Overcollateralization Test definition

Overcollateralization Test has the meaning specified in Section 5.4(c).

Overcollateralization Test means each Overcollateralization Test, for so long as any Secured Notes remain Outstanding, which will be met on any Measurement Date if the Overcollateralization Ratio on such Measurement Date is equal to or greater than the required ratio for such test specified in the table below.

Overcollateralization Test has the meaning set forth in the Collateral Valuation Schedule.

Examples of Overcollateralization Test in a sentence

• For purposes of calculating the Coverage Tests and the Reinvestment Overcollateralization Test, except as otherwise specified in the Coverage Tests and the Reinvestment Overcollateralization Test, such calculations shall not include scheduled interest and principal payments on Defaulted Obligations unless or until such payments are actually made.

• For purposes of calculating the Coverage Tests and the Reinvestment Overcollateralization Test, except as otherwise specified in such tests, such calculations shall not include scheduled interest and principal payments on Defaulted Obligations unless or until such payments are actually made.

• For purposes of calculating the Coverage Tests and the Reinvestment Overcollateralization Test, except as otherwise specified in the Coverage Tests and the Reinvestment Overcollateralization Test, such calculations will not include scheduled interest and principal payments on Defaulted Obligations unless or until such payments are actually made.

• Notwithstanding the foregoing, if the Corporation satisfies the MRP Asset Coverage Test and the MRP Overcollateralization Test as of the applicable Cure Date before taking into account any redemptions of Preferred Shares, the Corporation shall not be obligated to redeem any Preferred Shares under this Section 3(a)(ii).

• For purposes of the calculation of the Coverage Tests, the Reinvestment Overcollateralization Test and the Collateral Quality Test, Collateral Obligations contributed to an Issuer Subsidiary pursuant to Section 7.16(e) and any Asset as to which any interest or other payment thereon is subject to withholding tax shall be included net of the actual taxes paid or any future anticipated taxes payable with respect thereto.

More Definitions of Overcollateralization Test

Overcollateralization Test means a test that is satisfied as of any Business Day if (a) the sum, as of such Business Day, of (i) the outstanding principal amount of Senior Indebtedness and (ii) solely with respect to a determination of the Overcollateralization Test under Section 6.02(k) (Payment of Management Fees), the Minimum Overcollateralization Amount, is less than or equal to (b) the Advance Amount calculated as of such Business Day.

Overcollateralization Test means a test that shall be satisfied on any date of determination if the Overcollateralization Ratio is greater than or equal to 200%.

Overcollateralization Test on any date of determination if the Outstanding Receivables Balance of all Eligible Receivables (other than any Eligible Receivables that would cause the Concentration Limits to be exceeded), equals or exceeds an amount equal to (i) the outstanding principal amount of the Notes, plus (ii) the Required Overcollateralization Amount, minus (iii) the amount remaining on deposit in the Collection Account representing the portion of Required Monthly Payments that will be distributed on the following Payment Date in reduction of the Aggregate Class A Note Principal.

Overcollateralization Test if, on any date of determination, (i) the sum of the Outstanding Receivables Balance of all Eligible Receivables plus the amount on deposit in the Collection Account equals or exceeds (ii) the sum of the outstanding principal amount of the Senior Notes plus the Required Overcollateralization Amount.

Overcollateralization Test means the Class A/B Overcollateralization Test and the Class C Overcollateralization Test.

Overcollateralization Test has the meaning specified in Section 3.6(b). “Owner Trustee” means Wilmington Trust, National Association, acting in such capacity, under the Trust Agreement. “Parent” means Oportun Financial Corporation. “Parent Term Loan” means a senior secured term credit facility established pursuant to a certain Credit Agreement, dated on or about September 14, 2022, among the Parent, the lenders from time to time party thereto, and Wilmington Trust, National Association, as administrative agent for the lenders and as collateral agent for the secured parties, as such agreement may be amended, restated, supplemented or otherwise modified from time to time. “Participant” has the meaning specified in Section 10.4(b). “Paying Agent” means any Paying Agent appointed pursuant to Section 2.7 and shall initially be the Collateral Agent. “Payment” has the meaning specified in Section 10.19(a). “Payment Date” means October 8, 2021 and the eighth (8th) day of each calendar month thereafter, or if such eighth (8th) day is not a Business Day, the next succeeding Business Day. “Payment Notice” has the meaning specified in Section 10.19(b). “Pension Plan” means an “employee pension benefit plan” as described in Section 3(2) of ERISA (excluding a Multiemployer Plan) that is subject to Title IV of ERISA or Section 302 of ERISA or 412 of the Code, and in respect of which the Borrower, the Seller, the initial Servicer or any ERISA Affiliate thereof is, or at any time during the immediately preceding six (6) years was, an “employer” as defined in Section 3(5) of ERISA, or with respect to which the

Overcollateralization Test means each Overcollateralization Test, for so long as any Secured Notes remain Outstanding, which will be met on any Measurement Date if the Overcollateralization Ratio on such Measurement Date is equal to or greater than the required ratio for such test specified in the table below. Class Required OvercollateralizationRatio (%) A/B 124.74%C 116.72%D 111.28%E 105.20%