Pre-Maturity Test Clause Samples
Pre-Maturity Test. (1) For so long as the Hard Bullet Covered Bonds remain outstanding, the Partnership and the Partners (other than the Liquidation GP) shall use all commercially reasonable efforts to ensure that on each Pre-Maturity Test Date the Partnership is in compliance with the Pre-Maturity Test as set out in Schedule 4.
(2) If it is determined that the Partnership does not meet the Pre-Maturity Test as of any Pre-Maturity Test Date, the Managing GP (or the Cash Manager on its behalf) shall immediately notify in writing the Partnership, the Partners and the Bond Trustee.
(3) If the Pre-Maturity Test is breached, and unless the Pre-Maturity Liquidity Ledger is otherwise funded from other sources pursuant to Section 7.2(1)(a) through (c), the Partnership shall sell Randomly Selected Loans if required pursuant to Section 7.2.
Pre-Maturity Test. On each Canadian Business Day that falls within the Pre-Maturity Test Interval (each, a “Pre-Maturity Test Date”) prior to the occurrence of an Issuer Event of Default or the occurrence of a Guarantor Event of Default, the Partnership or the Cash Manager on its behalf will determine if the Pre-Maturity Test has been breached.
Pre-Maturity Test. (a) For so long as the Hard Bullet Covered Bonds remain outstanding, the Partnership and the Partners (other than the Liquidation GP) shall use all commercially reasonable efforts to ensure that on each Pre-Maturity Test Date the Partnership is in compliance with the Pre-Maturity Test as set out in Schedule 4.
(b) If it is determined that the Partnership does not meet the Pre-Maturity Test as of any Pre- Maturity Test Date, the Managing GP (or the Cash Manager), on behalf of the Partnership, shall immediately notify in writing the Partnership, the Partners, the Bond Trustee and the Issuer.
(c) If the Pre-Maturity Test is breached, and unless the Pre-Maturity Liquidity Ledger is otherwise funded from other sources pursuant to Section 7.2(a) through (c), the Partnership may offer to sell Selected Loans if required pursuant to Section 7.2.
Pre-Maturity Test. On each Business Day that falls within the Pre-Maturity Test Interval (each, a “Pre- Maturity Test Date”) prior to the occurrence of an Issuer Event of Default or the occurrence of a Guarantor Event of Default, the Guarantor or the Cash Manager on its behalf will determine if the Pre-Maturity Test has been breached.