Asset Coverage Test definition

Asset Coverage Test is met if the Adjusted Aggregate Asset Amount (as defined below) shall be in an amount at least equal to the Canadian Dollar Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as calculated on the relevant Calculation Date. For greater certainty, references in this Schedule to “immediately preceding Calculation Date” and “previous Calculation Date” are to the Calculation Period ending on the Calculation Date.

Asset Coverage Test has the meaning given to it in Schedule 2 of the Guarantor Agreement;

Asset Coverage Test shall have the meaning set forth in Schedule A.

Examples of Asset Coverage Test in a sentence

• Per Section 4.3.8 of the CMHC Guide, (A) the lesser of (i) the total amount of cover pool collateral and (ii) the amount of cover pool collateral required to collateralize the covered bonds outstanding and ensure the Asset Coverage Test is met, divided by (B) the Canadian dollar equivalent of the principal amount of covered bonds outstanding under the registered covered bond program.

• As noted above, however, Defaulted Loans in the Portfolio will be given a reduced weighting for the purposes of the calculation of the Asset Coverage Test and the Amortisation Test.

• The Asset Coverage Test will be tested by the Cash Manager on each Calculation Date.

• Per Section 4.3.8 of the CMHC Guide, the level of overcollateralization is calculated as: (A) the lesser of (i) the total amount of cover pool collateral and (ii) the amount of cover pool collateral required to collateralize the covered bonds outstanding and ensure the Asset Coverage Test is met, divided by (B) the Canadian dollar equivalent of the principal amount of covered bonds outstanding under the registered covered bond program.

• The Asset Coverage Test Breach Notice will be revoked if, on any Calculation Date falling on or prior to the third Calculation Date following service of an Asset Coverage Test Breach Notice, the Asset Coverage Test is satisfied and neither a Notice to Pay nor an LLP Acceleration Notice has been served.

More Definitions of Asset Coverage Test

Asset Coverage Test has the meaning given to it in Clause 11 of the LLP Deed;

Asset Coverage Test shall have the meaning given to such term in Section 6.03.

Asset Coverage Test is met if the ACT Asset Value (as defined below) shall be in an amount at least equal to the ACT Liability Value (as defined below). For greater certainty, references in this Schedule to “immediately preceding Calculation Date” and “previous Calculation Date” are to the Calculation Period ending on the Calculation Date and references to Loans are to Loans in the Portfolio. Asset Coverage Test = ACT Asset Value – ACT Liability Value “ACT Asset Value” = A + B + C + D + E - F where:

Asset Coverage Test means, as of any Determination Date, the Borrower's "senior securities representing indebtedness" (as defined in Section 18(g) of the Investment Company Act) have "asset coverage" (as defined in Section 18(h) of the Investment Company Act) of at least 400% (computed on such Determination Date regardless of whether or not dividends or distributions are being made on such Determination Date, or whether Debt is being incurred on such Determination Date and computed as if each outstanding Advance constituted a "senior security" without regard to whether such Advance is a loan for "temporary purposes" or otherwise excludable from the definition of "senior securities" under Section 18(g) of the Investment Company Act).

Asset Coverage Test means a test that shall be satisfied on any date of determination, if the Asset Coverage Ratio as of such date of determination is equal to or greater than 150%.

Asset Coverage Test means, as of any Business Day, the Borrower's "senior securities representing indebtedness" (as defined in Section 18(g) of the Investment Company Act) have "asset coverage" (as defined in Section 18(h) of the Investment Company Act) of at least 300% (computed on such Business Day regardless of whether or not dividends or distributions are being made on such Business Day, or whether Debt is being incurred on such Business Day).

Asset Coverage Test has the meaning specified in the Master Definitions and Construction Agreement.