Minimum Weighted Average S&P Recovery Rate Test. The test that will be applicable at any time on or after the S&P CDO Monitor Election Date and will be satisfied on any date of determination if the Weighted Average S&P Recovery Rate for the Highest Ranking Class equals or exceeds the S&P Minimum Weighted Average Recovery Rate for such Class of Secured Notes selected by the Collateral Manager in connection with the definition of S&P CDO Monitor.
Minimum Weighted Average S&P Recovery Rate Test means the test that will be satisfied on any date of determination if the Weighted Average S&P Recovery Rate for the Collateral Loans equals or exceeds the S&P CDO Monitor Recovery Rate.
Minimum Weighted Average S&P Recovery Rate Test means the test that will be satisfied on any Measurement Date if the Weighted Average S&P Recovery Rate for the Collateral Loans equals or exceeds the S&P CDO Monitor Recovery Rate.
Examples of Minimum Weighted Average S&P Recovery Rate Test in a sentence
On or prior to the later of (x) the S&P CDO Monitor Election Date and (y) the 2024 Closing Date, the Collateral Manager shall elect the Weighted Average S&P Recovery Rate that shall apply on and after such date to the Collateral Obligations for purposes of determining compliance with the Minimum Weighted Average S&P Recovery Rate Test, and the Collateral Manager will so notify the Collateral Trustee and the Collateral Administrator.
More Definitions of Minimum Weighted Average S&P Recovery Rate Test
Minimum Weighted Average S&P Recovery Rate Test. The test that will be satisfied on any date of determination on and after the S&P CDO Monitor Election Date if the Weighted Average S&P Recovery Rate for the Highest Ranking Class equals or exceeds the S&P Minimum Weighted Average Recovery Rate for such Class of Secured Debt selected by the Collateral Manager in connection with the definition of S&P CDO Monitor. On or prior to the later of (x) the S&P CDO Monitor Election Date and (y) the Effective Date, the Collateral Manager will elect the Weighted Average S&P Recovery Rate that will apply on and after such date to the Collateral Obligations for purposes of determining compliance with the Minimum Weighted Average S&P Recovery Rate Test, and the Collateral Manager will so notify the Collateral Trustee and the Collateral Administrator. Thereafter, at any time on written notice to the Collateral Trustee, the Collateral Administrator and S&P, the Collateral Manager may elect a different Weighted Average S&P Recovery Rate to apply to the Collateral Obligations; provided that if (i) the Collateral Obligations are currently in compliance with the Weighted Average S&P Recovery Rate case then applicable to the Collateral Obligations but the Collateral Obligations would not be in compliance with the Weighted Average S&P Recovery Rate case to which the Collateral Manager desires to change, then such changed case shall not apply or (ii) the Collateral Obligations are not currently in compliance with the Weighted Average S&P Recovery Rate case then applicable to the Collateral Obligations and would not be in compliance with any other Weighted Average S&P Recovery Rate case, the Weighted Average S&P Recovery Rate to apply to the Collateral Obligations shall be the lowest Weighted Average S&P Recovery Rate in Section 2 of Schedule 5. If the Collateral Manager does not notify the Collateral Trustee and the Collateral Administrator that it will alter the Weighted Average S&P Recovery Rate in the manner set forth in this Indenture, the Weighted Average S&P Recovery Rate chosen as of the S&P CDO Monitor Election Date or the Effective Date, as applicable, shall continue to apply.
Minimum Weighted Average S&P Recovery Rate Test. The test that will be satisfied on any Measurement Date if the Weighted Average S&P Recovery Rate for the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the most senior Class of Notes Outstanding then rated by S&P) equals or exceeds the Weighted Average S&P Recovery Rate for such Class selected by the Collateral Manager in connection with the S&P CDO Monitor.
Minimum Weighted Average S&P Recovery Rate Test. The test that will be satisfied on any date of determination on and after the S&P CDO Monitor Election Date if the Weighted Average S&P Recovery Rate for the Highest Ranking S&P Class equals or exceeds the S&P CDO Monitor Recovery Rate of such Class of Secured Debt selected by the Collateral Manager in connection with the definition of “S&P CDO Monitor”. “Money”: The meaning specified in Section 1-201(24) of the UCC. “Monthly Report”: The meaning specified in Section 10.8(a). “Monthly Report Determination Date”: The meaning specified in Section 10.8(a). “Moody’s”: Xxxxx’x Investors Service, Inc. and any successor thereto. “Xxxxx’x Rating”: With respect to any Collateral Obligation, the rating determined pursuant to Schedule 3 hereto. “Non-Call Period”: The period from the Closing Date to but excluding January 20, 2026. “Non-Emerging Market Obligor”: An Obligor that is Domiciled in (a) the United States or (b) any other country that has a foreign currency government bond rating of at least “AA” by S&P. “Non-Permitted ERISA Holder”: The meaning specified in Section 2.11(c). “Non-Permitted Holder”: The meaning specified in Section 2.11(b). “Non-Super-Priority Senior Secured Loan”: A Senior Secured Loan other than a revolving credit facility that is customarily referred to as super-priority revolver. “Note Register”: The meaning specified in Section 2.5(a). “Note Registrar”: The meaning specified in Section 2.5(a). “Notes”: Collectively, the Class X Notes, the Class A-1 Notes, the Class B Notes and the Subordinated Notes authorized by, and authenticated and delivered under, this Indenture
Minimum Weighted Average S&P Recovery Rate Test. A test that will be satisfied on any date of determination, during any S&P CDO Monitor Election Period if the Weighted Average S&P Recovery Rate for the Highest Priority Class equals or exceeds the Weighted Average S&P Recovery Rate for such Class selected by the Collateral Manager in connection with the S&P CDO Monitor. "Money" or "Monies": The meaning of "money" specified in Section 1-201(24) of the UCC. "Monthly Report": The meaning specified in Section 10.7(a) (Accountings). "Monthly Report Determination Date": The meaning specified in Section 10.7(a) (Accountings). "Xxxxx'x": Xxxxx'x Investors Service, Inc. and any successor thereto. "Xxxxx'x Rating": (a) With respect to a Collateral Obligation that (A) is publicly rated by Xxxxx'x, such public rating, or (B) is not publicly rated by Xxxxx'x but for which a rating or rating estimate has been assigned by Xxxxx'x upon the request of the Issuer or the Collateral
Minimum Weighted Average S&P Recovery Rate Test. The test that will be satisfied on any date of determination during any S&P CDO Monitor Election Period if the Weighted Average S&P Recovery Rate for eachthe most senior Class of Notes outstanding then rated by S&P equals or exceeds the Weighted Average S&P Recovery Rate for such Class selected by the Collateral Manager in connection with the S&P CDO Monitor Test.