LTV Test. Defined in the Fee and Pricing Letter, which definition is incorporated herein by reference.
LTV Test means a test which assigns a credit enhancement value to each Loan in the Portfolio based on its current loan-to-value ratio and the amount of mortgage indemnity cover on that Loan and whereby the weighted average credit enhancement value for the Portfolio is then determined; Mandate means the Transaction Account Mandate and/or the GIC Account Mandate and/or the mandates in relation to each other LLP Account, as the case may be; Margin means, in respect of a Floating Rate Covered Bond, the percentage rate per annum (if any) specified in the applicable Final Terms Document; Marketing Materials means any investor presentation material or marketing materials prepared by any of the Dealers on the basis of information supplied by any of the Issuer or the LLP and any and all other information, documents, advertisements and notices provided and/or approved by any of the Issuer or the LLP; Master Definitions and Construction Agreement means this master definitions and construction agreement made between the parties to the Transaction Documents on 3 June 2005, as amended and restated on 4 October 2007, 20 May 2008, 8 September 2009, 8 November 2010, 9 September 2011 and 24 December 2012, as amended on 12 July 2013 pursuant to a Deed of Amendment and Termination and as amended and restated on 23 June 2015, 1 June 2016, 24 April 2018, 18 April 2019
LTV Test means, with respect to any Purchased Asset, a test that will be satisfied on any date of determination if such Purchased Asset’s LTV is less than or equal to the LTV Threshold for such Purchased Asset.
Examples of LTV Test in a sentence
An LTV Trigger Event occurs and is continuing, and the Borrower has failed to cure such LTV Trigger Event in accordance with paragraph (c) of Clause 21.1 (LTV Test).
As of the Closing Date and as of each Appraisal Delivery Date (each such date, a “LTV Test Date”), the Lessee shall not permit the LTV Ratio to be greater than sixty percent (60%) (the “LTV Test”); provided that, if the LTV Test would not be satisfied as of any LTV Test Date (other than the Closing Date), the Lessee shall have fifteen (15) days to deliver or adjust any Lessee Letter of Credit by the amount required to cause the LTV Test to be satisfied.
A Release may be effected if immediately after giving effect to the requested release, the better of the following tests are satisfied (i.e. the test which produces a lower Aggregate Loan to Value Ratio and a higher Aggregate Debt Service Coverage Ratio), (1) the Aggregate Debt Service Coverage Ratio and the Aggregate Loan to Value Ratio immediately prior to the release or (2) the Coverage and LTV Test.
If the Loan-to-Value Ratio on any LTV Test Date is greater than the LTV Cash Sweep Ratio Threshold but less than or equal to the LTV Maximum Ratio, a “LTV Cash Sweep Event” shall have occurred (a LTV Breach or a LTV Cash Sweep Event, each a “LTV Failure”).
If, on any day other than an LTV Test Date, an LTV Event occurs, the Borrower may, at any time thereafter remedy such LTV Event by: (i) prepaying the Loans in accordance with Section 2.08(b); (ii) providing Additional Collateral in accordance with Section 7.05.
More Definitions of LTV Test
LTV Test means a test which assigns a credit enhancement value to each Loan in the Portfolio based on its current loan-to-value ratio and the amount of mortgage indemnity cover on that Loan and whereby the weighted average credit enhancement value for the Portfolio is then determined; Majority Decision means a decision of at least 50 per cent. of the Members which has either been recorded in writing, signed by a majority of the Members or passed by a majority at a Members' meeting or, as applicable, a decision of a properly constituted meeting of the LLP Management Board which has either been recorded in writing and passed by a majority (as set out in Clause 29 of the LLP Deed) at such meeting; Mandate means the Transaction Account Mandate and/or the GIC Account Mandate and/or the mandates in relation to each other LLP Account, as the case may be; Margin means, in respect of a Floating Rate Covered Bond, the percentage rate per annum (if any) specified in the applicable Final Terms Document; Marketing Materials means any investor presentation material or marketing materials prepared by any of the Dealers on the basis of information supplied by any of the Issuer or the LLP and any and all other information, documents, advertisements and notices provided and/or approved by any of the Issuer or the LLP; Master Definitions and Construction Agreement means this master definitions and construction agreement made between the parties to the Transaction Documents on 3 June 2005, as amended and restated on 4 October 2007, 20 May 2008, 8 September 2009, 8 November 2010, 9 September 2011 and 24 December 2012, as amended on 12 July 2013 pursuant to a Deed of Amendment and Termination and as amended and restated on 23 June 2015, 1 June 2016, 24 April 2018, 18 April 2019, 16 June 2020, 30 April 2021, 4 March 2022, 6 March 2023 and 5 March 2024 (as the same may be amended, restated, supplemented, replaced or novated from time to time);
