Collateral Coverage Tests definition

Collateral Coverage Tests means the Senior Collateral Coverage Tests, the Class C Collateral Coverage Tests, the Class D Collateral Coverage Tests and the Class E Principal Coverage Test.
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Collateral Coverage Tests. The Class A/B Collateral Coverage Tests, Class C Collateral Coverage Tests and Class D Collateral Coverage Tests.
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Collateral Coverage Tests means, with respect to the Company as of any date of determination, (1) the book value of the Collateral securing the Notes as of such date is at least 4.5 times the total principal amount outstanding under the Credit Facility and the Notes as of such date, and (2) the book value of the Collateral consisting solely of unrestricted cash and loans securing the Notes as of such date is at least 1.5 times the total principal amount outstanding under the Credit Facility and the Notes as of such date.
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Examples of Collateral Coverage Tests in a sentence

  • On any date after the Reinvestment Period has terminated or on any date during the Reinvestment Period when the Issuer is not in compliance with Collateral Coverage Tests, the Issuer shall fund Exposure Amounts from amounts on deposit in the Exposure Reserve Account (which may, during the Reinvestment Period, include amounts from new Borrowings under the Class A-2 Notes).

  • The Collateral Manager shall use commercially reasonable efforts to sell any Defaulted Security that is a debt security within three years after such security becomes a Defaulted Security and after the expiration of such three-year period, the principal amount of such Defaulted Security shall be deemed to be equal to $0 for purposes of the Collateral Coverage Tests.

  • If the Collateral Coverage Tests, the Collateral Quality Tests or the Portfolio Percentage Limitations are not satisfied on the Effective Date, or if the Overcollateralization Amount (determined without regard to clause (e) of the definition thereof) is not at least equal to the Expected Aggregate Principal Amount, the Issuer or the Collateral Manager (acting on behalf of the Issuer) shall provide written notice thereof to the Trustee, the Placement Agent and each Rating Agency.

  • Any Equity Security or Exchanged Equity Security shall be deemed to have a Principal Balance equal to zero for the purpose of calculating the Collateral Coverage Tests.

  • As of the Effective Date, the Issuer is required to satisfy the Collateral Coverage Tests, the Collateral Quality Tests and the Portfolio Percentage Limitations and to own Collateral Debt Obligations such that the Overcollateralization Amount (determined without regard to clause (e) of the definition thereof) is at least equal to the Expected Aggregate Principal Amount.


More Definitions of Collateral Coverage Tests

Collateral Coverage Tests means the Interest Coverage Test and the Overcollateralization Test.
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Related to Collateral Coverage Tests

  • Collateral Coverage Ratio means (i) the aggregate value of any relevant collateral security, including the pro rata value of any shared collateral, divided by (ii) the outstanding aggregate principal amount of the relevant debt.

  • Coverage Test means each of the Class A/B Par Value Test, the Class A/B Interest Coverage Test, the Class C Par Value Test, the Class C Interest Coverage Test, the Class D Par Value Test, the Class D Interest Coverage Test, the Class E Par Value Test and the Class E Interest Coverage Test.

  • Coverage Tests The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied to each specified Class or Classes of Secured Debt.

  • Asset Coverage Test has the meaning given to it in Schedule 2 of the Guarantor Agreement;

  • Interest Coverage Test means the Class A/B Interest Coverage Test, the Class C Interest Coverage Test, the Class D Interest Coverage Test and the Class E Interest Coverage Test.