coverage Test or the Class A Principal Coverage Test, for interest payments on the Class B Notes, the Class C Notes and the Class D Notes; (iv) in the case of a failure to satisfy either the Class B Interest Coverage Test or the Class B Principal Coverage Test, for interest payments on the Class C Notes and the Class D Notes; (v) in the case of a failure to satisfy either the Class C Interest Coverage Test or Class C Principal Coverage Test, for interest payments on the Class D Notes; and (vi) in the case of a failure to satisfy either the Class D Interest Coverage Test or the Class D Principal Coverage Test, for payments of Excess Funds on the Class E Subordinate Income Notes shall instead be applied on the related Payment Date, to the extent necessary to satisfy such Coverage Test as of such Calculation Date, to Principal Prepayments until such Coverage Test is satisfied as of such Calculation Date or the Notes are paid in full. (b) On the Effective Date, the portfolio of Collateral Debt Securities must meet each of the Coverage Tests. Furthermore, if any of the Coverage Tests set forth herein are not satisfied prior to or as a result of any proposed purchase of additional Collateral Debt Securities or Substitute Collateral Debt Securities after the Effective Date, the Issuer will not be permitted to make such purchase. (c) The Interest Coverage Test for each Class of Notes shall be satisfied as of any date of determination when the Interest Coverage Ratio for each such Class is equal to or exceeds the required level set forth below: Class A Interest Coverage Test 115 % Class B Interest Coverage Test 110 % Class C Interest Coverage Test 104 % Class D Interest Coverage Test 102 % The respective Interest Coverage Ratio is equal to the percentage based on the ratio of (x) to (y), where (x) is equal to the Interest Coverage Amount and where (y) is an amount equal to (i) in the case of the Class A Interest Coverage Ratio, the Periodic Interest for the Class A Notes for the Payment Date immediately following s...

Coverage Tests a. Overcollateralization Test

Coverage Tests. (a) The Fund shall maintain, as of the last day of each month, the 1940 Act Asset Coverage. (b) The Fund shall satisfy, as of each Business Day, the Over-Collateralization Test.