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 Highest Ranking Class, 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 the rating of such Class on the Initial Refinancing Date, 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 such Class in full by its Stated Maturity Date and the timely payment of interest on such Class.

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 (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 Loans at such time.

Examples of Default Differential in a sentence

• The S&P CDO Monitor Test will be considered to be improved if each Class Default Differential of the Proposed Portfolio is greater than the corresponding Class Default Differential of the Current Portfolio.

• The S&P CDO Monitor Test will be satisfied on any date of determination if, after giving effect to the sale of a Collateral Obligation or the purchase of a Collateral Obligation, each Class Default Differential of the Proposed Portfolio is positive.

• The S&P CDO Monitor Test will be satisfied on any date of determination if, after giving effect to the sale of a Collateral Obligation or the purchase of an additional Collateral Obligation, each Class Default Differential of the Proposed Portfolio is positive.

• The S&P CDO Monitor Test will be considered to be improved if the Default Differential of the Proposed Portfolio is greater than the Default Differential of the Current Portfolio.The "Minimum Weighted Average S&P Recovery Rate Test" will be satisfied on any date of determination if the Weighted Average S&P Recovery Rate for the Class A-1 Notes equals or exceeds the Weighted Average S&P Recovery Rate for the Class A-1 Notes selected by the Collateral Manager in connection with the S&P CDO Monitor Test.

• The CDO Monitor TestThe “CDO Monitor Test” will be satisfied on any date from the Effective Date until the end of the Reinvestment Period if, after giving effect to the purchase or sale of a Collateral Debt Obligation, the Class A Default Differential of the Proposed Portfolio is positive on such date.

• Futurebus+ Backplane Transceiver Logic 101 LVT: Backplane Behavior 105 *CBT 106 *CBTLV 108 GTL/GTLP/GTL+: Gunning Transceiver Logic 110 Differential Nets 118 CDS Default: Cadence Design Systems CMOS Default Differential Switch 119 *ECL: Emitter Coupled Logic 122 LVDS: Low Voltage Differential Switching 125 Signal Integrity (SI) Summary and Recommendations Only some very general recommendations are made regarding the choice of a default IBIS model for different logic levels.

• S&P CDO Monitor Test The S&P CDO Monitor Test will be satisfied on the Closing Date, if the Class A-1 Default Differential of the Current Portfolio is not negative, the Class A-2 Default Differential of the Current Portfolio is not negative and the Class B Default Differential of the Current Portfolio is not negative.

• S&P CDO Monitor Test The S&P CDO Monitor Test will be satisfied if, after giving effect to the purchase of a Collateral Debt Obligation (after the sale of a Collateral Debt Obligation, if applicable), the Class A-1 Default Differential of the Proposed Portfolio is not negative, the Class A-2 Default Differential of the Proposed Portfolio is not negative, the Class B Default Differential of the Proposed Portfolio is not negative and the Class C Default Differential of the Proposed Portfolio is not negative.

• The S&P CDO Monitor Test will be considered to be improved if each Class DefaultDifferential of the Proposed Portfolio is greater than the corresponding Class Default Differential of the Current Portfolio.

• A school shall maintain a “Do Not Contact List” with the names and contact information of prospective students who indicate in any way to the school a desire not to be contacted for solicitation purposes.

More Definitions of Default Differential

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. With respect to the S&P Highest Ranking 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.