Interest Diversion Test definition

Interest Diversion Test means a test that will be satisfied as of the Calculation Date relating to any Payment Date after the Ramp-Up End Date if the Interest Diversion Test Ratio is at least [•]105.2% as of such date.

Interest Diversion Test. A test that is satisfied if, when measured on each Measurement Date on or after the Effective Date and during the Reinvestment Period on which Class A Notes remain Outstanding, the Overcollateralization Ratio as of such Measurement Date is at least equal to 150.0%.

Interest Diversion Test means a test that will be satisfied as of the Calculation Date relating to any Payment Date if the Interest Diversion Test Ratio is at least 102.70103.54% as of such date.

Examples of Interest Diversion Test in a sentence

• In addition, if any Coverage Test or the Interest Diversion Test fails, amounts that would otherwise be distributed to the holders of the Subordinated Notes on any Payment Date may be paid to other investors (or reinvested, as applicable) in accordance with the Priorities of Payment.

• On any Payment Date, sufficient funds may not be available (including as a result of a failure of any of the Coverage Tests or the Interest Diversion Test) to make payments to the holders of the Subordinated Notes in accordance with the Priorities of Payment.

• For purposes of calculating the Coverage Tests and the Interest Diversion Test, except as otherwise specified in such tests, such calculations will not include scheduled interest and principal payments on Defaulted Obligations, unless such payments have actually been received in Cash.

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

More Definitions of Interest Diversion Test

Interest Diversion Test. A test that will be satisfied on any Measurement Date after the Effective Date on which the Class F Notes remain outstanding, if the Overcollateralization Ratio for the Class F Notes is at least equal to 102.7102.88%.

Interest Diversion Test means the test which shall be satisfied if, as at any Measurement Date, the Interest Diversion Ratio is at least 102.8 per cent.

Interest Diversion Test means the test which shall be satisfied if, as at the Effective Date and any subsequent Measurement Date, the Interest Diversion Coverage Ratio is at least 102.0 per cent (the "Interest Diversion Test Trigger Level").

Interest Diversion Test means, for so long as any Notes or Class A CP Notes remain outstanding, a test satisfied on any Measurement Date if the Moody's Weighted Average Rating Factor is less than or equal to 70.

Interest Diversion Test. A test that shall be satisfied on any Measurement Date after the first Payment Date following the First Refinancing Date on which the Class C Notes remain outstanding, if the Overcollateralization Ratio for the Class C Notes is at least equal to 117.4%.

Interest Diversion Test. A test that is satisfied as of any Measurement Date during the Reinvestment Period if the Overcollateralization Ratio with respect to the Class E Notes as of such Measurement Date is at least equal to (x) if the Funding Date has occurred and the Class E Notes remain outstanding, 103.81% or (y) otherwise, 113.58%. “Interest Only Security”: Any obligation or security that does not provide in the related Underlying Instruments for the payment or repayment of a stated principal amount in one or more installments on or prior to its stated maturity. “Interest Proceeds”: With respect to any Collection Period or Determination Date, without duplication, the sum of: (i) all payments of interest and delayed compensation (representing compensation for delayed settlement) received in Cash by the Issuer during the related Collection Period on the Collateral Obligations and Eligible Investments, including the accrued interest received in connection with a sale thereof during the related Collection Period, less any such amount that represents Principal Financed Accrued Interest; (ii) all principal and interest payments received by the Issuer during the related Collection Period on Eligible Investments purchased with Interest Proceeds;

Interest Diversion Test. A test that is satisfied as of any Determination Date during the Reinvestment Period on which the Class E Overcollateralization Ratio is at least 105.3%.