Coverage Test definition

Coverage Test means each of the Class A/B Par Value Test, the Class A/B Interest Coverage Test, the Class C Par Value Test, the Class C Interest Coverage Test, the Class D Par Value Test, the Class D Interest Coverage Test, the Class E Par Value Test and the Class E Interest Coverage Test.

Coverage Test means each of the Class A/B Par Value Test, the Class A/B Interest Coverage Test, the Class C Par Value Test, the Class C Interest Coverage Test, the Class D Par Value Test, the Class D Interest Coverage Test, the Class E Par Value Test and the Class E Interest Coverage Test and each shall be satisfied on a Measurement Date if the corresponding Par Value Ratio or Interest Coverage Ratio (as the case may be) is at least equal to the percentage specified in the table below in relation to that Coverage Test. Coverage test and ratio

Coverage Test means each of (i) the Maximum Advance Rate Test and (ii) the Interest Coverage Ratio Test.

Examples of Coverage Test in a sentence

• Any such sale or Payment in Kind will be subject to the condition that the Asset Coverage Test is satisfied after the receipt or deemed receipt of the proceeds of such sale or Payment in Kind and repayment, after giving effect to such repayment.

• Following the 2017 New Guide OC Valuation Implementation Date, for so long as the Covered Bonds remain outstanding, the Partnership must ensure that, on each date that the Asset Coverage Test is calculated, the Partnership (or the Cash Manager on its behalf) performs the OC Valuation as set out in Schedule 11.

• The Purchaser may accept such an offer at its sole discretion by delivering to the Seller a notice in writing in the form set out in Schedule 2.4 (an “Optional Repurchase Notice”) if the Asset Coverage Test is satisfied on a pro forma basis after giving effect to such sale.

• From time to time, the Partnership may hold Loans and Related Security, Substitute Assets and cash with a value in excess of the value required to satisfy the coverage tests prescribed by this Agreement, the other Transaction Documents and the CMHC Guide, including the Asset Coverage Test and the Amortization Test, as applicable.

• The Asset Coverage Test is intended to test the asset coverage of the Covered Bond Guarantor's assets in respect of the Covered Bonds on a three-monthly basis.

More Definitions of Coverage Test

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

Coverage Test means each of (a) the Minimum OC Coverage Test and (b) the Interest Coverage Ratio Test.

Coverage Test means each of:

Coverage Test means the coverage test (test równowagi pokrycia) as defined in the Polish Covered Bonds Act, performed by the Bankruptcy Receiver to determine whether the Separate Bankruptcy Asset Pool is sufficient to satisfy all of the Bank's obligations towards all holders of outstanding covered bonds issued by the Bank in full;

Coverage Test has the meaning given to it in Clause 25.16 (Guarantors).

Coverage Test means each of the AB Overcollateralisation Test, the AB Interest Coverage Test, the Class C Overcollateralisation Test, the Class C Interest Coverage Test, the Class D Overcollateralisation Test, the Class D Interest Coverage Test, the Class E Overcollateralisation Test and the Class E Interest Coverage Test;

Coverage Test if, on any date of determination, (i) the Overcollateralization Test is satisfied, (ii) the amount remaining on deposit in the Collection Account equals or exceeds the amount distributable on the next Payment Date under clauses (a)(i)-(vi) of Section 5.15 of the related Series Supplement (the “Required Monthly Payments”), (iii) the Amortization Period has not commenced and (iv) there shall not exist on such Business Day, and such application thereof shall not result in the occurrence of, a Rapid Amortization Event, a Servicer Default, an Event of Default or a Default (in each case determined by the Servicer taking into account any increases, decreases and status changes of the Receivables and any increases or decreases in the Notes and the amount on deposit in the Collection Account including those scheduled to occur on such date). The Issuer will meet the “Overcollateralization Test” if, on any date of determination, the sum of the Outstanding Receivables Balance of all Eligible Receivables plus the amount on deposit in the Collection Account equals or exceeds the sum of the outstanding principal amount of the Notes plus the Required Overcollateralization Amount.