Assigned Value Adjustment Event. With respect to any Eligible Loan, the occurrence of any one or more of the following events after the related Funding Date:
Assigned Value Adjustment Event means, with respect to any Loan Asset, any occurrence of one or more of the following events (any of which, for the avoidance of doubt, may occur more than once):
Assigned Value Adjustment Event means, for any Collateral Loan, the occurrence of any of the following:
Examples of Assigned Value Adjustment Event in a sentence
Any Loan that, in the Collateral Manager’s reasonable judgment, has a significant risk of declining in credit quality and, with the passage suffering an Assigned Value Adjustment Event.
Section 6.1. Designation of the Servicer 109 Section 6.2. Duties of the Servicer 109 Section 6.3. Authorization of the Servicer 111 Section 6.4. Collection of Payments 112 Section 6.5. [Reserved] 115 Section 6.6. Realization upon Loans Subject to an Assigned Value Adjustment Event 115 Section 6.7. Maintenance of Insurance Policies 115 Section 6.8. [Reserved.] 115 Section 6.9. [Reserved.] 115 Section 6.10.
ADMINISTRATION AND SERVICING OF LOANS Section 6.1. Designation of the Servicer 96 Section 6.2. Duties of the Servicer 97 Section 6.3. Authorization of the Servicer 98 Section 6.4. Collection of Payments 99 Section 6.5. [Reserved] 102 Section 6.6. Realization upon Loans Subject to an Assigned Value Adjustment Event 102 Section 6.7. Maintenance of Insurance Policies 102 Section 6.8. [Reserved.] 102 Section 6.9. [Reserved.] 102 Section 6.10.
More Definitions of Assigned Value Adjustment Event
Assigned Value Adjustment Event. With respect to any Loan, the occurrence of any one or more of the following events after the related Cut-Off Date:
Assigned Value Adjustment Event in Section 1.1 is hereby amended by deleting clause (b) in its entirety and replacing it with the following (underlined language shows the changes for convenience of reference and language that is struck through shall not be included in the amendment and restatement of the definition):
Assigned Value Adjustment Event set forth in Section 1.01(b) of the Loan and Servicing Agreement is amended by amending and restating clauses (i) through (iii) thereof to read as follows:
Assigned Value Adjustment Event. With respect to any Eligible Loan, the occurrence of any one or more of the following events after the related Funding Date: (a) (i) the Interest Coverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is both (A) 85% or less of the Interest Coverage Ratio on the date such Loan was acquired by the Borrower and (B) less than 1.50 to 1.00, or (ii)(x) if such Eligible Loan is a Second Lien Loan or Designated Loan, the Total Net Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is both (A) greater than 0.500.75 higher than the Total Net Leverage Ratio on the date such Loan was acquired by the Borrower and (B) greater than 3.50 to 1.00 or (y) otherwise, the Net Senior Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is both (A) greater than 0.500.75 higher than the Net Senior Leverage Ratio on the date such Loan was acquired by the Borrower and (B) greater than 3.50 to 1.00; provided that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent (with the consent of the Collateral Manager (such consent not to be unreasonably withheld, delayed or conditioned)) may retroactively adjust the Interest Coverage Ratio, Total Net Leverage Ratio or Net Senior Leverage Ratio, as applicable, for any Loan as determined on the date on which such Loan was pledged hereunder; (b) an Obligor payment default in the payment of principal or interest in an aggregate amount of greater than $5,000 under such Loan (after giving effect to the
Assigned Value Adjustment Event. With respect to any Portfolio Investment, the occurrence of any one or more of the following events after the related Funding Date:
Assigned Value Adjustment Event. With respect to any Eligible Loan, the occurrence of any one or more of the following events after the related Funding Date: (a) (i) the Interest Coverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is both (A) 85% or less of the Interest Coverage Ratio on the date such Loan was acquired by the Borrower and (B) less than 1.50 to 1.00, or (ii)(x) if such Eligible Loan is a Second Lien Loan or Designated Loan, the Total Net Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is both (A) greater than 0.50 higher than the Total Net Leverage Ratio on the date such Loan was acquired by the Borrower and (B) greater than 3.50 to 1.00 or (y) otherwise, the Net Senior Leverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is both (A) greater than 0.50 higher than the Net Senior Leverage Ratio on the date such Loan was acquired by the Borrower and (B) greater than 3.50 to 1.00; provided that in connection with any Revenue Recognition Implementation or any Operating Lease Implementation, the Administrative Agent (with the consent of the Collateral Manager (such consent not to be unreasonably withheld, delayed or conditioned)) may retroactively adjust the Interest Coverage Ratio, Total Net Leverage -6- USActive 55348338.2
Assigned Value Adjustment Event. With respect to any Eligible Asset, the occurrence of any one or more of the following events: