Class 3 Minimum OC Coverage Test definition
Class 3 Minimum OC Coverage Test means a test that shall be satisfied if the Class 3 OC Ratio is equal to or greater than 100%.
Class 3 Minimum OC Coverage Test means a test that shall be satisfied if the Class 3 OC Ratio is equal to or greater than 100%. “Class 3 OC Ratio” means, as of any Business Day, (a) the Class 3 Borrowing Base, divided by (b) the sum of (x) the aggregate outstanding principal balance of the Class 3 Advances and (y) the Dollar Equivalent of the aggregate purchase price of all Class 3 Loans for which the Borrower has entered into a binding commitment to purchase that have not yet settled. “Class 4” means, at any time, all Class 4 Loans at such time. “Class 4 Advance” means each Advance allocated to Class 4 pursuant to, and in accordance with, this Agreement. “Class 4 Borrowing Base” means, at any time, an amount equal to the sum of (i) the amounts in each Principal Collection Account, (ii) the product of (x) the Weighted Average Class 4 Advance Rate (excluding any Sale Settlement Pending Collateral from the calculation of the Weighted Average Class 4 Advance Rate) as of such date, (y) the Aggregate Class 4 Net Collateral Balance (excluding any Sale Settlement Pending Collateral from the calculation of the Aggregate Class 4 Net Collateral Balance) as of such date and (z) the Portfolio Advance Rate Adjustment as of such date, and (iii) the Dollar Equivalent of the aggregate sale price on any Sale Settlement Pending Collateral for the Class 4 Loans. “Class 4 Loan” means a Collateral Loan (a) that is not a Broadly Syndicated Loan, and (b) the relevant Obligor of which has an EBITDA of less than the Dollar Equivalent of $50,000,000 as calculated in accordance with the Related Documents as of the Trade Date of such Collateral Loan. “Class 4 Minimum OC Coverage Test” means a test that shall be satisfied if the Class 4 OC Ratio is equal to or greater than 100%. “Class 4 OC Ratio” means, as of any Business Day, (a) the Class 4 Borrowing Base, divided by (b) the sum of (x) the aggregate outstanding principal balance of the Class 4 Advances and (y) the Dollar Equivalent of the aggregate purchase price of all Class 4 Loans for which the Borrower has entered into a binding commitment to purchase that have not yet settled. “Class Minimum OC Coverage Test” means the Class 1 Minimum OC Coverage Test, the Class 2 Minimum OC Coverage Test, the Class 3 Minimum OC Coverage Test or the Class 4 Minimum OC Coverage Test, as applicable.