Asset Coverage Test definition

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

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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 shall have the meaning set forth in Schedule A.

Examples of Asset Coverage Test in a sentence

The Cover Pool Monitor shall recalculate the results of the Asset Coverage Test, level of overcollateralization pursuant to Section 4.3.8 of the CMHC Guide and/or Amortization Test disclosed in the selected Monthly Report.
For greater certainty, following an Issuer Event of Default, the Asset Coverage Test will be conducted and the Asset Percentage calculated, solely for the purpose of determining the amount of the Demand Loan repayable on the relevant repayment date and that the Asset Coverage Test will be met after giving effect to any such repayment.
If the Bond Trustee is deemed to revoke an Asset Coverage Test Breach Notice, the Covered Bond Guarantor (or the Trust Manager on its behalf) shall immediately notify in writing the Bond Trustee thereof.
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.
If the Asset Coverage Test Breach Notice is not revoked on the next Determination Date after service of such Asset Coverage Test Breach Notice an Issuer Event of Default will occur and the Bond Trustee shall be entitled, and in certain circumstances required, to serve an Issuer Acceleration Notice.

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. “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 has the meaning set forth in Section 5.19 hereof.

Asset Coverage Test means the covenant set forth in Section 8.19.

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%.