S&P Effective Date Condition. A condition which is satisfied if (x) an S&P CDO Monitor Formula Election Date has occurred and the S&P CDO Monitor Test is satisfied (as determined by the Collateral Manager) and (y) (a) within 15 Business Days after the Effective Date, the Effective Date Report is provided to S&P setting forth certain information with respect to the Assets and confirming that, as of the Effective Date, the Effective Date Tested Items were satisfied, (b) the Issuer provides to the Trustee and S&P a report of independent accountants recalculating and comparing the information set forth in the Effective Date Report delivered pursuant to clause (a) above (including the Excel Default Model Input File that provides all of the inputs required to determine whether the S&P CDO Monitor Test has been satisfied) and such report does not indicate the failure of any Effective Date Tested Item and (c) the Issuer delivers to the Trustee and S&P a certificate of the Issuer certifying that, as of the Effective Date, the Effective Date Tested Items were satisfied, in each case, in accordance with Section 7.18.
S&P Effective Date Condition. A condition that is satisfied in connection with the Effective Date if either (i) confirmation is received from S&P of its Initial Rating of each Class of the Secured Debt that it rated or (ii) if an S&P CDO Monitor Formula Election Date is designated by the Collateral Manager and the Collateral Manager on behalf of the Issuer certifies to S&P that (a) the Effective Date Requirements have been satisfied, (b) the S&P CDO Monitor Test is satisfied, (c) the S&P Effective Date Adjustments have been made and (d) the Issuer or the Collateral Administrator on behalf of the Issuer has provided to S&P the Effective Date Report and the Excel Default Model Input File used to determine that the S&P CDO Monitor Test is satisfied.
S&P Effective Date Condition. A condition satisfied in connection with the Effective Date if the Collateral Manager on behalf of the Issuer certifies to S&P that (a) the Effective Date Requirements have been satisfied, (b) the S&P CDO Monitor Test is satisfied, (c) the Effective Date Accountants’ Report delivered to the Trustee in connection with the Effective Date does not indicate a failure of any of the Specified Tested Items, and (e) the Issuer or the Collateral Administrator on behalf of the Issuer has provided to S&P the Effective Date Report.
Examples of S&P Effective Date Condition in a sentence
The failure to obtain written confirmation from S&P of its Initial Ratings of the Secured Notes rated by it on the Closing Date prior to the second Determination Date after the Closing Date; provided that if the S&P Effective Date Condition is satisfied, such written confirmation from S&P will not be required.
If the S&P Effective Date Condition is satisfied, written confirmation from S&P of its Initial Rating of the Secured Debt shall be deemed to have been provided.
Conditions that will be satisfied if the S&P Effective Date Condition and the Moody’s Effective Date Condition have been satisfied after the Effective Date.
The earlier to occur of (i) June 23, 2024 and (ii) the first date on which the S&P Effective Date Condition has been satisfied.
More Definitions of S&P Effective Date Condition
S&P Effective Date Condition means a condition that will be satisfied if (a) in connection with the Effective Date, an S&P CDO Formula Election Period is then in effect, (b) the Collateral Manager (on behalf of the Issuer) certifies to S&P that, as of the Effective Date, the S&P CDO Monitor Test (after giving effect to the S&P Effective Date Adjustments) and the Target Initial Par Condition are satisfied and (c) the Issuer causes the Collateral Administrator to make available to S&P (i) the Effective Date Report showing satisfaction of each Collateral Quality Test (other than the Maximum Moody's Rating Factor Test and the Moody's Diversity Test), the Concentration Limitations, the Overcollateralization Ratio Test and the Target Initial Par Condition and (ii) a Microsoft Excel file including, at a minimum, the following data with respect to each Collateral Obligation: CUSIP number (if any), LoanX identification (if any), name of obligor, coupon, spread (if applicable), LIBORReference Rate floor (if applicable), legal final maturity date, average life, principal balance, identification as a Cov-Lite Loan, First Lien Last Out Loan or otherwise, settlement date, S&P Industry Classification and S&P Recovery Rate.