S&P Default Rate definition

S&P Default Rate means, with respect to all Collateral Obligations with an S&P Rating of "CCC-" or higher, the default rate determined in accordance with Table 1 below using such Collateral Obligation's S&P Rating and the number of years to maturity (determined using linear interpolation if the number of years to maturity is not an integer).

S&P Default Rate. With respect to a Collateral Obligation, the default rate as determined in accordance with Section 3 of Schedule 4 hereto. If the number of years to maturity is not an integer, the default rate is determined using linear interpolation.

S&P Default Rate. With respect to a Collateral Obligation, the default rate as determined in accordance with Section 4 of Schedule 5 hereto

Examples of S&P Default Rate in a sentence

• The value calculated by multiplying the Principal Balance of each S&P CLO Specified Asset by the S&P Default Rate, then summing the total for the portfolio, and then dividing this result by the Aggregate Principal Balance of all of the S&P CLO Specified Assets.

• The value calculated by multiplying the Principal Balance for each S&P CLO Specified Asset by the absolute value of the difference between the S&P Default Rate and the S&P Expected Portfolio Default Rate, then summing the total for the portfolio, then dividing this result by the Aggregate Principal Balance of the S&P CLO Specified Assets.

• The value calculated by the Collateral Manager by multiplying the Principal Balance of each S&P CLO Specified Asset by the S&P Default Rate, then summing the total for the portfolio, and then dividing this result by the Aggregate Principal Balance of all of the S&P CLO Specified Assets.

• The S&P Expected Default Rate, S&P Default Rate Dispersion, S&P Obligor Diversity Measure, S&P Industry Diversity Measure, S&P Regional Diversity Measure and the S&P Weighted Average Life.

• The value calculated by the Collateral Manager by multiplying the Principal Balance for each S&P CLO Specified Asset by the absolute value of the difference between the S&P Default Rate and the S&P Expected Portfolio Default Rate, then summing the total for the portfolio, then dividing this result by the Aggregate Principal Balance of the S&P CLO Specified Assets.

More Definitions of S&P Default Rate

S&P Default Rate. Means, with respect to a Collateral Obligation, the default rate as determined in accordance with Schedule 5 hereto by reference to the number of years to maturity of such Collateral Obligation; provided that if the number of years to maturity of such Collateral Obligation is not an integer, the default rate will be determined by interpolating between the rate for the next shorter maturity and the rate for the next longer maturity.

S&P Default Rate means, with respect to all Collateral Debt Obligations, the default rate determined in accordance with Annex B (S&P Default Rate Table) of this Prospectus using such Collateral Debt Obligation’s S&P Rating and the number of years to maturity (determined using linear interpolation if the number of years to maturity is not an integer).

S&P Default Rate. With respect to all Collateral Obligations with an S&P Rating of “CCC-” or higher, the default rate determined in accordance with Table 1 below using such Collateral Obligation’s S&P Rating and the number of years to maturity (determined using linear interpolation if the number of years to maturity is not an integer).

S&P Default Rate. With respect to a Collateral Obligation, the default rate as determined in accordance with Section 2 of Schedule 3 hereto.

S&P Default Rate. With respect to a Collateral Obligation, the default rate as determined in accordance with Section 3 of Schedule 6 hereto. If the number of years to maturity is not an integer, the default rate is determined using linear interpolation.

S&P Default Rate means, with respect to all Collateral Obligations with an S&P Rating of “CCC-” or higher, the default rate determined in accordance with S&P’s default rate table (see “CDO Evaluator 7.2 Parameters Required to Calculate S&P Global Ratings Portfolio Benchmarks,” or such other published table by S&P that the Portfolio Manager provides to the Collateral Administrator) using such Collateral Obligation’s S&P Rating and the number of years to maturity (determined using linear interpolation if the number of years to maturity is not an integer).

S&P Default Rate means, with respect to all S&P CLO Specified Assets, the default rate determined in accordance with Annex B (S&P Default Rate Table) of this Prospectus using such S&P CLO Specified Assets' S&P Rating and the number of years to maturity (determined using linear interpolation if the number of years to maturity is not an integer).