S&P CDO Monitor Test. A test that will be satisfied on any date of determination (following receipt, at any time on or after the S&P CDO Monitor Election Date, by the Issuer and the Collateral Administrator of the Class Break-even Default Rates for each S&P CDO Monitor input file (in accordance with the definition of “Class Break-even Default Rate”)) if, after giving effect to a proposed sale or purchase of an additional Collateral Obligation, the Class Default Differential of the Highest Ranking Class of the Proposed Portfolio is positive. The S&P CDO Monitor Test will be considered to be improved if the Class Default Differential of the Proposed Portfolio that is not positive is greater than the corresponding Class Default Differential of the Current Portfolio.
S&P CDO Monitor Test means a test that shall be satisfied if on any Measurement Date and during the Reinvestment Period following receipt by the Borrower and the Collateral Administrator of the S&P CDO Monitor input files, if, after giving effect to the purchase of a Collateral Loan, the Default Differential of the Proposed Portfolio with respect to the Loans is positive. The S&P CDO Monitor Test shall be considered to be improved if the Default Differential of the Proposed Portfolio that is not positive is greater than the Default Differential of the Current Portfolio.
S&P CDO Monitor Test means a test that shall be satisfied if on any Measurement Date and during the Reinvestment Period, if, after giving effect to the purchase of a Collateral Loan, the Default Differential of the Proposed Portfolio with respect to the Loans is positive. The Borrower (or the Services Provider on behalf of the Borrower) shall make reasonable efforts to obtain the S&P CDO Monitor input file by the Calculation Date related to the first Quarterly Payment Date. The S&P CDO Monitor Test shall be considered to be improved if the Default Differential of the Proposed Portfolio that is not positive is greater than the Default Differential of the Current Portfolio.
Examples of S&P CDO Monitor Test in a sentence
The S&P CDO Monitor Test will be considered to be improved if the Class Default Differential of the Proposed Portfolio is greater than the corresponding Class Default Differential of the Current Portfolio.
The S&P CDO Monitor Test will be considered to be improved if the Class Default Differential of the Proposed Portfolio is greater than the Class Default Differential of the Current Portfolio.
If so elected by the Portfolio Manager by written notice to the Issuer, the Collateral Administrator, the Trustee and S&P, the S&P CDO Monitor Test and definitions applicable thereto shall instead be as set forth in Schedule 8 hereto.
The S&P CDO Monitor Test will be considered to be improved if each Class Default Differential of the Proposed Portfolio is greater than the corresponding Class Default Differential of the Current Portfolio.
The Issuer (or the Collateral Manager on behalf of the Issuer) shall cause to be delivered to S&P on the Effective Date a Microsoft Excel file that provides all of the inputs required to determine whether the S&P CDO Monitor Test has been satisfied.
More Definitions of S&P CDO Monitor Test
S&P CDO Monitor Test. 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 a proposed sale or purchase of an additional Collateral Obligation, the Class Default Differential of the Highest Ranking Class of the Proposed Portfolio is positive. The S&P CDO Monitor Test will be considered to be improved if the Class Default Differential of the Proposed Portfolio that is not positive is greater than the corresponding Class Default Differential of the Current Portfolio. At any time on or after the S&P CDO Monitor Election Date, if S&P fails to provide the Class Break-even Default Rates for each S&P CDO Monitor input file (in accordance with the definition of “Class Break-even Default Rate”), the Issuer (or the Collateral Manager on behalf of the Issuer) shall make reasonable efforts to obtain such Class Break-even Default Rates from S&P.
S&P CDO Monitor Test means a test that shall be satisfied if on any Measurement Date and during the Reinvestment Period after giving effect to the purchase of a Collateral Loan, (a) during an S&P CDO Monitor Model Election Period, following receipt by the Borrower and the Collateral Administrator of the S&P CDO Monitor input files, the Default Differential of the Proposed Portfolio with respect to the Loans is positive 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. During an S&P CDO Monitor Formula Election Date, the definitions in Schedule G hereto will apply. The S&P CDO Monitor Test shall be considered to be improved (x) during an S&P CDO Monitor Model Election Period, if the Default Differential of the Proposed Portfolio is greater than or equal to the corresponding Default Differential of the Current Portfolio or (y) during an S&P CDO Monitor Formula Election Period (if any), when the S&P CDO Monitor Adjusted BDR less the S&P CDO Monitor SDR of the Proposed Portfolio is greater than the difference between the S&P CDO Monitor Adjusted BDR less the S&P CDO Monitor SDR of the Current Portfolio.
