CDO Evaluator definition
CDO Evaluator means, in relation to the S&P Model Test, the dynamic, analytical computer model developed by S&P and used to estimate the default risk of Collateral Obligations and provided to the Portfolio Manager on or before the Closing Date, as it may be modified by S&P from time to time. The CDO Evaluator calculates the cumulative default rate of a pool of Collateral Obligations and Eligible Investments consistent with a specified benchmark rating level based upon S&P's proprietary corporate debt default studies. In calculating the relevant Scenario Loss Rate, the CDO Evaluator considers each Obligor's issuer credit rating, the number of Obligors in the portfolio, the Obligor and industry concentrations in the Portfolio and the remaining weighted average life of the Collateral Obligations and Eligible Investments and calculates a cumulative default rate based on the statistical probability of distributions or defaults on the Collateral Obligations and Eligible Investments.
Examples of CDO Evaluator in a sentence
As of any date of determination, if the S&P CDO Evaluator Test is not satisfied, the Servicer will provide S&P and the Administrative Agent with prompt written notice thereof.