LTV Test means a test which assigns a credit enhancement value to each loan in the portfolio based on its current loan-to-value ratio and the amount of mortgage indemnity cover on that loan. The weighted average credit enhancement value for the portfolio is then determined;
LTV Test. (A) For each Core Purchased Asset other than Hotel Assets, the ratio of the Purchase Price of each such Core Purchased Asset to the market value of the Underlying Mortgaged Property or Underlying Mortgaged Properties for the related Core Purchased Asset as determined by Buyer in its sole and absolute discretion, shall not exceed an amount equal to *** percent (***%), (B) for each Core Purchased Asset consisting of a Hotel Asset, the ratio of the Purchase Price of each such Core Purchased Asset the market value of the Underlying Mortgaged Property or Underlying Mortgaged Properties for the related Core Purchased Asset as determined by Buyer in its sole and absolute discretion, shall not exceed an amount equal to *** percent (***%), (C) for each Flex Purchased Asset other than Hotel Assets, the ratio of the Purchase Price of each such Flex Purchased Asset to the market value of the Underlying Mortgaged Property or Underlying Mortgaged Properties for the related Flex Purchased Asset as determined by Buyer in its sole and absolute discretion, shall not exceed an amount equal to *** percent (***%), and (D) for each Flex Purchased Asset consisting of a Hotel Asset, the ratio of the Purchase Price of each such Flex Purchased Asset to the market value of the Underlying Mortgaged Property or Underlying Mortgaged Properties for the related Flex Purchased Asset as determined by Buyer in its sole and absolute discretion, shall not exceed an amount equal to *** percent (***%).
LTV Test has the meaning given to it in Clause 10.20(b) of the Credit Agreement.
LTV Test means a test that shall be satisfied if the LTV Ratio is not greater than 80%.
LTV Test means a test which assigns a credit enhancement value to each Loan in the Portfolio based on its current loan-to-value ratio and the amount of mortgage indemnity cover on that Loan and whereby the weighted average credit enhancement value for the Portfolio is then determined; Majority Decision means a decision of at least 50 per cent. of the Members which has either been recorded in writing, signed by a majority of the Members or passed by a majority at a Members' meeting or, as applicable, a decision of a properly constituted meeting of the LLP Management Board which has either been recorded in writing and passed by a majority (as set out in Clause 29 of the LLP Deed) at such meeting; Marketing Materials means any investor presentation material or marketing materials prepared by any of the Dealers on the basis of information supplied by any of the Issuer or the LLP and any and all other information, documents, advertisements and notices provided and/or approved by any of the Issuer or the LLP; Master Definitions and Construction Agreement means this master definitions and construction agreement made between the parties to the Transaction Documents on 3 June 2005, as amended and restated on 4 October 2007, 20 May 2008, 8 September 2009, 8 November 2010, 9 September 2011 and 24 December 2012, as amended on 12 July 2013 pursuant to a Deed of Amendment and Termination and as amended and restated on 23 June 2015 and 1 June 2016 (as the same may be amended, restated, supplemented, replaced or novated from time to time);
LTV Test means a test which assigns a credit enhancement value to each Loan in the Portfolio based on its current loan-to-value ratio and the amount of mortgage indemnity cover on that Loan and whereby the weighted average credit enhancement value for the Portfolio is then determined; Mandate means the Transaction Account Mandate and/or the GIC Account Mandate and/or the mandates in relation to each other LLP Account, as the case may be; Margin means, in respect of a Floating Rate Covered Bond, the percentage rate per annum (if any) specified in the applicable Final Terms Document; Marketing Materials means any investor presentation material or marketing materials prepared by any of the Dealers on the basis of information supplied by any of the Issuer or the Guarantors and any and all other information, documents, advertisements and notices provided and/or approved by any of the Issuer or the Guarantors; Master Definitions and Construction Agreement means this amended and restated master definitions and construction agreement made between the parties to the Transaction Documents on the date hereof (as the same may be amended, restated, supplemented, replaced or novated from time to time);