Asset Coverage Test definition

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 has the meaning given to it in Schedule 2 of the Guarantor Agreement;
Asset Coverage Test shall have the meaning set forth in Schedule A.

Examples of Asset Coverage Test in a sentence

  • As noted above, however, Defaulted Loans in the Portfolio will be given a reduced weighting for the purposes of the calculation of the Asset Coverage Test and the Amortisation Test.

  • However, if the Seller does not repurchase those Loans and their Related Security which are in breach of the Representations and Warranties, then the Current Balance of those Loans will be excluded from the calculation of the Asset Coverage Test.

  • If the LLP does not send further notification to Moody's and the Security Trustee, the Asset Percentage may not be reduced and may be insufficient to ensure the maintenance of an Aaa rating by Moody's and the Covered Bonds may be downgraded, without resulting in a breach of the Asset Coverage Test.

  • In addition, the Asset Coverage Test is intended to ensure that the Adjusted Aggregate Loan Amount is an amount equal to or in excess of the Aggregate Principal Amount Outstanding of the Covered Bonds for so long as Covered Bonds remain outstanding (although there is no assurance that it will do so) and the Cash Manager will provide monthly reports that will set out certain information in relation to the Asset Coverage Test.

  • However, it should be noted that the Asset Coverage Test, the Amortisation Test and the Eligibility Criteria are intended to ensure that there will be an adequate amount of Loans in the Portfolio and moneys standing to the credit of the GIC Account to enable the LLP to repay the Covered Bonds following service on the LLP of a Notice to Pay or an LLP Acceleration Notice.


More Definitions of Asset Coverage Test

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 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%.
Asset Coverage Test means, as of any Business Day, 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 300% (computed on such Business Day regardless of whether or not dividends or distributions are being made on such Business Day, or whether Debt is being incurred on such Business Day).