Level 1 Portfolio Test definition

Level 1 Portfolio Test. Each of (i) the Minimum Floating Spread Test when measured against the Minimum Floating Spread specified in clause (a) of the definition thereof and (ii) the Weighted Average Life Test when measured against the Weighted Average Life specified in clause (a) of the definition of Weighted Average Life Test.
Sample 1Sample 2Sample 3
Level 1 Portfolio Test means a test that is satisfied if, as of any Measurement Date after the end of the Ramp-Up Period, in the aggregate, the Eligible Loan Assets (excluding Excess Concentration Loans) owned (or in relation to a proposed purchase of an Eligible Loan Asset (excluding any Excess Concentration Loan with respect thereto), both owned and proposed to be owned) by the Borrower satisfy each of the tests set forth below:
Sample 1

Related to Level 1 Portfolio Test

  • Drug test means a test designed to detect the illegal use of a controlled substance.

  • Collateral Quality Test means a test that is satisfied if, as of any date of determination, in the aggregate, the Collateral Loans owned (or in relation to a proposed acquisition of a Collateral Loan, both owned and proposed to be owned) by the Borrower satisfy each of the tests set forth below, calculated in each case in accordance with Section 1.3:

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