Par Value Test definition
Examples of Par Value Test in a sentence
The calculation of the Class A Par Value Test on any Measurement Date on or after the Effective Date shall be made by giving effect to all payments to be made pursuant to all subclauses of the Priority of Payments as applicable, payable on the Payment Date following such Measurement Date.
Notwithstanding the foregoing, (I) on any Determination Date on which the Class A Par Value Test is not satisfied or (II) on any Determination Date on or after the Second Determination Date on which the Class A Interest Coverage Test is not satisfied, Principal Proceeds in the Principal Collection Account in an amount necessary to satisfy such Coverage Test shall be transferred to the Payment Account for application as Principal Proceeds on the related Payment Date.
The calculation of the Class A Par Value Test on any Measurement Date shall be made by giving effect to all payments to be made pursuant to all subclauses of the Priority of Payments as applicable, payable on the Payment Date following such Measurement Date.
Notwithstanding the foregoing, (I) on any Determination Date on or after the Effective Date on which the Class A Par Value Test is not satisfied or (II) on any Determination Date on or after the Second Determination Date on which the Class A Interest Coverage Test is not satisfied, Principal Proceeds in the Principal Collection Account in an amount necessary to satisfy such Coverage Test shall be transferred to the Payment Account for application as Principal Proceeds on the related Payment Date.
If, as of any Determination Date, the Par Value Test is not satisfied, the Issuer may deposit into the Par Value Test Cash Collateral Account an amount sufficient to cause the Issuer to satisfy the Par Value Test.
Notwithstanding the foregoing, (I) on any Determination Date on or after the Effective Date on which the Class A Par Value Test is not satisfied or (II) on any Determination Date on or after the Third Determination Date on which the Class A Interest Coverage Test is not satisfied, Principal Proceeds in the Principal Collection Account in an amount necessary to satisfy such Coverage Test shall be transferred to the Payment Account for application as Principal Proceeds on the related Payment Date.
The only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Par Value Test Cash Collateral Account shall be to withdraw amounts for deposit into the Payment Account (i) for application pursuant to Section 11.1(a)(i) as Interest Proceeds as described in this Section 10.3 or (ii) for application pursuant to Section 11.1(a)(ii), Section 11.1(a)(iii) or Section 11.1(a)(iv) as Principal Proceeds or Securitization Sale Proceeds as described in this Section 10.3.
All amounts credited from time to time to the Par Value Test Cash Collateral Account pursuant to this Section 10.3 shall be held by the Collateral Agent as part of the Collateral and shall be applied as provided herein.
Notwithstanding the foregoing, Sellers are not making any representation pursuant to this Section 3.11 with respect to events, occurrences or developments not within the reasonable control of the Sellers or their Affiliates that could result in a failure to satisfy any Par Value Coverage Test or Par Value Test (as defined in each CDO Indenture).
Lessor shall not be responsible for radon testing for any persons purchasing, leasing or occupying any portion of the Demised Premises, and all Residential Sublessees and any sublessee under a Sublease shall hold Lessor harmless and indemnify Lessor for damages or claims related thereto and release Lessor from same.