S&P CDO Monitor Adjusted BDR definition

S&P CDO Monitor Adjusted BDR means the threshold value for the S&P CDO Monitor Test, calculated as a percentage by adjusting the S&P CDO Monitor BDR for changes in the Principal Balance of the Collateral Obligations relative to the Reinvestment Target Par Balance as follows: S&P CDO Monitor BDR * (OP / NP) + (NP - OP) / NP * (1 – Weighted Average S&P Recovery Rate), where OP = Aggregate Ramp-Up Par Amount; and NP = the sum of the Aggregate Principal Balances of the Collateral Obligations with an S&P Rating of "CCC-" or higher, Principal Proceeds, and the sum of the lower of S&P Recovery Amount or the Market Value of each obligation with an S&P Rating below "CCC-".

S&P CDO Monitor Adjusted BDR means the threshold value for the S&P CDO Monitor Test, calculated as a percentage by adjusting the S&P CDO Monitor BDR for changes in the Principal Balance of the Collateral Obligations relative to the Target Initial Par Amount as follows:

S&P CDO Monitor Adjusted BDR. The rate equal to: BDR multiplied by (OP divided by NP) plus (NP minus OP) divided by (NP multiplied by (1 minus WARR)),

Examples of S&P CDO Monitor Adjusted BDR in a sentence

• With respect to the Highest Ranking S&P Class, at any time, the rate calculated by subtracting the S&P CDO Monitor SDR at such time for such Class of Notes from the S&P CDO Monitor Adjusted BDR for such Class of Notes at such time.

• With respect to the Highest Ranking S&P Class (for which purpose Pari Passu Classes will be treated as a single class), at any time, the rate calculated by subtracting the S&P CDO Monitor SDR for such Class of Notes at such time from the S&P CDO Monitor Adjusted BDR for such Class of Notes at such time.

• The S&P CDO Monitor Test shall or (b) during an S&P CDO Monitor Formula Election Period (if any), the S&P CDO Monitor Adjusted BDR is equal to or greater than the S&P CDO Monitor SDR.

• The date designated by the Investment Manager upon at least five Business Days' prior written notice to S&P, the Trustee and the Collateral Administrator as the date on which the Issuer will begin to utilize the S&P CDO Monitor Adjusted BDR; provided that an S&P CDO Monitor Formula Election Date may only occur once.

• A test that will be satisfied on any date of determination on or after the Effective Date and during the Reinvestment Period if, after giving effect to the purchase of a Collateral Obligation, the S&P CDO Monitor Adjusted BDR is equal to or greater than the S&P CDO Monitor SDR.

More Definitions of S&P CDO Monitor Adjusted BDR

S&P CDO Monitor Adjusted BDR means, with respect to the Loans, the threshold value for the S&P CDO Monitor Test, calculated as a percentage by adjusting the S&P CDO Monitor BDR for changes in the Principal Balance of the Collateral Loans relative to the Target Initial Par Amount as follows: BDR * (OP / NP) + (NP – OP) / (NP * (1 – WARR)), where BDR S&P CDO Monitor BDR OP Target Initial Par Amount NP the sum of the Aggregate Principal Balances of the Collateral Loans with an S&P Rating of “CCC-” or higher, Principal Proceeds, the aggregate amount of Undrawn Commitments and the sum of the lower of S&P Recovery Amount or the Market Value of each obligation with an S&P Rating below “CCC-” WARR Weighted Average S&P Recovery Rate

S&P CDO Monitor Adjusted BDR. The meaning specified in Schedule 6 hereto.

S&P CDO Monitor Adjusted BDR means, with respect to the Highest Ranking Class, the threshold value for the S&P CDO Monitor Test, calculated as a percentage by adjusting the S&P CDO Monitor BDR for changes in the Principal Balance of the Collateral Obligations relative to the Target Initial Par Amount as follows: BDR * (OP / NP) + (NP - OP) /(NP * (1 – WARR)), where BDR S&P CDO Monitor BDR OP Target Initial Par Amount NP the sum of the Aggregate Principal Balance of the Collateral Obligations with an S&P Rating of “CCC-” or higher, PP, any decrease in the Aggregate Outstanding Amount of the Highest Ranking Class, and the sum of the lower of S&P Recovery Amount or the Market Value of each obligation with an S&P Rating below “CCC-” WARR S&P Weighted Average Recovery Rate PP the sum of the amounts on deposit in the Collection Account and the Ramp-Up Account (including Eligible Investments therein) representing Principal Proceeds

S&P CDO Monitor Adjusted BDR. The threshold value for the S&P CDO Monitor Test, calculated as a percentage by adjusting the S&P CDO Monitor BDR for changes in the Principal Balance of the Collateral Obligations relative to the Target Initial Par Amount as follows: S&P CDO Monitor BDR * (OP / NP) + (NP - OP) / (NP * (1 – S&P Weighted Average Recovery Rate)), where OP=Target Initial Par Amount; NP = the sum of the Aggregate Principal Balances of the Collateral Obligations with an S&P Rating of “CCC-” or higher, Principal Proceeds, and the sum of the lower of S&P Recovery Amount or the Market Value of each obligation with an S&P Rating below “CCC-”.

S&P CDO Monitor Adjusted BDR. The meaning specified in Schedule 4.

S&P CDO Monitor Adjusted BDR means the threshold value for the S&P CDO Monitor Test, calculated as a percentage by adjusting the S&P CDO Monitor BDR for changes in the principal balance of the Collateral Obligations relative to the Target Initial Par Amount as follows: S&P CDO Monitor BDR * (OP / NP) + (NP - OP) / [NP * (1 –Weighted Average S&P Recovery Rate)], where OP = Target Initial Par Amount; NP = the sum of the aggregate principal balances of the Collateral Obligations with an S&P Rating of “CCC-” or higher, Principal Proceeds, and the sum of the lower of S&P Recovery Amount or the Market Value of each obligation with an S&P Rating below “CCC-” plus the amount of any reduction in the Aggregate Outstanding Amount of the Highest Ranking Class through the payment of Principal Proceeds or Interest Proceeds.

S&P CDO Monitor Adjusted BDR means the threshold value for the S&P CDO Monitor Test, calculated based on the following formula (or such other published formula by S&P that the Collateral Manager provides to the Collateral Administrator): S&P CDO Monitor BDR * (OP / NP) + (NP - OP) / [NP * (1 – S&P Weighted Average Recovery Rate)], where OP = Aggregate Refinancing Par Amount; and NP = the sum of the Aggregate Principal Balances of the Collateral Obligations with an S&P Rating of "CCC-" or higher, Principal Proceeds, and the sum of the lower of S&P Recovery Amount or the Market Value of each Collateral Obligation with an S&P Rating below "CCC-".