Examples of Overcollateralization Test in a sentence
The Class A/B Overcollateralization Test was less than 100% as of June 3, 2015 (being the Distribution Date immediately preceding the Removal Direction (as defined below)).
In the case of a Pro Rata Redemption, each Collateral Quality Test is satisfied on the date of such notice and either (x) if the Required Overcollateralization Test is satisfied prior to the redemption, such test is satisfied after giving effect to such redemption or (y) if the Required Overcollateralization Test is not satisfied before such redemption, such test is maintained or improved after giving effect to such redemption.
So long as any Class A Notes or Class B Notes are Outstanding, the Collateral Manager may be removed by the Issuer at the direction of Holders of at least 66-2/3% in Aggregate Outstanding Amount of the Controlling Class of Notes if the Class A/B Overcollateralization Test is less than 100% as of the immediately preceding Determination Date, upon not less than 45 days’ prior written notice to the Collateral Manager, pursuant to Section 11(c) of the Collateral Management Agreement.