S&P Recovery Rate definition

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.

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S&P Recovery Rate means with respect to a Collateral Loan, the recovery rate determined in the manner set forth in Schedule D hereto.

S&P Recovery Rate means in respect of any Collateral Debt Obligation, the recovery rate determined in accordance with the Investment Management Agreement or as so advised by S&P.

Examples of S&P Recovery Rate in a sentence

Group B 8% 8% 8% 8% 8% 8% Group C 5% 5% 5% 5% 5% 5% Notwithstanding the foregoing, for purposes of determining the S&P Recovery Rate of a Collateral Obligation that is a Senior Secured Loan (including any Cov-Lite Loan) secured solely or primarily by common stock or other equity interests, such Collateral Obligation shall be deemed to be an Unsecured Loan.
On or prior to the S&P CDO Monitor Election 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 Trustee and the Collateral Administrator.
If the Collateral Manager does not notify the Trustee and the Collateral Administrator that it will alter the Weighted Average S&P Recovery Rate in the manner set forth above, the Weighted Average S&P Recovery Rate chosen as of the S&P CDO Monitor Election Date shall continue to apply.

More Definitions of S&P Recovery Rate

S&P Recovery Rate. With respect to a Collateral Obligation, the recovery rate set forth in Section 1 of Schedule 6 using the Initial Rating of the Highest Ranking Class at the time of determination.

S&P Recovery Rate. The meaning specified in Schedule F.

S&P Recovery Rate means in respect of any Collateral Debt Obligation, the recovery rate applicable to such Collateral Debt Obligation and the recovery rate applicable to the then current rating of the most senior Class of Notes Outstanding determined in accordance with the Investment Management Agreement or as advised by S&P, save for the purposes of the S&P Minimum Weighted Average Recovery Rate Test, for the purposes of which the recovery rate shall be determined in respect of each Collateral Debt Obligation and the then current rating of each applicable Class of Notes determined in accordance with the Investment Management Agreement.

S&P Recovery Rate means, with respect to a Collateral Debt Security on any Calculation Date, an amount equal to the percentage for such Collateral Debt Security set forth in the S&P Recovery Rate Matrix attached as Schedule D (determined in accordance with procedures prescribed by S&P for such Collateral Debt Security on such Calculation Date or, in the case of Defaulted Securities, the S&P Rating immediately prior to default).

S&P Recovery Rate as determined in accordance with Schedule 4.

S&P Recovery Rate means, with respect to any Asset, the recovery rate determined in the manner set forth below:

S&P Recovery Rate. With respect to any Collateral Debt Security on any Measurement Date, an amount equal to the percentage for such Collateral Debt Security set forth in Schedule B (the Standard & Poor’s Recovery Matrix) hereto (or, in the case of a Defaulted Security under Clause A of Schedule B (the Standard & Poor’s Recovery Matrix) hereto, corresponding to the S&P Rating at the time of issuance of such Collateral Debt Security).