Weighted Average Life Test definition

Weighted Average Life Test. A test satisfied on any date of determination if the Weighted Average Life of the Collateral Obligations as of such date is less than or equal to the greater of (i) zero and (ii)(x) the Maximum Weighted Average Life minus (y) 0.25 multiplied by the number of completed calendar quarters since the Closing Date.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Weighted Average Life Test means a test that is satisfied at any such time if the Weighted Average Life as calculated on the date of determination is less than or equal to 5.5 years.

Weighted Average Life Test means, as of any date of determination, that the Weighted Average Life of all Eligible Loan Assets is equal to or less than 6.0 years.

Examples of Weighted Average Life Test in a sentence

• After the Reinvestment Period, the Issuer shall only consent and shall only allow the Collateral Manager to consent to any amendment if, after giving effect to such Maturity Amendment, (a) the Weighted Average Life Test is satisfied and (b) the maturity of such Collateral Obligation is not extended beyond the shortest Stated Maturity of any of the Secured Notes still Outstanding.

• The Borrower (and the Collateral Manager on its behalf) shall not consent to any extension or postponement of the maturity date with respect to any Collateral Loan unless, after giving effect to any such extension or postponement, the Maximum Weighted Average Life Test shall be satisfied.

• The Borrower (and the Servicer on its behalf) shall not consent to any extension or postponement of the maturity date with respect to any Collateral Loan without the prior written consent of the Administrative Agent; provided that the prior written consent of the Administrative Agent shall not be required if, after giving effect to such extension or postponement, the Maximum Weighted Average Life Test is satisfied.

• The Collateral Manager may not consent to an amendment, exchange or deemed acquisition that would extend the final maturity of a Collateral Obligation unless after giving effect thereto, (i) the final maturity of such Collateral Obligation is not later than the Stated Maturity and (ii) the Weighted Average Life Test will be satisfied.

• The Portfolio Manager may not consent to solicitations by issuers of Collateral Obligations to extend the maturity of such Collateral Obligations unless (x) either (i) the maturity of the new Collateral Obligation is not later than the Stated Maturity or (ii) the Aggregate Principal Balance of Long-Dated Obligations is not more than 6% of the Collateral Principal Amount and (y) if the solicitation is after the Reinvestment Period, the Weighted Average Life Test is satisfied.

More Definitions of Weighted Average Life Test

Weighted Average Life Test. A test satisfied on any date of determination if the Weighted Average Life of the Collateral Obligations as of such date is less than or equal to the value in the column entitled “Weighted Average Life Value” in the table below corresponding to the immediately preceding Payment Date (or, prior to the first Payment Date following the Closing Date, the Closing Date): Closing Date 5.50 Payment Date in November 2020 5.02 Payment Date in February 2021 4.77 Payment Date in May 2021 4.52 Payment Date in August 2021 4.27 Payment Date in November 2021 4.02 Payment Date in February 2022 3.77 Payment Date in May 2022 3.52 Payment Date in August 2022 3.27 Payment Date in November 2022 3.02 Payment Date in February 2023 2.77 Payment Date in May 2023 2.52 Payment Date in August 2023 2.27 Payment Date in November 2023 2.02 Payment Date in February 2024 1.77 Payment Date in May 2024 1.52 Payment Date in August 2024 1.27 Payment Date in November 2024 1.02 Payment Date in February 2025 0.76 Payment Date in May 2025 0.52 Payment Date in August 2025 0.27 Payment Date in November 2025 and after 0.00

Weighted Average Life Test. A test satisfied on any date of determination if the Weighted Average Life of the Collateral Obligations as of such date is less than or equal to the value in the column entitled “Weighted Average Life Value” in the table below corresponding to the immediately preceding Payment Date (or, prior to the first Payment Date, the Closing Date): Closing Date 8.00 April 20, 2019 7.65 July 20, 2019 7.40 October 20, 2019 7.15 January 20, 2020 6.90 April 20, 2020 6.65 July 20, 2020 6.40 October 20, 2020 6.15 January 20, 2021 5.90 April 20, 2021 5.65 July 20, 2021 5.40 October 20, 2021 5.15 January 20, 2022 4.90 April 20, 2022 4.65 July 20, 2022 4.40 October 20, 2022 4.15 January 20, 2023 3.90 April 20, 2023 3.65 July 20, 2023 3.40 October 20, 2023 3.15 January 20, 2024 2.90 April 20, 2024 2.65 July 20, 2024 2.40 October 20, 2024 2.15 January 20, 2025 1.90 April 20, 2025 1.65 July 20, 2025 1.40 October 20, 2025 1.15 January 20, 2026 0.90 April 20, 2026 0.65 July 20, 2026 0.40 October 20, 2026 0.15 January 20, 2027 0.00

Weighted Average Life Test. With respect to any Collateral Debt Securities, a test that will be satisfied as of any Measurement Date if the Weighted Average Life of such Collateral Debt Securities as of such Measurement Date is less than or equal to eight years.

Weighted Average Life Test means a test that will be satisfied on any date of determination if the Weighted Average Life of all Eligible Loan Assets as of such date is less than or equal to 6.5 years.

Weighted Average Life Test means a test satisfied as of any Measurement Date if the Weighted Average Life of the Underlying Assets (other than Defaulted Obligations) is no higher than the relevant weighted average life specified in the table below for the ClosingFirst Refinancing Date (if such Measurement Date occurs before the first Payment Date following the First Refinancing Date) or the Payment Date immediately preceding such Measurement Date:

Weighted Average Life Test has the meaning set forth on Schedule F hereto.

Weighted Average Life Test as of the date of such purchase;