LTV Test Clause Samples
LTV Test. (a) The Borrower shall ensure that the LTV Ratio will be tested annually and on each LTV Test Date, by reference to the Appraisals provided to the Agent attributable to such LTV Test Date.
(b) Subject to Clause 21.1(c) below, the Borrower shall ensure that on any LTV Test Date, the LTV Ratio is not greater than the Maximum LTV Ratio.
(c) If on any LTV Test Date, the LTV Ratio is greater than the Maximum LTV Ratio applicable to such LTV Test Date, the Borrower shall, within 60 days (or such longer period as may be agreed by the Agent, acting in accordance with the instructions of Majority Lenders) after such Test Date (in its sole discretion) elect to:
(i) pay to, or procure the payment to, the Collection Account an amount which is sufficient, when added to the amount calculated as “B” or the purposes of the definition of LTV Ratio, to reduce the LTV Ratio to a percentage equal to or lower than the then applicable Maximum LTV Ratio (the “LTV Required Amount”) provided that each LTV Required Amount shall remain on deposit in the Collection Account until the earlier of:
(A) the subsequent LTV Test Date on which an LTV Trigger Event no longer occurs, or, if earlier, if the Borrower elects to provide an Appraisal on the date falling six (6) months after the initial Test Date where the LTV Trigger Event occurred showing compliance with the then applicable Maximum LTV Ratio, in each case disregarding the amount in the Collection Account;
(B) the date on which the Additional Aircraft Collateral (as defined below) that has a net realisable value equal to the LTV Additional Aircraft Collateral (as defined below) is provided; and
(C) the Termination Date, upon which the Borrower or the Parent Guarantor may withdraw the LTV Required Amount from the Collection Account provided that, in each case, no Event of Default has occurred and is continuing on such date.
(ii) provide additional Security over an unencumbered aircraft (“Additional Aircraft Collateral”) acceptable to the Lenders, which, in the opinion of the Majority Lenders has a net realisable value of at least equal to an amount which is sufficient, when aggregated with the amount calculated as “B” for the purposes of the definition of LTV Ratio, to reduce the LTV Ratio to a percentage equal to or lower than the then applicable Maximum LTV Ratio (the “LTV Additional Aircraft Collateral”) provided that each LTV Additional Aircraft Collateral shall remain secured in favour of the Security Agent until the earlier of...
LTV Test. Notwithstanding any other provision in this Section 7.03(c), if the Land Release will occur following Securitization, the Land Release will be permitted only if one of the following is satisfied:
(A) Immediately after the Land Release, the loan-to-value ratio of the Mortgaged Property (taking into account only the related land and buildings and not any personal property or going-concern value) is less than or equal to 125%, as determined by Lender using any commercially reasonable valuation method permitted in connection with a Securitization.
(B) At the time of the Land Release, Borrower pays down the principal balance of the Loan by a minimum of one of the following amounts:
(1) If the Release Parcel is sold, the net proceeds of an arm’s length sale of the Release Parcel to an unrelated Person.
(2) The fair market value of the Release Parcel at the time of the Land Release.
(3) An amount such that the loan-to-value ratio of the Loan (as determined by Lender) does not increase after the Land Release.
(C) In connection with the Land Release, Lender receives an opinion of counsel satisfactory to Lender and the Rating Agencies (if applicable) that the Securitization will not fail to maintain its status as a REMIC trust as a result of the Land Release.
LTV Test. If, on any day other than an LTV Test Date, an LTV Event occurs, the Borrower may, at any time thereafter remedy such LTV Event by: (i) prepaying the Loans in accordance with Section 2.08(b); (ii) providing Additional Collateral in accordance with Section 7.05.
LTV Test. As of the Closing Date and as of each Appraisal Delivery Date (each such date, a “LTV Test Date”), the Lessee shall not permit the LTV Ratio to be greater than sixty percent (60%) (the “LTV Test”); provided that, if the LTV Test would not be satisfied as of any LTV Test Date (other than the Closing Date), the Lessee shall have fifteen (15) days to deliver or adjust any Lessee Letter of Credit by the amount required to cause the LTV Test to be satisfied. ARTICLE VI
LTV Test. (i) An LTV Test will be performed on each Designated Aircraft on:
(1) The fourth anniversary of the Delivery Date for such Designated Aircraft (the “First LTV Test Date”): and
(2) The eighth anniversary of the Delivery Date for such Designated Aircraft (the “Second LTV Test Date”: the First LTV Test Date and the Second LTV Test Date being referred to collectively herein as the “LTV Test Dates”).
LTV Test. 28 Section 2.6 Retained Earnings Reserve. . . . 28 Section 2.7
LTV Test. If, at any time during the term of the Loan, Borrower receives written notice (the "LTV Notice") from Senior Lender that the LTV Test has not been satisfied, Borrower shall, commencing with the second (2nd) Business Day after Borrower receives the LTV Notice and on the Business Day immediately preceding the last Business Day of each calendar month thereafter, pay all Net Cash Flow from the Properties to Senior Lender to reduce the outstanding principal balance of the Loan pro rata until such time as the LTV Ratio is less than or equal to 75%.
LTV Test. 98 Section 7.02. DSCR ............................................................................................................ 99 Section 7.04. Weighted Average Remaining Lease Term ................................................. 99 Section 7.05.