Adjusted Baseline Value. As of any date of calculation, the “Adjusted Baseline Value” of each Covered Asset shall be equal to: (a) the Baseline Value of such Covered Asset plus (b) in the case of any Covered Loan, the Baseline Value of any Citigroup Ring-Fence Entity Loan Commitment Advances made in respect of such Covered Loan subsequent to the Effective Time minus (c) all Losses incurred by the Citigroup Ring-Fence Entities on such Covered Asset subsequent to the Effective Time minus (d) all principal payments and fees received with respect to such Covered Asset subsequent to the Effective Time minus (e) all Hedging Proceeds received by the Citigroup Ring-Fence Entities in respect of such Covered Asset subsequent to the Effective Time; provided that (i) no increase to “Adjusted Baseline Value” shall be made to reflect any amounts specified in clause (b) at any time subsequent to the FRBNY Funding Date and (ii) at no time shall any increase to “Adjusted Baseline Value” be made pursuant to clause (b) to the extent, as a result of such increase, the aggregate Adjusted Baseline Values of all Covered Assets, when taken together with the Citigroup Ring-Fence Entity Commitment Values of all the Citigroup Ring-Fence Entity Loan Commitments and Citigroup Ring-Fence Entity Wholly Unfunded Commitments, would exceed $301,000,000,000. The “Adjusted Baseline Value” of any Replacement Covered Asset shall initially be determined in accordance with Section 6.8 hereof, and thereafter in accordance with this Section 6.2. For the avoidance of doubt, it is understood that in no event shall Adjusted Baseline Value be increased for any accretion of value of a Covered Accrual Basis Asset.
