Maximum Weighted Average Life Test definition
Maximum Weighted Average Life Test means a test that will be satisfied on any date of determination if the Weighted Average Life of all Eligible Collateral Obligations included in the Collateral is less than or equal to 5.50 years.
Maximum Weighted Average Life Test is a test satisfied on any Measurement Date if the Weighted Average Life of all Collateral Loans as of such date is less than or equal to (a) 7 years minus (b) the number of years (rounded to the nearest quarter) that have elapsed since the Closing Date.
Maximum Weighted Average Life Test means a test that will be satisfied on any date of determination if the Weighted Average Life of the Collateral Loans as of such date is less than or equal to seven (7.0) years.
Examples of Maximum Weighted Average Life Test in a sentence
Except as otherwise provided herein, Ineligible Collateral Loans will not be included in the calculation of the Maximum Weighted Average Life Test.
More Definitions of Maximum Weighted Average Life Test
Maximum Weighted Average Life Test. A test satisfied on any date of determination if the Weighted Average Life of all Collateral Obligations as of such date is less than the number of years (rounded to the nearest one hundredth thereof) during the period from such date of determination to September 29, 2024October 18, 2026.
Maximum Weighted Average Life Test means a test that will be satisfied at any time if the Weighted Average Life of all Eligible Loans at such time is less than or equal to 7 years minus the quotient of the number of full calendar quarters that have elapsed since the Closing Date divided by four.
Maximum Weighted Average Life Test has the meaning set forth on Schedule F hereto.
Maximum Weighted Average Life Test means a test that will be satisfied on any date of determination if the Weighted Average Life of the Collateral Loans as of such date is less than or equal to seven (7) years. “Measurement Date” means (a) the Closing Date, (b) each Borrowing Date, (c) each Monthly Report Determination Date, (d) each Payment Date Report Determination Date and (e) each other date reasonably requested by the Administrative Agent. “Mezzanine Obligations” means unsecured obligations that are contractually subordinated in right of payment to other debt of the same issuer. “Minimum OC Coverage Test” means, as of any date, a test that is satisfied if the OC Ratio as of such date is equal to or greater than 1.00:1.00. “Money” has the meaning specified in Section 1-201(24) of the UCC. “Monthly Report” has the meaning assigned to such term in Section 8.07(a). “Monthly Report Determination Date” has the meaning assigned to such term in Section 8.07(a). “Monthly Reporting Date” has the meaning assigned to such term in Section 8.07(a). “▇▇▇▇▇’▇” means ▇▇▇▇▇’▇ Investors Service, Inc., together with its successors. “Multiemployer Plan” means a “multiemployer plan” within the meaning of Section 4001 (a)(3) of ERISA to which the Borrower or a member of its ERISA Group makes contributions or is obligated to make contributions or has any liability. “Net-Debt-to-Recurring-Revenue Ratio” means, with respect to any Collateral Loan for any period, the meaning of “Net-Debt-to-Recurring-Revenue Ratio” or any comparable term defined in the Related Documents for such Collateral Loan, and in any case that “Net-Debt- to-Recurring-Revenue Ratio” or such comparable term is not defined in such Related Documents, the ratio of (a) indebtedness of the related Obligor under such Collateral Loan and all other indebtedness of such Obligor that is senior or pari passu in right of payment to such Collateral Loan minus unrestricted cash and cash equivalents to (b) TTM Recurring Revenue, as calculated by the Servicer in good faith in accordance with the Servicing Standard using information from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the Related Documents; provided that, in the event of a lack of any such information necessary to calculate the Net-Debt- to-Recurring-Revenue Ratio for any Collateral Loan, the Net-Debt-to-Recurring-Revenue Ratio for such Collateral Loan shall be a ratio calculated ...
Maximum Weighted Average Life Test. A test that will be satisfied on any Measurement Date if the Weighted Average Life of all Loans included in the Collateral is less than or equal to 6.5 years; provided that following a securitization in which the Administrative Agent is the sole or joint lead bookrunner, the Maximum Weighted Average Life Test will not apply hereunder until the aggregate Adjusted Borrowing Value is greater than $80,000,000.
Maximum Weighted Average Life Test is a test satisfied on any Measurement Date if the Weighted Average Life of all Collateral Loans as of such date is less than or equal to (a) 6 years minus (b) the number of years (rounded to the nearest quarter) that have elapsed since the Amended and Restated Closing Date (or, if any Permitted Securitization has occurred, since the date of the most recent Permitted Securitization). "Measurement Date" means each Calculation Date, each day Collateral Loans are acquired, originated or sold, each Collateral Report Determination Date and each day pursuant to the reasonable request of the Majority Lenders or S&P; provided that if any such date is not a Business Day, such Measurement Date shall be the next succeeding Business Day. "Minimum Weighted Average Coupon Test" means a test that will be satisfied on any Measurement Date if the Weighted Average Coupon equals or exceeds 7.0%. "Minimum Weighted Average S&P Recovery Rate Test" means the test that will be satisfied on any date of determination if the Weighted Average S&P Recovery Rate for the Collateral Loans equals or exceeds the S&P CDO Monitor Recovery Rate. "Minimum Weighted Average Spread Test" means a test that will be satisfied on any Measurement Date if the Weighted Average Spread equals or exceeds the S&P Minimum Floating Spread. "MM Loan" means a Collateral Loan that is not a BSL Loan. "Money" shall have the meaning specified in Section 1-201(24) of the UCC. "▇▇▇▇▇'▇" means ▇▇▇▇▇'▇ Investors Service, Inc. and any successor thereto. "Multiemployer Plan" means at any time a "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA to which any Borrower or a member of its ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions. "NCPCF" means ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Private Credit Fund. "NCPCIF" means ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Private Capital Income Fund.
Maximum Weighted Average Life Test is amended by replacing the reference to “Reset Amendment Closing Date” with the phrase “July 8, 2021”.