Expected Portfolio Default Rate definition
Expected Portfolio Default Rate means the figure derived by the Collateral Manager through the application of the formula for "Expected Portfolio Default Rate" set forth on Schedule H attached hereto, which schedule may be amended from time to time to reflect the then-current formula provided by S&P.
Expected Portfolio Default Rate. As of any date of determination, the number obtained by (a) summing the products for each Collateral Obligation (other than Defaulted Obligations) of (i) the outstanding principal balance on such date of such Collateral Obligation by (ii) the S&P Default Rate of such Collateral Obligation and (b) dividing such sum by the aggregate outstanding principal balance on such date of all Collateral Obligations (other than Defaulted Obligations).