Overcollateralisation Test definition

Overcollateralisation Test shall be calculated on each Distribution Date and shall be breached on any Distribution Date where the aggregate Current Balance of Mortgage Loans in the Mortgage Portfolio on such Distribution Date is less than an amount equal to the product of 1.05 and the Principal Amount Outstanding of all Notes of all Issuers at such Distribution Date, and for this purpose, where such Notes outstanding are Controlled Amortisation Notes, the Principal Amount Outstanding of such Notes will be calculated on a straight-line basis by applying the appropriate CPR to such Notes on a monthly, rather than a quarterly basis.
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Overcollateralisation Test means the Class A/B Overcollateralisation Test, the Class C Overcollateralisation Test and the Class D Overcollateralisation Test.
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Overcollateralisation Test shall be calculated on each Distribution Date and shall be breached on any Distribution Date where the aggregate Current Balance of Mortgage Loans in the Mortgage Portfolio on such Distribution Date is less than an amount equal to the product of 1.05 and the aggregate Principal Amount Outstanding of all Notes of all Issuers at such Distribution Date, and for this purpose:
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Examples of Overcollateralisation Test in a sentence

  • In addition, the Issuer may have indirect exposure through the CB Collateral to securities in loans that do not satisfy the Eligibility Criteria, the Reinvestment Conditions, including, the Class A Overcollateralisation Test and the Collateral Quality Tests.

  • For the Class A Overcollateralisation Test, the ratio required in order for such test to be satisfied and a statement as to whether the Class A Overcollateralisation Test is satisfied.

  • The Collateral Administrator will, amongst other things, design, programme, implement and maintain a portfolio testing system for calculating compliance with the Class A Overcollateralisation Test and the Collateral Quality Tests and will track cash receipts by the Issuer in respect of the Collateral Bonds.

  • The "Class A Overcollateralisation Test" will be satisfied on any Measurement Date if the Class A Overcollateralisation Ratio is at least equal to 105 per cent.

  • ISI shall have received a legal opinion from ------------- ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇, P.C., counsel to GlobalCenter and Merger Sub, in form and substance reasonably satisfactory to ISI and its counsel.

  • It will also affect the average life of the Class A Notes redeemed to satisfy the Class A Overcollateralisation Test.

  • The Collateral Administrator will, amongst other things, measure the degree of compliance with the Reinvestment Conditions, including, the Class A Overcollateralisation Test and the Collateral Quality Tests and will notify the Collateral Manager and the Issuer of the results thereof.

  • Furthermore, neither the Trustee nor the Issuer is under any obligation to monitor the compliance of the Collateral Bond Portfolio with the Class A Overcollateralisation Test or the Collateral Quality Tests and any such non-compliance will not constitute a Note Event of Default under the Conditions.


More Definitions of Overcollateralisation Test

Overcollateralisation Test means each of the Senior Overcollateralisation Test, the Class C Overcollateralisation Test and the Class D Overcollateralisation Test (and together, the "Overcollateralisation Tests");
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Overcollateralisation Test means the Senior Overcollateralisation Test or the Class C Overcollateralisation Test or the Class D Overcollateralisation Test or the Class E Overcollateralisation Test (and together, the "Overcollateralisation Tests");
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