Recovery Rate Modifier definition

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 47.0% (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%.
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Recovery Rate Modifier means an amount equal to, as of any date of determination, the product of (i) the excess, if any, of the Xxxxx’x Weighted Average Recovery Rate as of such date of determination over 45.5% times (ii) 5,500; provided that if the Xxxxx’x Weighted Average Recovery Rate shall be (x) greater than or equal to 60%, then solely for the purposes of the calculation of the Recovery Rate Modifier, the Xxxxx’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 (y) less than or equal to 45.5%, then solely for the purposes of the calculation of the Recovery Rate Modifier, the Xxxxx’x Weighted Average Recovery Rate shall be deemed to be equal to 45.5%.
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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 Xxxxx’x Weighted Average Recovery Rate as of such date of determination over 25% times (b) 5,000; provided that, if the Xxxxx’x Weighted Average Recovery Rate shall be (i) greater than or equal to 40%, then solely for the purposes of the calculation of the Recovery Rate Modifier, the Xxxxx’x Weighted Average Recovery Rate shall be deemed to be equal to 40% (or, such other value, with respect to which the Rating Agency Condition shall be satisfied), or (ii) less than or equal to 25%, then solely for the purposes of the calculation of the Recovery Rate Modifier, the Xxxxx’x Weighted Average Recovery Rate shall be deemed to be equal to 25%.
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Examples of Recovery Rate Modifier in a sentence

  • In this sense, it describes neither the Roman Republic nor ancient and medieval em- pires nor even the early monarchies in Sicily, England, France, or Spain.

  • The Weighted Average Rating Test will be satisfied as of any Measurement Date if the Weighted Average Rating of the Underlying Assets on such date (after taking into consideration the Recovery Rate Modifier (as defined herein)) is equal to or less than the maximum Weighted Average Rating corresponding to the Diversity Score and the Weighted Average Spread plus the Recovery Rate Modifier as of such date in the Moody’s Test Matrix.

  • The Weighted Average Rating Test will be satisfied as of any Measurement Date if the Weighted Average Rating of the Underlying Assets as of such Measurement Date (after subtracting the sum of the Recovery Rate Modifier and the Senior Overcollateralization Ratio Modifier) is equal to or less than the maximum rating factor applicable under the Minimum Diversity/Maximum Weighted Average Rating/Minimum Weighted Average Spread Matrix.

  • The “Weighted Average Rating Factor Test” is a test that will be satisfied on any Measurement Date if the Moody’s Average Rating of the Collateral Debt Obligations (excluding Defaulted Obligations) on such Measurement Date is less than or equal to (i) the maximum rating factor corresponding to the applicable “row/column combination” of the Minimum Diversity/Maximum Rating/Minimum Spread Matrix elected by the Collateral Manager, plus (ii) if applicable, the WARF Recovery Rate Modifier.

  • The Weighted Average Rating Test will be a test that is satisfied as of any Measurement Date if the Weighted Average Rating of the Underlying Assets as of such Measurement Date (after taking into consideration the Recovery Rate Modifier) is equal to or less than the maximum rating factor corresponding to the Diversity Score and the Weighted Average Spread as of such Measurement Date in the Asset Quality Matrix.

  • The "Weighted Average Rating Factor Test" is a test that will be satisfied on any Measurement Date if the Moody's Average Rating of the Collateral Debt Obligations (excluding Defaulted Obligations) on such Measurement Date is less than or equal to (i) the maximum rating factor corresponding to the applicable Minimum Diversity/MaximumRating/Minimum Spread/Maximum WAL Matrix and "row/column combination" thereof elected by the Collateral Manager plus (ii) the Recovery Rate Modifier.

  • The Weighted Average Rating Test will be a test that is satisfied as of any Measurement Date if the Weighted Average Rating of the Underlying Assets as of such Measurement Date is equal to or less than the applicable maximum rating factor from the Moody’s Test Matrix plus the Recovery Rate Modifier.

  • Contract- and noncontract-covered employees will be eligible for step increases in fiscal year 1996 in accordance with the collective bargaining agreement or the merit rules.

  • Our product is responsive to:• Changes in regulations, laws.• Legal issues.• Marketplace and customer inputs (feedback loops).• Data mining insights from our plan sponsor and participant systems.• Changes in DC products, services, relationships and fees and expenses.• Changes in participant behavior.• Developing trends.

  • The “Weighted Average Spread Test” is a test that will be satisfied on any Measurement Date if the Weighted Average Spread on such Measurement Date is greater than or equal to (i) the applicable “row/column combination” of the Minimum Diversity/Maximum Rating/Minimum Spread Matrix elected by the Collateral Manager, minus (ii) if applicable, the WAS Recovery Rate Modifier.


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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Recovery Rate Modifier means, as of any date of determination, the greater of
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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.

  • Penalty Rate means the Stated Rate plus two percent (2.00%) per annum of the Liquidation Price of each share of Series A Preferred Stock.

  • Weekly Rate Period means any period of time during which a Group of 2020 Series D 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:

  • 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 a period commencing on one Business Day and extending to, but not including, the next succeeding Business Day, during which Multi-Modal Bonds bear interest at the Daily Rate.

  • Weekly Rate means the interest rate on the Bonds established in accordance with Section 2.03(b) hereof.

  • 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, for each Pricing Period the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: Pricing Level Debt Rating I Greater than or equal to A1 / A+ II Less than A1 / A+ but greater than or equal to A2 / A III Less than A2 / A but greater than or equal to A3 / A- V Less than Baa2/BBB 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.

  • 5-year Mid-Swap Rate Quotations means the arithmetic mean of the bid and offered rates for the annual fixed leg (calculated on a 30/360 day count basis) of a fixed-for-floating euro interest rate swap transaction which:

  • 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.

  • 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.

  • Day Rate means the rate per day per grade tendered by the Supplier in the Supplier’s proposal that shall never be exceeded within this Contract;

  • 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 shall be determined in accordance with the then-applicable S&P Rating or the then-applicable Xxxxx’x Rating as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating AA or higher or Xxxxx’x Rating Aa2 or higher 1 S&P Rating AA- or Xxxxx’x Rating Aa3 2 S&P Rating A+ or Xxxxx’x Rating A1 3 S&P Rating A or Xxxxx’x Rating A2 4 S&P Rating A- or below or Xxxxx’x Rating A3 or below or unrated 5 The Applicable Rating Level for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating 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 (better) of such ratings shall control, unless the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control.

  • 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.