Asset Coverage Test. (1) For so long as the Covered Bonds remain outstanding, the Partnership and the Partners (other than the Liquidation GP) shall use all reasonable efforts to ensure that on each Calculation Date the Partnership is in compliance with the Asset Coverage Test as set out in Schedule 2. (2) If it is determined that the Partnership does not meet the Asset Coverage Test as of any Calculation Date, the Managing GP (or the Cash Manager on its behalf) shall immediately (and in any event no later than the Business Day that is at least two days prior to the next Guarantor LP Payment Date) notify in writing the Partnership, the Partners and the Bond Trustee thereof. (3) If the Asset Coverage Test is not met as of the next Calculation Date following delivery of a notice pursuant to Section 5.1(2), the Managing GP (or the Cash Manager on its behalf) shall serve an Asset Coverage Test Breach Notice on the Partnership and deliver a copy of such Asset Coverage Test Breach Notice to each of the Partners and the Bond Trustee on the Business Day that is at least two days prior to the Guarantor LP Payment Date after such Calculation Date. (4) If the Asset Coverage Test is met as of the next Calculation Date following service of an Asset Coverage Test Breach Notice, the Managing GP (or the Cash Manager on its behalf) shall revoke such Asset Coverage Test Breach Notice by serving notice on the Partnership that the Asset Coverage Test has been met and delivering a copy of such notice to each of the Partners and the Bond Trustee on the Business Day that is at least two days prior to the Guarantor LP Payment Date after such Calculation Date.
Appears in 4 contracts
Samples: Limited Partnership Agreement (RBC Covered Bond Guarantor Limited Partnership), Limited Partnership Agreement, Limited Partnership Agreement (RBC Covered Bond Guarantor Limited Partnership)
Asset Coverage Test. (1) For so long as the Covered Bonds remain outstanding, the Partnership and the Partners (other than the Liquidation GP) shall use all reasonable efforts to must ensure that that, on each Calculation Date Date, the Partnership is in compliance with the Asset Coverage Test as set out in Schedule 2.
(2) For so long as the Covered Bonds remain outstanding, the Partners (other than the Liquidation GP) shall use all reasonable efforts to ensure that, on each Calculation Date, the Partnership is in compliance with the Asset Coverage Test as set out in Schedule 2.
(3) If it is determined that the Partnership does not meet the Asset Coverage Test as of any Calculation Date, the Managing GP (or the Cash Manager on its behalf) shall immediately (and in any event no later than the Business Day that is at least two days prior to the next Guarantor LP Payment Date) notify in writing the Partnership, the Partners and Partners, the Bond Trustee and CMHC thereof.
(34) If the Asset Coverage Test is not met as of the next Calculation Date following delivery of a notice pursuant to Section 5.1(25.1(3), the Managing GP (or the Cash Manager on its behalf) shall serve an Asset Coverage Test Breach Notice on the Partnership and deliver a copy of such Asset Coverage Test Breach Notice to each of the Partners and the Bond Trustee on the Business Day that is at least two days prior to the Guarantor LP Payment Date after such Calculation Date.
(45) If the Asset Coverage Test is met as of the next Calculation Date following service of an Asset Coverage Test Breach Notice, the Managing GP (or the Cash Manager on its behalf) shall revoke such Asset Coverage Test Breach Notice by serving notice on the Partnership that the Asset Coverage Test has been met and delivering a copy of such notice to each of the Partners and the Bond Trustee on the Business Day that is at least two days prior to the Guarantor LP Payment Date after such Calculation Date.
Appears in 3 contracts
Samples: Limited Partnership Agreement, Limited Partnership Agreement, Limited Partnership Agreement
Asset Coverage Test. (1) For so long as the Covered Bonds remain outstanding, the Partnership and the Partners (other than the Liquidation GP) shall use all reasonable efforts to must ensure that that, on each Calculation Date Date, the Partnership is in compliance with the Asset Coverage Test as set out in Schedule 2.
(2) For so long as the Covered Bonds remain outstanding, the Partners (other than the Liquidation GP) shall use all reasonable efforts to ensure that, on each Calculation Date, the Partnership is in compliance with the Asset Coverage Test as set out in Schedule 2.
(3) If it is determined that the Partnership does not meet the Asset Coverage Test as of any Calculation Date, the Managing GP (or the Cash Manager on its behalf) shall immediately (and in any event no later than the Business Day that is at least two days prior to the next Guarantor LP Payment Date) notify in writing the Partnership, the Partners and Partners, the Bond Trustee and CMHC thereof.
(34) If the Asset Coverage Test is not met as of the next Calculation Date following delivery of a notice pursuant to Section 5.1(25.1(3), the Managing GP (or the Cash Manager on its behalf) shall serve an Asset Coverage Test Breach Notice on the Partnership and deliver a copy of such Asset Coverage Test Breach Notice to each of the Partners and Partners, the Bond Trustee and CMHC on the Business Day that is at least two days prior to the Guarantor LP Payment Date after such Calculation Date.
(45) If the Asset Coverage Test is met as of the next Calculation Date following service of an Asset Coverage Test Breach Notice, the Managing GP (or the Cash Manager on its behalf) shall revoke such Asset Coverage Test Breach Notice by serving notice on the Partnership that the Asset Coverage Test has been met and delivering a copy of such notice to each of the Partners and Partners, the Bond Trustee and CMHC on the Business Day that is at least two days prior to the Guarantor LP Payment Date after such Calculation Date.
Appears in 1 contract
Samples: Limited Partnership Agreement