Recovery Rate Modifier definition

Recovery Rate Modifier shall be an amount equal to, as of any date of determination, the product of (a) the excess, if any, of the Mxxxx’x Weighted Average Recovery Rate as of such date of determination over 45.5% times (b) 5,500; provided that if the Mxxxx’x Weighted Average Recovery Rate shall be (i) greater than or equal to 60%, then solely for the purposes of the calculation of the Recovery Rate Modifier, the Mxxxx’x Weighted Average Recovery Rate shall be deemed to be equal to 60% (or, such other value, with respect to which the Rating Agency Condition shall be satisfied), or (ii) less than or equal to 45.5%, then solely for the purposes of the calculation of the Recovery Rate Modifier, the Mxxxx’x Weighted Average Recovery Rate shall be deemed to be equal to 45.5%.
Sample 1
Recovery Rate Modifier means, as of any date of determination, the difference of the Moody's Weighted Average Recovery Rate as of such date of determination minus [45.0]% (which amount shall not be less than zero); provided, that if the Moody's Weighted Average Recovery Rate shall be greater than or equal to [60.0]%, then solely for purposes of the calculation of the Recovery Rate Modifier, the Moody's Weighted Average Recovery Rate shall be deemed to equal [60.0]%.
Sample 1
Recovery Rate Modifier means, as of any date of determination, the greater of
Sample 1

Examples of Recovery Rate Modifier in a sentence

  • The Recovery Rate Modifier Matrix No. 1 and the Recovery Rate Modifier Matrix No. 2, collectively.

  • The applicable row/column combination of the Asset Quality Matrix and the Recovery Rate Modifier Matrix chosen by the Portfolio Manager with notice to the Collateral Administrator (or determined by interpolating between two adjacent rows and/or two adjacent columns, as applicable).

  • The “row/column combination” (or the linear interpolation between two adjacent rows and/or two adjacent columns, as applicable) from the Recovery Rate Modifier Matrix applicable for purposes of determining the Moody's Weighted Average Recovery Adjustment corresponding to the Asset Quality Matrix Combination.

  • For the avoidance of doubt, for the purposes of the Recovery Rate Modifier, if the Minimum Diversity/Maximum Rating/Minimum Spread Matrix is a linear interpolation, the lower of the two rows will apply.

  • As of any date of determination, an amount equal to the product of (i) the Recovery Rate Excess Amount and (ii) the Recovery Rate Modifier opposite the "Minimum Weighted Average Spread" corresponding to the currently selected "row/column combination" in the Minimum Diversity/Maximum Rating/Minimum Spread Matrix.

  • The “row/column combination” (or the linear interpolation between two adjacent rows and/or two adjacent columns, as applicable) from the Recovery Rate Modifier Matrix applicable for purposes of determining the Moody’s Weighted Average Recovery Adjustment corresponding to the Asset Quality Matrix Combination.

  • For the purposes of the Recovery Rate Modifier, if the Asset Quality Matrix Combination is a linear interpolation, the lower of the two rows will apply.

  • As of any date of determination, an amount equal to the product of (i) the Recovery Rate Excess Amount and (ii) the "Recovery Rate Modifier" in the Recovery Rate Modifier Matrix that corresponds to the currently selected "row/column combination" (or the linear interpolation between two adjacent rows and/or two adjacent columns, as applicable) in the Minimum Diversity/Maximum Rating/Minimum Spread Matrix.

  • The "row/column combination" (or the linear interpolation between two adjacent rows and/or two adjacent columns, as applicable) from the Recovery Rate Modifier Matrix applicable for purposes of determining the Moody's Weighted Average Recovery Adjustment corresponding to the Asset Quality Matrix Combination.

  • For the purposes of the Recovery Rate Modifier, if the Asset Quality Matrix Combination is a linear interpolation, the lower of the two rows will apply..


More Definitions of Recovery Rate Modifier

Recovery Rate Modifier means, as of any Measurement Date, the lesser of (i) the number (not less than zero) that equals the product of (a) the Moody’s Weighted Average Recovery Rate as of such Measurement Date minus 45 per cent. and (b) 5,650; provided, that if the Moody’s Weighted Average Recovery Rate shall be(x) greater than or equal to 60 per cent., then solely for the purposes of the calculation of the Recovery Rate Modifier, the Moody’s Weighted Average Recovery Rate shall be equal to 60 per cent., or (y) less than or equal to 45 per cent., then solely for the purposes of the calculation of the Recovery Rate Modifier, the Moody’s Weighted Average Recovery Rate shall be equal to 45 per cent. and (ii) the amount designated by the Investment Manager in its sole discretion as the Recovery Rate Modifier.The “Weighted Average Rating” is the number obtained by (a) multiplying the Principal Balance of each Collateral Debt Obligation (excluding Defaulted Obligations and Current Pay Obligations) by its Moody’s Rating Factor on any Measurement Date; (b) summing the products obtained in clause(a) for all Collateral Debt Obligations; (c) dividing the sum obtained in clause (b) by the Aggregate Principal Balance on such Measurement Date of all Collateral Debt Obligations (excluding Defaulted Obligations and Current Pay Obligations); and (d) rounding the result to the nearest whole number.The “Moody’s Rating Factor” relating to any Collateral Debt Obligation (except Structured Finance Securities) is the number set forth in the table below opposite the Moody’s Rating (defined below) of such Collateral Debt Obligation unless a rating factor has been obtained through a private rating.US Rating Factor TableRating Rating Factor Rating Rating Factor
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Related to Recovery Rate Modifier

  • Recovery Rate means, in relation to any UK Four institution the percentage of the original face value of senior unsecured debt obligations of the affected UK Four institution, as derived by the Calculation Agent from either the ISDA Auction Final Price or the Market Value.

