S&P Recovery Test definition
S&P Recovery Test. A test that will be satisfied on any Measurement Date if the S&P Weighted Average Recovery Rate (based upon the Principal Balance of the Collateral Debt Securities) for each Class of Notes falls within one of the permissible scenarios (which scenarios, for the avoidance of doubt, will vary depending on the then current levels of the variables included in the S&P Matrix) for each such Class; provided that, in the event Cash has been received in respect of Principal Proceeds of any Collateral Debt Security in connection with a prepayment or sale of such Collateral Debt Security, but such Cash has not been reinvested in additional Collateral Debt Securities as of such Measurement Date, such Cash will be included in calculating the S&P Weighted Average Recovery Rate and the Principal Balance and Recovery Rate associated with such Cash will be the Principal Balance and Recovery Rate of such Collateral Debt Security immediately prior to prepayment or sale, as applicable; provided, further, that, with respect to any such Collateral Debt Security that was sold for less than its outstanding principal balance, the "Principal Balance" associated with such Cash will equal the amount of Sale Proceeds received by the Issuer in connection with such sale.
S&P Recovery Test. A test that will be satisfied on any Measurement Date if the S&P Weighted Average Recovery Rate (based upon the Principal Balance of the Collateral Debt Securities) is greater than 39% for each Class of Notes.
S&P Recovery Test. A test that shall be satisfied on any Measurement Date, if the S&P Weighted Average Recovery Rate as of such Measurement Date is equal to or greater than (a) the percentage set forth in the row entitled “AAA Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class A Notes, (b) the percentage set forth in the row entitled “AA Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class B Notes, (c) the percentage set forth in the row entitled “A Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class C Notes, the Class D Notes and the Class E Notes, (d) the percentage set forth in the row entitled “BBB Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class F Notes, the Class G Notes and the Class H Notes, (e) the percentage set forth in the row entitled “BB Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class J Notes and (f) the percentage set forth in the row entitled “CCC Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class K Notes.
More Definitions of S&P Recovery Test
S&P Recovery Test. A test that will be satisfied on any Measurement Date, if the S&P Weighted Average Recovery Rate as of such Measurement Date is equal to or greater than, with respect to each Class of Notes, the percentage set forth in the row entitled “WA Recovery” and corresponding to the applicable S&P rating of such Class of Notes, based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Interests in accordance with the terms hereof.
S&P Recovery Test. A test that will be satisfied on any Measurement Date if the S&P Weighted Average Recovery Rate (based upon the Principal Balance of the Collateral Debt Securities) for each Class of Notes is greater than the applicable percentage for each such Class as follows: Class A-1 Notes – 33.88%, Class A-2 Notes – 33.88%, Class B Notes – 34.07%, Class C Notes – 34.26%, Class D Notes – 34.26%, Class E Notes –34.26%, Class F Notes – 34.35%, Class G Notes – 34.35%, Class H Notes – 34.35%, Class J Notes – 34.54%, Class K Notes – 34.62%; provided that, in the event cash has been received in respect of Principal Proceeds of any Collateral Debt Security in connection with a prepayment or sale of such Collateral Debt Security, but such cash has not been reinvested in additional Collateral Debt Securities as of such Measurement Date, such cash will be included in calculating the S&P Weighted Average Recovery Rate and the Principal Balance and Recovery Rate associated with such cash will be 35%.
S&P Recovery Test. A test that will be satisfied on any Measurement Date if the S&P Weighted Average Recovery Rate (based upon the Principal Balance of the Collateral Debt Securities) for each Class of Notes falls within one of the five permissible scenarios for each such Class. The Collateral Manager shall select which of the five scenarios shall apply initially by notice to the Trustee and S&P on or prior to the Closing Date. For any Measurement Date thereafter, the Collateral Manager may select a different scenario prior to each such Measurement Date on which the CDO Monitor Test is to be performed (and shall notify the Trustee in writing of such selection on such Measurement Date, or if no such notice is given, the scenario used for the preceding Measurement Date shall apply to such Measurement Date). With respect to each Class of Notes, the five permissible S&P Weighted Average Recovery Rate options are as set forth on the table below: S&P WEIGHTED AVERAGE RECOVERY RATE IS SCENARIO NUMBER EQUAL TO OR GREATER THAN: --------------- ------------------------------------- 1 40.00% 2 37.00%
S&P Recovery Test. A test that will be satisfied on any Measurement Date, if the S&P Weighted Average Recovery Rate as of such Measurement Date is equal to or greater than (a) 42.5%, with respect to the Class A Notes, (b) 42.5%, with respect to the Class B Notes, (c) 42.5%, with respect to the Class C Notes, (d) 42.5%, with respect to the Class D Notes, (e) 42.5%, with respect to the Class E Notes, (f) 42.5%, with respect to the Class F Notes (g) 42.5%, with respect to the Class G Notes, (h) 42.5%, with respect to the Class H Notes, (i) 42.5%, with respect to the Class J Notes and (j) 42.5%, with respect to the Class K Notes.