Default Differential definition
Default Differential means, with respect to the Loans at any time, the rate calculated by subtracting the Scenario Default Rate for the Loans at such time from the Break-Even Default Rate for the Loans at such time.
Default Differential means, with respect to the Class A Loans, as of any date of determination, the rate calculated by subtracting the Scenario Default Rate for the Collateral Loans at such time from (x) during any S&P CDO Monitor Formula Election Period, the Adjusted Break-even Default Rate or (y) during any S&P CDO Monitor Model Election Period, the Break-even Default Rate, in each case, for the Collateral Loans at such time.
Default Differential means, with respect to the Class A-1L Notes, as of any date of determination, the rate calculated by subtracting (a) an estimate of the cumulative default rate for the Current Portfolio or the Proposed Portfolio, as applicable, consistent with a Rating by S&P of "AAA (sf)" on the Class A-1L Notes, determined by the application of the S&P CDO Monitor at such time from (b) the maximum percentage of defaults which the Current Portfolio or the Proposed Portfolio, as applicable, can sustain at any time, as determined from time to time through application of the S&P CDO Monitor, which, after giving effect to S&P's assumptions on recoveries, interest rates and timing of defaults and to the Priority of Payments specified in Section 11.1, will result in sufficient funds remaining for the payment of the Class A-1L Notes in full by their Stated Maturity Date and the timely payment of interest on the Class A-1L Notes.
Examples of Default Differential in a sentence
The S&P CDO Monitor Test will be considered to be improved if the Class Default Differential of the Highest Ranking S&P Class of the Proposed Portfolio is greater than the corresponding Class Default Differential of the Current Portfolio.
More Definitions of Default Differential
Default Differential. With respect to the S&P Highest Ranking Class, as of any date of determination, the rate calculated by subtracting the Scenario Default Rate at such time from the Adjusted Break-even Default Rate at such time.
Default Differential means, with respect to the Highest Ranking Class (for which purpose Classes that are pari passu in right of payment, if any, shall be treated as a single Class), the rate calculated by subtracting the Scenario Default Rate for such Class at such time from (x) prior to the S&P CDO Monitor Election Date, the Adjusted Break-even Default Rate or (y) on and after the S&P CDO Monitor Election Date, the Break-even Default Rate for such Class at such time.
Default Differential. With respect to the Class A-1 Notes, as of any date of determination, the rate calculated by subtracting the Scenario Default Rate at such time from the Adjusted Break-even Default Rate at such time.
Default Differential means, with respect to the Class A Notes, as of any date of determination, the rate calculated by subtracting the Scenario Default Rate at such time from the Adjusted Break-Even Default Rate at such time, or if either the Scenario Default Rate or the Adjusted Break-Even Default Rate cannot be calculated at any time, zero.
Default Differential. As of any date of determination, the rate calculated by subtracting the Scenario Default Rate at such time from the Adjusted Break-even Default Rate at such time.
Default Differential. ” means, with respect to the Loans at any time, the rate calculated by subtracting the Scenario Default Rate for the Loans at such time from the Break-Even Default Rate for the Loans at such time.
Default Differential means, with respect to the Class A Notes, as of any date of determination, the rate calculated by subtracting (a) an estimate of the cumulative default rate for the Current Portfolio or the Proposed Portfolio, as applicable, consistent with a Rating by S&P of "AAA (sf)" on the Class A Notes, determined by the application of the S&P CDO Monitor at such time from (b) the maximum percentage of defaults which the Current Portfolio or the Proposed