  • S&P Recovery Rate With respect to a Collateral Obligation, the recovery rate set forth in Section 1 of Schedule 4 using the Initial Rating of the most senior Class of Secured Notes Outstanding at the time of determination.

  • Weekly Rate Period means any period of time during which a Group of 2021 Series J Variable Rate Bonds bears interest at the Weekly Rate.

  • Moody’s Recovery Rate With respect to any Collateral Obligation, as of any date of determination, the recovery rate determined in accordance with the following, in the following order of priority:

  • Fixed Rate Period Remaining Life means, with respect to any Debenture, the period from the Special Redemption Date for such Debenture to the Interest Payment Date in December 2010.

  • Pricing Level V any time when (i) the senior unsecured long term debt rating of the Borrower by (x) S&P is BBB‑ or higher or (y) Xxxxx’x is Baa3 or higher and (ii) none of Pricing Level I, Pricing Level II, Pricing Level III or Pricing Level IV applies.

  • Daily Rate Period means any period of time during which a Group of 2023 Series B Variable Rate Bonds bears interest at the Daily Rate.

  • Weekly Rate means the rate of interest on a Group of 2024 Series A Variable Rate Bonds described in Section 301 of Appendix A hereto.

  • Pricing Level refers to the determination of which of Level I, Level II, Level III, Level IV, Level V or Level VI applies at any date.

  • Applicable Pricing Level means, (a) for the Initial Pricing Period, Pricing Level II, and (b) thereafter, the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: I Greater than or equal to Aa3 / AA- II Less than Aa3 / AA- but greater than or equal to A1/A+ III Less than A1/A+ but greater than or equal to A2/A IV Less than A2/A but greater than or equal to A3/A- V Less than A3/A- provided that in the event that the then prevailing Debt Ratings are “split ratings”, Borrower will receive the benefit of the higher Debt Rating, unless the split is a “double split rating” (in which case the pricing level applicable to the middle Debt Rating will apply) or a “triple split rating” (in which case the pricing level applicable to the Debt Rating above the Debt Rating applicable to the lowest pricing level will apply). For purposes hereof, a Debt Rating is only a “split rating” if the Debt Rating applies to a different pricing level.

  • Pricing Level III shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00.

  • Pricing Level I shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is greater than or equal to 3.50 to 1.00.

  • Fixed Rate Period shall have the meaning in the form of Security set forth in Section 2.1.

  • Quarterly Floating Rate Period means, for the initial Quarterly Floating Rate Period, the period commencing on September 20, 2018 and ending on and including December 19, 2018, and thereafter the period from and including the day immediately following the end of the immediately preceding Quarterly Floating Rate Period to but excluding the next succeeding Quarterly Commencement Date.

  • Floating Rate Period shall have the meaning set forth in Section 2.05(b) hereof.

  • Pricing Level IV means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is BBB- or higher by S&P or Baa3 or higher by Moody’s and (iii) Pricing Levels I, II and III do not apply.

  • Reference Interest Rate Replacement Adjustment means the first alternative set forth in the order below that can be determined by the Issuer or its designee as of the Reference Interest Rate Replacement Date:

  • CMSA Loan Level Reserve/LOC Report means the monthly report substantially in the form of, and containing the information called for in, the downloadable form of the "Loan Level Reserve/LOC Report" available as of the Closing Date on the CMSA Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CMSA for commercial mortgage securities transactions generally.

  • Treasury Rate means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

  • Pricing Rate Period means, with respect to any Transaction and any Remittance Date (a) in the case of the first Pricing Rate Period, the period commencing on and including the Purchase Date for such Transaction and ending on and excluding the following Remittance Date, and (b) in the case of any subsequent Pricing Rate Period, the period commencing on and including the immediately preceding Remittance Date and ending on and excluding such Remittance Date; provided, however, that in no event shall any Pricing Rate Period for a Purchased Asset end subsequent to the Repurchase Date for such Purchased Asset.

  • Rating Level means, with respect to any rating agency, each rating subcategory or “notch” of such rating agency , giving effect to pluses and minuses (or similar designations). By way of illustration, BBB+, BBB and BBB- are each separate Rating Levels of S&P.

  • Pricing Level II shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.50 to 1.00 but greater than or equal to 3.00 to 1.00.

  • Applicable Rating Level at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx’x Rating for such Borrower as follows: S&P Rating A or higher or Xxxxx’x Rating A2 or higher 1 S&P Rating A- or higher or Xxxxx’x Rating A3 or higher 2 S&P Rating BBB+ or Xxxxx’x Rating Baa1 3 S&P Rating BBB or Xxxxx’x Rating Baa2 4 S&P Rating BBB- or Xxxxx’x Rating Baa3 5 S&P Rating BB+ or below or Xxxxx’x Rating Ba1 or below, or no S&P Rating or Xxxxx’x Rating 6 The Applicable Rating Level for any Borrower and for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating for such Borrower in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher of such ratings shall control, unless (i) the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control, or (ii) either rating is below BBB- or Baa3 (as applicable), in which case the lower of the two ratings shall control.

  • Unadjusted Reference Interest Rate Replacement means the Reference Interest Rate Replacement excluding the Reference Interest Rate Replacement Adjustment.

  • Initial Fixed Rate Period means the period commencing on the Issue Date and ending on and including June 30, 2020.

  • Interest Rate Period means any Daily Interest Rate Period, Weekly Interest Rate Period, Short-Term Interest Rate Period, Long- Term Interest Rate Period or ARS Interest Rate Period.