LTV Trigger Event definition

LTV Trigger Event means that, on any LTV Test Date, the LTV Ratio is greater than the applicable Maximum LTV Ratio provided that for the purposes of the Finance Documents, such LTV Trigger Event will be deemed to be continuing until such time as on any subsequent LTV Test Date, the LTV Ratio is reduced to a percentage equal to or lower than the then applicable Maximum LTV Ratio.

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LTV Trigger Event means as of any date a Loan to Value Ratio greater than 75%.

LTV Trigger Event means the occurrence of the event described in Section 7.12(a)(i).

Examples of LTV Trigger Event in a sentence

If an LTV Trigger Event has occurred, the Borrower shall, no later than three months following the date on which such LTV Trigger Event occurred, prepay the outstanding principal amount of the Loans made to it which is necessary to prepay in order to remedy such LTV Trigger Event.

More Definitions of LTV Trigger Event

LTV Trigger Event means an event that shall (a) occur and be continuing at any time that the Weighted Average LTV Requirements are not in compliance and (b) terminate upon either (i) the application of payments pursuant to Article 5(b)(vi) in an amount necessary to cause the weighted average Look Through LTV for the Purchased Assets to be in compliance with the Weighted Average LTV Requirements or (ii) a cash payment is made by Seller to Buyer in reduction of the Purchase Price of the Purchased Assets in the amount necessary to cause the weighted average Look Through LTV for the Purchased Assets to be reduced to or below the applicable Weighted Average LTV Requirement, whether such payment is made pursuant to clause (o) of the definition of Mandatory Early Repurchase Event or otherwise, or any combination of the foregoing.

LTV Trigger Event means any occurrence of the LTV exceeding the Advance Rate.

LTV Trigger Event means, if, as of any date of determination, after the six month anniversary of the Closing Date, the LTV exceeds the Maximum LTV Percentage. “Majority Lenders” means the Lenders representing an aggregate of more than 50% of the aggregate Commitments. The Commitments of any Defaulting Lender shall be disregarded in determining the Majority Lenders at any time. “Management Contracts” means the management contracts entered into by any Loan Party in connection with the management of a Portfolio Asset. “Market Trigger Event” means, as of any date of determination, (i) an Event of Default has occurred and is continuing, (ii) an LTV Trigger Event has occurred and is continuing, (iii) the Debt Service Coverage Ratio (commencing with the period ending September 30, 2021) as of such date is less than 3.0:1.0, (iv) [reserved], (v) a Material Investment Event or a Material Modification has occurred and is continuing, (vi) the Eligible Portfolio Assets consist of less than six (6) separate General Partnership Investments or the aggregate Investment Value of all Eligible Portfolio Assets is less than $300,000,000, or (vii) the occurrence of a Ratings Event. For the avoidance of doubt, the occurrence of a Market Trigger Event under this Agreement shall not constitute an Event of Default. “Material Adverse Effect” means (a) a material adverse effect on the business, financial condition, operations, liabilities (actual or contingent) or performance of Holdings and the Loan Parties, taken as a whole, (b) a material adverse effect on the validity or enforceability of this Agreement or any other Transaction Document, (c) a material impairment of the rights and remedies of the Administrative Agent, the Servicer, any Lender or any other Secured Parties with respect to matters arising under this Agreement or any other Transaction Document, (d) a material adverse effect on the ability of Holdings and the Loan Parties, taken as a whole, to perform their respective obligations under this Agreement or any other Transaction Document or (e) a material adverse effect on the existence, perfection, priority or enforceability of the Administrative Agent’s or the other Secured Parties’ Lien on the Collateral Portfolio; provided that, in each case, there shall be no Material Adverse Effect to the extent such Material Adverse Effect arises from the action (or inaction) of the Administrative Agent, the Servicer, any Lender or any other Secured Party.

LTV Trigger Event means, as of any LTV Trigger Test Date, the LTV is greater than the applicable Maximum LTV Threshold. If any LTV Trigger Event shall occur, it shall be deemed to be in existence until the earlier of (a) the date such LTV Trigger Event is cured or (b) the next LTV Test Date (if any) on which the LTV is lower than the applicable Maximum LTV Threshold. “LTV Trigger Test Date” means each Appraisal Date. “Maintenance Adjusted Base Value” means, as of any date of determination, the Half-Life Base Value of an Asset, adjusted by the relevant Appraiser to account for the maintenance status of such Asset (with such assumptions as to use since the last reported status as may be reasonably stated in the appraisal setting forth such Maintenance Adjusted Base Value). The Maintenance Adjusted Base Value for each Asset, as of any date of determination, shall be the average (mean) of the “Maintenance Adjusted Base Values” set forth in the Appraisals most recently delivered by each of the three Appraisers for such Asset in accordance with Section 2.03(b) or Section 5.02(b). “Maintenance Adjusted CMV” means, as at any date of determination, the specification-adjusted current market value of an Asset based on the most likely trading price that may be generated for such Asset under the market conditions that are perceived to exist at the time in question with the assumptions that such Asset is valued for its highest, best use, that the parties to the hypothetical transaction are willing, able, prudent, knowledgeable and under no unusual pressure for a prompt sale and that the transaction would be negotiated in an open and unrestricted market on an arm’s-length basis for cash or equivalent consideration, and given an adequate amount of time for effective exposure to potential buyers, using half-life values as adjusted to account for the specifications of the Asset and reflecting the state of supply and demand in the market that exists at the time, and adjusted by the relevant Appraiser to account for the maintenance status of such Asset (with such assumptions as to use since the last reported status as may be reasonably stated in the appraisal setting forth such Maintenance Adjusted CMV); provided that if there is any conflict or disagreement with respect to the interpretation of Maintenance Adjusted CMV, the parties shall refer to the definitions of ISTAT for guidance. The Maintenance Adjusted CMV for each Asset, as of any date of determination, shall be the average (mean) of ...

LTV Trigger Event. Means, a circumstance that exists if, the LTV Ratio exceeds (i) prior to the earlier to occur of (x) April 1, 2028 and (y) the payment in full in cash of the Series B(R) Equipment Notes issued under Series 2015-1, 87.5% and (ii) thereafter, 82.5%.

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