Amortization Test definition

Amortization Test has the meaning given to it in Schedule 3 of the Guarantor Agreement;
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Amortization Test is met if the Amortization Test Aggregate Asset Amount (as defined below) is 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 herein to “immediately preceding Calculation Date” and “previous Calculation Date” are to the Calculation Period ending on the Calculation Date.
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Amortization Test is met if the Aggregate Asset Amount (as defined below) is 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; provided that the Canadian Dollar Equivalent of the aggregate Principal Amount Outstanding of any Covered Bonds not covered by or the subject of the Covered Bond Swap Agreement shall be the product of the Principal Amount Outstanding of the Covered Bonds multiplied by the spot foreign exchange rate posted by the Bank of Canada at the end of such Calculation Date for converting Canadian Dollars into the currency in which such Covered Bonds are denominated (the “AT Liability Value”). For greater certainty, references herein to “immediately preceding Calculation Date” and “previous Calculation Date” are to the Calculation Period ending on the Calculation Date.
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Examples of Amortization 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.

  • In particular, but without limitation, the Servicer has been appointed to service Loans and their Related Security in the Covered Bond Portfolio, and the Cash Manager has been appointed to calculate and monitor compliance with the Asset Coverage Test, the Regulatory OC Minimum Calculation, the Valuation Calculation and the Amortization Test and to provide cash management services to the Guarantor LP and the GDA Account and Transaction Account (to the extent maintained) will be held with the Account Bank.

  • A breach of the Amortization Test will constitute a Guarantor LP Event of Default and will entitle the Bond Trustee to serve a Guarantor LP Acceleration Notice on the Guarantor LP (see “Summary of the Principal Documents – Guarantor LP Agreement – Asset Coverage Test” and “Credit Structure – Asset Coverage Test”).

  • The Guarantor LP must ensure that following the service of a Notice to Pay, the Amortization Test is met on each Calculation Date.

  • 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/or the Amortization Test, as applicable.

  • Risks related to the maintenance of the Covered Bond Portfolio The Asset Coverage Test and the Amortization Test are intended to ensure that the assets and cashflows of the Guarantor, including the Portfolio Assets and cashflows in respect thereof, will be adequate to enable the Guarantor to meet its obligations under the Covered Bond Guarantee following the occurrence of a Covered Bond Guarantee Activation Event.

  • This meeting may be held with only the parent(s) and the affected employee present, or if desired by either party, with an administrator: e.g., principal, assistant principal, or coordinator, or counselor in attendance.

  • 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 and the Amortization Test are intended to ensure that the assets and cash flows of the Guarantor, including the Loans and their Related Security in the Covered Bond Portfolio and cash flows in respect thereof, will be adequate to enable the Guarantor to meet its obligations under the Covered Bond Guarantee following the occurrence of a Covered Bond Guarantee Activation Event.

  • The Bank can give no assurance as to the accuracy of the information provided by the TNB RPTSIs. The Bond Trustee will not be responsible for monitoring compliance with, or the monitoring of, the Asset Coverage Test, the OC Valuation, the Amortization Test, the Valuation Calculation or the Pre- Maturity Test or any other test, or supervising the performance by any other party of its obligations under any Transaction Document.


More Definitions of Amortization Test

Amortization Test is met if the Amortization Asset Value (as defined below) is in an amount at least equal to the Amortization Liability Value (as defined below). For greater certainty, references herein 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.
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Amortization Test has the meaning assigned to such term in Section 9.04(b)(iii).
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Amortization Test has the meaning given to it in Schedule 3 of the Limited Partnership Agreement;
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Related to Amortization Test

  • Amortization Period means, with respect to any Series, or any Class within a Series, a period following the Revolving Period during which principal is distributed to Investor Certificateholders, which shall be the controlled amortization period, the principal amortization period, the rapid amortization period, or other amortization period, in each case as defined with respect to such Series in the related Supplement.

  • Rapid Amortization Event has the meaning given to it in Section 5.16.

  • Amortization rate means the amortization rate, as defined in Section 49-11-102, to be applied to the system that would have covered the retiree if the retiree's reemployed position were deemed to be an eligible, full-time position within that system.

  • Rapid Amortization Period means the Amortization Period commencing on the Pay Out Commencement Date and ending on the earlier to occur of (a) the Series 2001-D Termination Date and (b) the termination of the Trust pursuant to Section 12.01 of the Agreement.

  • Amortization Amount means, with respect to any Principal Amount Repayment Date, the amount set forth opposite such Date on the Amortization Schedule.

  • Amortization Date means the earliest to occur of (i) the Commitment Termination Date, (ii) the declaration or automatic occurrence of the Amortization Date pursuant to Section 7.03 and (iii) that Business Day which the Borrower designates as the Amortization Date by notice to the Administrative Agent at least five (5) Business Days prior to such Business Day.

  • Early Amortization Period means the period commencing on the date on which a Trust Early Amortization Event or a Series 2023-A Early Amortization Event is deemed to occur and ending on the Series Termination Date.

  • Early Amortization Event means the occurrence of any of the following:

  • Amortization Payment shall have the meaning set forth in Section 2(d).

  • Potential Amortization Event means any occurrence or event which, with the giving of notice, the passage of time or both, would constitute an Amortization Event.

  • Amortization Event has the meaning specified in Article IX.

  • Controlled Amortization Period means, with respect to any Series, the period, if any, specified as such in the related Supplement.

  • Amortization Schedule means, with respect to each Equipment Note, the amortization schedule for such Equipment Note delivered pursuant to Section 2.02 of the Trust Indenture.

  • Managed Amortization Period means the period from the Closing Date to the Rapid Amortization Commencement Date.

  • Amortization Commencement Date means the date on which an Amortization Event is deemed to occur pursuant to Section 20 hereof.

  • Amortization Payment Date shall have the meaning set forth in Section 2(d).

  • Remaining Amortization Period means, at any point in time, the number of consecutive calendar months equal to the number of months in the Amortization Period minus the number of scheduled monthly installments of principal and interest that have elapsed since the date of this Note.

  • Depreciation and Amortization means the depreciation and amortization accruing during any period of determination with respect to a Person, as determined in accordance with GAAP.

  • Interest Coverage Test means the Class A/B Interest Coverage Test, the Class C Interest Coverage Test, the Class D Interest Coverage Test and the Class E Interest Coverage Test.

  • PRINCIPAL TEST The CONTRACTOR rather than COUNTY has the right to control the manner and means of accomplishing the result contracted for.

  • Amortization means the gradual extinguishment of an amount in an account by distributing such amount over a fixed period, which may be over the life of the asset or liability to which it applies, or over the period during which it is anticipated the benefit will be realized.

  • Class A/B Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class A/B Interest Coverage Ratio is at least equal to 120.0 per cent.

  • Class C Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class C Interest Coverage Ratio is at least equal to 110.0 per cent.

  • Class C Coverage Tests means the Class C Interest Coverage Test and the Class C Par Value Test.

  • Expected Amortization Schedule means, with respect to any Tranche, the expected amortization schedule related thereto set forth in the Series Supplement.

  • Class D Interest Coverage Test means the test which will apply as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date and which will be satisfied on such Measurement Date if the Class D Interest Coverage Ratio is at least equal to 105.0 per cent.