S&P CDO Monitor Test. A test that will be satisfied on any date of determination after the Effective Date (and, during any S&P CDO Monitor Election Period, following receipt by the Collateral Manager of the Class Break-even Default Rates for each S&P CDO Monitor input file (in accordance with the definition of “Class Break-even Default Rate”)) if, after giving effect to the sale of a Collateral Obligation or the purchase of a Collateral Obligation, the Class Default Differential of the Proposed Portfolio with respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the most senior Class of Secured Notes Outstanding) is positive. The S&P CDO Monitor Test will be considered to be improved if each Class Default Differential of the Proposed Portfolio with respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the most senior Class of Secured Notes Outstanding) is greater than the corresponding Class Default Differential of the Current Portfolio.
S&P CDO Monitor Test means a test that will be satisfied as of any Measurement Date if each of the Class S Note Default Differential, the Class C Note Default Differential, the Class D Note Default Differential and the Class E Note Default Differential of the Current Portfolio or the Proposed Portfolio, as applicable, is greater than or equal to zero. The S&P CDO Monitor Test will be considered to be improved if the Class S Note Default Differential of the Proposed Portfolio is greater than the Class S Note Default Differential of the Current Portfolio, the Class C Note Default Differential of the Proposed Portfolio is greater than the Class C Note Default Differential of the Current Portfolio, the Class D Note Default Differential of the Proposed Portfolio is greater than the Class D Note Default Differential of the Current Portfolio and the Class E Note Default Differential of the Proposed Portfolio is greater than the Class E Note Default Differential of the Current Portfolio.
S&P CDO Monitor Test means a test satisfied on any Measurement Date if, after giving effect to the substitution of a Substitute Loan or the purchase of an Additional Loan (or both), as the case may be, on such Measurement Date, the Notes Loss Differential of the Proposed Portfolio is positive, or if the Notes Loss Differential of the Proposed Portfolio is negative prior to giving effect to such sale or purchase, the extent of compliance is improved after giving effect to the repurchase, substitution or purchase of a Substitute Loan or an Additional Loan, as applicable; provided that the S&P CDO Monitor Test will be considered improved if the Notes Loss Differential of the Proposed Portfolio is greater than the corresponding Notes Loss Differential of the Current Portfolio. In the event the S&P CDO Monitor Test, as in effect on the Effective Date, is updated or otherwise modified by S&P after the Effective Date, “S&P CDO Monitor Test” shall be deemed to mean such test as so updated or otherwise modified.
S&P CDO Monitor Test means a test that shall be satisfied if on any Measurement Date on and after the Initial Rating Date (and, during any S&P CDO Monitor Model Election Period, following receipt by the Servicer of the S&P CDO Monitor input files), if, after giving effect to the purchase of a Collateral Loan, the Default Differential of the Proposed Portfolio with respect to the Loans is positive. The S&P CDO Monitor Test shall be considered to be improved if the Default Differential of the Proposed Portfolio that is not positive is greater than the Default Differential of the Current Portfolio.
S&P CDO Monitor Test. A test that shall be satisfied on any date of determination on or after the Effective Date (and, on and after the S&P CDO Monitor Election Date, following receipt by the Collateral Manager and the Collateral Administrator of the Adjusted Break-even Default Rate for each S&P CDO Monitor (in accordance with the definition of “Adjusted Break-even Default Rate”)) if, after giving effect to the sale of a Collateral Obligation or the acquisition of a Collateral Obligation, the Default Differential of the Proposed Portfolio is positive. The S&P CDO Monitor Test shall be considered to be improved if the Default Differential of the Proposed Portfolio is greater than the Default Differential of the Current Portfolio.