LTV Test Date definition

LTV Test Date means each of the dates listed in the column named “Test Dates” in the definition of Maximum LTV Ratio and, only in order to establish that an LTV Required Amount can be released from the Collection Account, the date that the Borrower elects in accordance with paragraph (c) Clause 21.1 (LTV Test).

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LTV Test Date means each FCCR Test Date on which the FCCR is less than [***]. 24015394478-v5 115 80-40605773 |US-DOCS\167317515.5||

LTV Test Date means the last Business Day of April of each calendar year beginning on April 30, 2026.

Examples of LTV Test Date in a sentence

With respect to each LTV Test Date, the Borrower shall at its own expense provide an Independent Appraisal with respect to all of the Portfolio Railcars.
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”).
Each such Independent Appraisal shall have an effective date no earlier than, and be provided to the Administrative Agent no earlier than, 90 days prior to such LTV Test Date.
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.
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.
Where the LTV as of the relevant LTV Test Date and/or (as the case may be) Additional LTV Test Date (and determined by reference to the relevant Applicable Valuation Report and any Top-Up Valuation Report (if applicable)) exceeds the LTV Threshold as of the relevant LTV Test Date and/or (as the case may be) Additional LTV Test Date, there shall be a prepayment of the Term Loan Facility in accordance with Clause 10.3(a) (Fixed Productive Assets Disposal, Insurance Proceeds and LTV Test).
On each of (x) the six (6) month anniversary of the Closing Date, (y) each annual anniversary of the Closing Date (each, an “Appraisal Delivery Date”), the Administrative Agent shall have received (a) an updated Appraisal from an Appraiser which is satisfactory in form and substance to the Administrative Agent and the Participants and (b) a certification of the calculation of the LTV Ratio for the applicable LTV Test Date required by Section 5.4(b).

More Definitions of LTV Test Date

LTV Test Date means the Project Completion Date and each anniversary of the Project Completion Date, provided that if the immediately preceding Compliance Certificate and/or (as the case may be) the most recent Applicable Valuation Report demonstrates that (A) as at the most recent Calculation Date, (1) the Debt Service Coverage Ratio was less than 1.3:1.0; or (2) the Obligors held less than US$350,000,000 (less the aggregate of available and undrawn amounts under any Committed Debt Facilities) in Cash or Cash Equivalent Investments; and (B) the LTV was equal to or more than sixty-five per cent. (65%), the LTV Test Date shall be deemed to be the date falling each six-month anniversary of the Project Completion Date until the foregoing no longer applies.

LTV Test Date has the meaning given to that term in Clause 10.3(a) (Fixed Productive Assets Disposal, Insurance Proceeds and LTV Test).

LTV Test Date means each LTV Trigger Test Date, each Drawdown Date, each Determination Date while an LTV Trigger Event is continuing, and in respect of any prepayment of the Loan pursuant to Section 2.08(e), the date such prepayment is due. “LTV Trigger Event” means, as of any LTV Trigger Test Date, the LTV is greater than the applicable Maximum LTV Threshold. If any LTV Trigger Event shall occur, it shall be deemed to be in existence until the earlier of (a) the date such LTV Trigger Event is cured or (b) the next LTV Test Date (if any) on which the LTV is lower than the applicable Maximum LTV Threshold. “LTV Trigger Test Date” means each Appraisal Date. “Maintenance Adjusted Base Value” means, as of any date of determination, the Half-Life Base Value of an Asset, adjusted by the relevant Appraiser to account for the maintenance status of such Asset (with such assumptions as to use since the last reported status as may be reasonably stated in the appraisal setting forth such Maintenance Adjusted Base Value). The Maintenance Adjusted Base Value for each Asset, as of any date of determination, shall be the average (mean) of the “Maintenance Adjusted Base Values” set forth in the Appraisals most recently delivered by each of the three Appraisers for such Asset in accordance with Section 2.03(b) or Section 5.02(b). “Maintenance Adjusted CMV” means, as at any date of determination, the specification-adjusted current market value of an Asset based on the most likely trading price that may be generated for such Asset under the market conditions that are perceived to exist at the time in question with the assumptions that such Asset is valued for its highest, best use, that the parties to the hypothetical transaction are willing, able, prudent, knowledgeable and under no unusual pressure for a prompt sale and that the transaction would be negotiated in an open and unrestricted market on an arm’s-length basis for cash or equivalent consideration, and given an adequate amount of time for effective exposure to potential buyers, using half-life values as adjusted to account for the specifications of the Asset and reflecting the state of supply and demand in the market that exists at the time, and adjusted by the relevant Appraiser to account for the maintenance status of such Asset (with such assumptions as to use since the last reported status as may be reasonably stated in the appraisal setting forth such Maintenance Adjusted CMV); provided that if there is any conflict or disag...

LTV Test Date means the last Business Day of April of each calendar year beginning on April 30, 2026. “LTV Trigger Event” means the occurrence of the event described in Section 7.12(a)(i).