S&P CDO Evaluator Test definition
S&P CDO Evaluator Test. A test satisfied on any date of determination if after giving effect to the substitution of a Substitute Loan or the acquisition of an Additional Loan (or both), as the case may be, 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 substitution or acquisition, the extent of compliance is improved after giving effect to the substitution or acquisition of a Substitute Loan or an Additional Loan, as applicable. For purposes of calculating the S&P CDO Evaluator Test, the “S&P Rating” of each Eligible Loan shall be determined in the following manner: (i) for Loans rated or shadow rated by S&P, such rating, (ii) for Loans that have not been rated by S&P, the S&P Rating shall be determined assuming a rating of “CCC” unless clause (iii) applies, and (iii) for Loans that have not been rated by S&P but for which either (A) documentation with respect to such Loans has been submitted to S&P in order to permit S&P to issue a shadow rating, but such shadow rating has not yet been issued by S&P or (B) such Loans have been added to the Asset Pool less than 5 Business Days prior to the end of the most recent calendar month and the Servicer either intends to submit or has submitted the documentation with respect to such Loans to S&P in order to permit S&P to issue a shadow rating, provided that there is no Termination Event or Unmatured Termination Event that has occurred and is continuing at such time, the S&P Rating shall be determined using the rating assigned to such Loans by the Servicer (consistent with the Investment Rating of such Loans determined in accordance with the Credit and Collection Policy); provided, that, from and after the date S&P issues a shadow rating for any Loan described in clause (ii) or (iii) above, the S&P Rating shall be determined in accordance with clause (i) above.
S&P CDO Evaluator Test means the test that will be satisfied on any Measurement Date after the Reinvestment Period if, after giving effect to the purchase or sale of a Collateral Debt Obligation (or both), as the case may be, the S&P Senior Scenario Default Rate and the S&P Mezzanine Scenario Default Rate, respectively, of the S&P Proposed Portfolio is less than (in which case, the S&P CDO Evaluator Test would be improved) or
S&P CDO Evaluator Test means a test which will be satisfied as of any Measurement Date on or after the Issue Date following a Replenishment, if each of the Class A Loss Differential, the Class B Loss Differential, the Class C Loss Differential and the Class D Loss Differential of the S&P Proposed Reference Portfolio (as defined below) is (i) positive or (ii) greater than or equal to the Class A Loss Differential, the Class B Loss Differential, the Class C Loss Differential or the Class D Loss Differential of the S&P Current Reference Portfolio, all in accordance with the provisions set forth in the Reference Portfolio Agreement.
Examples of S&P CDO Evaluator Test 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.