S&P Effective Date Adjustments means, in connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date, if an S&P CDO Monitor Formula Election has been made, in calculating the S&P CDO Adjusted BDR, the Collateral Principal Amount will exclude the Effective Date Interest Designation Amount.
S&P Effective Date Adjustments means, in connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date if an S&P CDO Monitor Formula Election Date has occurred, the following adjustments shall apply: (i) in calculating the Weighted Average Floating Spread, the Aggregate Funded Spread will be calculated by assuming that any Libor Floor Obligation bears interest at a rate equal to the stated interest rate spread over the Libor interbank offered rate based index for such Libor Floor Obligation and (ii) the calculation of the S&P CDO Monitor Adjusted BDR will exclude Principal Proceeds on deposit in the Ramp-Up Account permitted to be designated as Interest Proceeds prior to the first Distribution Date.
S&P Effective Date Adjustments. In connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date if an S&P CDO Monitor Formula Election Date has occurred, the following adjustments shall apply: (i) in calculating the Weighted Average Floating Spread, the Aggregate Funded Spread will be calculated without regard to the proviso set forth in the definition thereof and (ii) in calculating the S&P CDO Monitor Adjusted BDR, any reference to Principal Proceeds will exclude Principal Proceeds on deposit in the Ramp-Up Account and Principal Collection Subaccount permitted to be designated as Interest Proceeds prior to the second Payment Date.
Examples of S&P Effective Date Adjustments in a sentence
During an S&P CDO Formula Election Period, for purposes of calculating the S&P CDO Monitor Test in connection with the Effective Date, the S&P Effective Date Adjustments will be applied.
During an S&P CDO Monitor Formula Election Period, (x) the definitions in Schedule 7 hereto will apply and (y) in connection with the Effective Date, the S&P Effective Date Adjustments set forth in Schedule 7 hereto will apply.
If an S&P CDO Monitor Election Date has not occurred with respect to the Effective Date, for purposes of calculating the S&P CDO Monitor Test in connection with the Effective Date, the S&P Effective Date Adjustments will be applied.
If so elected by the Collateral Manager by written notice to the Issuer, the Collateral Administrator, the Trustee and S&P prior to the last day of the Ramp-Up Period, the S&P CDO Monitor Test and definitions applicable thereto, shall instead be as set forth in Schedule 6 hereto henceforth (such date the "S&P CDO Monitor Formula Election") and (y) in connection with the Effective Date, the S&P Effective Date Adjustments will be applied.
The S&P CDO Monitor Test shall be calculated in accordance with the definitions set forth in Schedule 3 hereto and, in connection with the Effective Date, the S&P Effective Date Adjustments set forth in Schedule 3 hereto will apply.
More Definitions of S&P Effective Date Adjustments
S&P Effective Date Adjustments. In connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date (if the Collateral Manager is not utilizing the S&P CDO Monitor in determining compliance with the S&P CDO Monitor Test), the following adjustments will apply: (a) in calculating the Weighted Average Floating Spread, the Aggregate Funded Spread will be calculated without regard to clause (i) of the proviso to the definition thereof and (b) in calculating the S&P CDO Monitor Adjusted BDR, the Collateral Principal Amount will exclude Principal Proceeds on deposit in the Principal Collection Account or the Ramp-Up Account permitted to be designated as Interest Proceeds.
S&P Effective Date Adjustments means, in connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date if an S&P CDO Formula Election Date has occurred, the following adjustments will apply: (i) in calculating the Weighted Average Floating Spread, the Aggregate Funded Spread will be calculated without regard to the proviso to the definition thereof and (ii) in calculating the S&P CDO Adjusted BDR, the Collateral Principal Amount will exclude an amount equal to the maximum amount that the Collateral Manager is permitted to designate as Interest Proceeds on or prior to the second Determination Date pursuant to Sections 10.2(a) and 10.3(c).
S&P Effective Date Adjustments means, in connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date if an S&P CDO Monitor Formula Election Date has occurred, in calculating the Weighted Average Floating Spread, the Aggregate Funded Spread will be calculated without giving effect to the proviso of the definition thereof.
S&P Effective Date Adjustments means, in connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date if an S&P CDO Monitor Formula Election Date has occurred, the following adjustments shall apply: (i) in calculating the Weighted Average Floating Spread, the Aggregate Funded Spread will be
S&P Effective Date Adjustments means, in connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date if an S&P CDO Monitor Formula Election Date has occurred, the following adjustments shall apply: (i) in calculating the Weighted Average Floating Spread, the Aggregate Funded Spread will be calculated without giving effect to the proviso of the definition thereof and (ii) in calculating the S&P CDO Monitor Adjusted BDR, the Collateral Principal Amount will exclude amounts available pursuant to Section 10.2(h) permitted to be designated as Interest Proceeds prior to the second Determination Date.
S&P Effective Date Adjustments means, in connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date if an S&P CDO Monitor Formula Election Date has occurred, the following adjustments shall apply: (i) in calculating the Weighted Average Floating Spread, the Aggregate Funded Spread will be calculated without giving effect to the proviso to clause (a) of the definition thereof and (ii) such calculation shall be made without giving effect to the Post-Ramp Interest Proceeds Designation.
S&P Effective Date Adjustments means, in connection with determining whether the S&P CDO Monitor Test is satisfied in connection with the Effective Date if an S&P CDO Monitor Formula Election Date has occurred, the following adjustments shall apply: (i) in calculating the Weighted Average Floating Spread, the Effective Spread will be calculated without regard to clause (b)(ii) of the definition thereof and (ii) in calculating the S&P CDO Monitor Adjusted BDR, Principal Proceeds on deposit in the Collection Account and Ramp-Up Account permitted to be designated as Interest Proceeds prior to the second Payment Date shall be excluded. USActive 55766510.1555766510.17Sch. 7- 1EXHIBIT B REVISED PROPOSED FIRST SUPPLEMENTAL INDENTURECWT DRAFT 05/03/2021 SUPPLEMENTAL INDENTUREto the INDENTUREdated as of March 27, 2019 by and amongBLUEMOUNTAIN CLO XXIV LTD.,as Issuer, BLUEMOUNTAIN CLO XXIV LLC,as Co-Issuer, andU.S. BANK NATIONAL ASSOCIATION, as Trustee This SUPPLEMENTAL INDENTURE dated as of May 6, 2021 (this “Supplemental Indenture”) to the Indenture dated as of March 27, 2019 (as amended, modified or supplemented, the “Indenture”) is entered into by and among BlueMountain CLO XXIV Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”), BlueMountain CLO XXIV LLC, a limited liability company formed under the laws of the State of Delaware (the “Co-Issuer” and, together with the Issuer, the “Co-Issuers”), and U.S. Bank National Association, a national banking association, as trustee under the Indenture (together with its successors in such capacity, the “Trustee”) and as securities intermediary. Capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Indenture. PRELIMINARY STATEMENT WHEREAS, the Co-Issuers wish to amend the Indenture pursuant to Article VIII and Section 9.2 to effect the modifications set forth in Section 1 below; WHEREAS, pursuant to Sections 8.1(xxxii) and 9.2 of the Indenture, a Majority of the Subordinated Notes and the Portfolio Manager have consented to this Supplemental Indenture; WHEREAS, the conditions set forth for entry into a supplemental indenture pursuant to Article VIII of the Indenture have been satisfied; and WHEREAS, the conditions set forth in Sections 9.2 and 9.4 of the Indenture to the Optional Redemption to be effected from the proceeds of the issuance of the Refinancing Notes (as defined below) have been satisfied; NOW, THEREFORE, in consideration of...