Overcollateralization Test definition

Overcollateralization Test means each Overcollateralization Test, for so long as any Secured Notes remain Outstanding, which will be met on any Measurement Date if the Overcollateralization Ratio on such Measurement Date is equal to or greater than the required ratio for such test specified in the table below.
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Overcollateralization Test has the meaning specified in Section 5.4(c).
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Overcollateralization Test means a test that shall be satisfied on any date of determination if the Overcollateralization Ratio is greater than or equal to 200%.
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Examples of Overcollateralization Test in a sentence

  • Furthermore, the Borrower may not pay any Management Fees or make any equity distributions to the Equity Owner to the extent that immediately following such payment or distribution, as applicable, the Overcollateralization Test (as determined for purposes of this (k)) would not be satisfied.

  • Furthermore, the Borrower may not pay any Management Fees or make any equity distributions to the Equity Owner to the extent that immediately following such payment or distribution, as applicable, the Overcollateralization Test (as determined for purposes of this paragraph (k)) would not be satisfied.

  • Furthermore, the Borrower shall not pay any Management Fees or make any equity distributions to, or otherwise effect a redemption of the ownership interests in the Borrower held by, the Equity Owner to the extent that immediately following such payment, distribution or redemption, as applicable, the Overcollateralization Test (as determined for purposes of this paragraph (k)) would not be satisfied.

  • Furthermore, the Borrower may not pay any Management Fees (x) following the occurrence and during the continuance of a Default or an Event of Default or when the Borrower is not in compliance with the Overcollateralization Test or (y) where the proposed payment would give rise to a Default or Event of Default or result in the Borrower failing to remain in compliance with the Overcollateralization Test.

  • If an Overcollateralization Test is not met on any Determination Date or if an Interest Coverage Test is not met on the Determination Date related to the third Payment Date or, in each case, on any subsequent Determination Date on which Secured Notes are Outstanding, principal payments on the Secured Notes shall be made on the related Payment Date in accordance with the Priority of Payments.


More Definitions of Overcollateralization Test

Overcollateralization Test has the meaning set forth in the Collateral Valuation Schedule.
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Overcollateralization Test means a test that is satisfied as of any Business Day if (a) the sum, as of such Business Day, of (i) the outstanding principal amount of Senior Indebtedness and (ii) solely with respect to a determination of the Overcollateralization Test under Section 6.02(k) (Payment of Management Fees), the Minimum Overcollateralization Amount, is less than or equal to (b) the Advance Amount calculated as of such Business Day.
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Overcollateralization Test on any date of determination if the Outstanding Receivables Balance of all Eligible Receivables (other than any Eligible Receivables that would cause the Concentration Limits to be exceeded), equals or exceeds an amount equal to (i) the outstanding principal amount of the Notes, plus (ii) the Required Overcollateralization Amount, minus (iii) the amount remaining on deposit in the Collection Account representing the portion of Required Monthly Payments that will be distributed on the following Payment Date in reduction of the Aggregate Class A Note Principal.
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Overcollateralization Test. For so long as any Rated Notes remain Outstanding, a test that will be met on any Measurement Date if the Overcollateralization Ratio on such Measurement Date is equal to or greater than 137.06%. With respect to any specified Class of Rated Notes, the principal amount of the Rated Notes to be redeemed on any Payment Date for which the Overcollateralization Test is not met on the related Determination Date will be the amount that, if it had been paid in reduction of the principal amount of the Rated Notes in accordance with the Priority of Payments before the application of Interest Proceeds or Principal Proceeds to any payments required to be made due to the failure of such Overcollateralization Ratio, would have caused the Overcollateralization Test to be met for the current Determination Date (calculating the amount of Interest Proceeds to divert in the Priority of Interest Payments by assuming Interest Proceeds so diverted reduces the denominator of the Overcollateralization Ratio with no impact on the numerator, and then calculating the amount of Principal Proceeds to divert in the Priority of Principal Payments by assuming Principal Proceeds so diverted reduce both the numerator and the denominator of the Overcollateralization Ratio). Any such payment will be made in accordance with the Priority of Payments.
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Overcollateralization Test if, on any date of determination, (i) the sum of the Outstanding Receivables Balance of all Eligible Receivables plus the amount on deposit in the Collection Account equals or exceeds (ii) the sum of the outstanding principal amount of the Senior Notes plus the Required Overcollateralization Amount.
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Overcollateralization Test means the Class A/B Overcollateralization Test and the Class C Overcollateralization Test.
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Overcollateralization Test on any date of determination if:
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