OC Test definition

OC Test means a test that shall be satisfied if the OC Ratio on such date of determination is equal to or greater than 100%.
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Examples of OC Test in a sentence

  • The OC Test Notice shall also include the amount of funds that the Borrower may request from the Escrow Agent or the amount of additional Bond Loan Collateral that the Borrower must pledge and deliver.

  • If the Collateral Manager does not deliver a certificate to the Trustee certifying that on the Ramp-Up Completion Date the Placement Fee OC Test was met, the Ramp-Up Date Placement Fee will not be paid to the Preference Share Placement Agent and any amount in such sub-account shall be immediately transferred to the Uninvested Proceeds Account and be treated as Uninvested Proceeds of the Issuer.

  • If any Monthly Remittance Report indicates the existence of a failure to satisfy the Initial OC Test, the Borrower shall cure such failure to satisfy the Initial OC Test in the manner specified in Section 2.19.

  • The OC Test determines whether the Borrower has the Required Overcollateralization, as defined in paragraph (b) of this Section 5.21, by comparing (i) the Bond Loan Collateral to (ii) the product of (a) the Bond Loan Unpaid Principal Balance, times (b) [one hundred [NUMBER] percent (10[x]%)].

  • The Master Servicer/Trustee shall deliver a notice (the “OC Test Notice”) on the Business Day following receipt of the Lender certification described in paragraph (c)(i) of this Section 5.21, simultaneously to the Borrower, the Lender and the Escrow Agent informing them of the results of the OC Test.

  • Date: ---------------------------- LORILLARD TOBACCO COMPANY By: ------------------------------ ▇▇▇▇▇▇ ▇.

  • Under no circumstances shall the Lenders make any Loan or portion thereof unless, after giving effect to such Borrowing, the Initial OC Test will be satisfied.

  • Borrower shall promptly, but in no event later than five (5) Business Days after Borrower’s receipt of the OC Test Notice, comply with the Required Overcollateralization.

  • If the Collateral Manager delivers a certificate to the Trustee certifying that on the Ramp-Up Completion Date the Placement Fee OC Test was met, the Ramp-Up Date Placement Fee will be paid by the Trustee to the Preference Share Placement Agent promptly after receipt of such certificate.