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) is greater than 39% for each Class of Notes.
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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.
Sample 1
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%
Sample 1

More Definitions of S&P Recovery Test

S&P Recovery Test. Means 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 Securities is equal or greater than (a) 41.6%, with respect to the Class A Notes, (b) 42.0%, with respect to the Class B Notes, (c) 42.3%, with respect to the Class C Notes, (d) 43.4%, with respect to the Class D Notes and (e) 43.4%, with respect to the Class E Notes.
Sample 1
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%.
Sample 1
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.
Sample 1
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.
Sample 1

Related to S&P Recovery Test

  • S&P CDO Monitor Test A test that will be satisfied on any date of determination (following receipt, at any time on or after the S&P CDO Monitor Election Date, by the Issuer and the Collateral Administrator of the Class Break-even Default Rates for each S&P CDO Monitor input file (in accordance with the definition of “Class Break-even Default Rate”)) if, after giving effect to a proposed sale or purchase of an additional Collateral Obligation, the Class Default Differential of the Highest Ranking Class of the Proposed Portfolio is positive. The S&P CDO Monitor Test will be considered to be improved if the Class Default Differential of the Proposed Portfolio that is not positive is greater than the corresponding Class Default Differential of the Current Portfolio.

  • Collateral Quality Test means a test that is satisfied if, as of any date of determination, in the aggregate, the Collateral Loans owned (or in relation to a proposed acquisition of a Collateral Loan, both owned and proposed to be owned) by the Borrower satisfy each of the tests set forth below, calculated in each case in accordance with Section 1.3:

  • Collateral Quality Tests means the Collateral Quality Tests set out in the Investment Management Agreement being each of the following:

  • 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.

  • COVID-19 test means a viral test for SARS-CoV-2 that is:

  • RDDS test Means one query sent to a particular “IP address” of one of the servers of one of the RDDS services. Queries shall be about existing objects in the Registry System and the responses must contain the corresponding information otherwise the query will be considered unanswered. Queries with an RTT 5 times higher than the corresponding SLR will be considered as unanswered. The possible results to an RDDS test are: a number in milliseconds corresponding to the RTT or undefined/unanswered.

  • Vapor recovery system means a vapor gathering system capable of collecting all hydrocarbon vapors and gases discharged from the storage vessel and a vapor disposal system capable of processing such hydrocarbon vapors and gases so as to prevent their emission to the atmosphere.

  • DNS test Means one non-­‐recursive DNS query sent to a particular “IP address” (via UDP or TCP). If DNSSEC is offered in the queried DNS zone, for a query to be considered answered, the signatures must be positively verified against a corresponding DS record published in the parent zone or, if the parent is not signed, against a statically configured Trust Anchor. The answer to the query must contain the corresponding information from the Registry System, otherwise the query will be considered unanswered. A query with a “DNS resolution RTT” 5 times higher than the corresponding SLR, will be considered unanswered. The possible results to a DNS test are: a number in milliseconds corresponding to the “DNS resolution RTT” or, undefined/unanswered.

  • EPP test Means one EPP command sent to a particular “IP address” for one of the EPP servers. Query and transform commands, with the exception of “create”, shall be about existing objects in the Registry System. The response shall include appropriate data from the Registry System. The possible results to an EPP test are: a number in milliseconds corresponding to the “EPP command RTT” or undefined/unanswered.

  • Class C Coverage Tests means the Class C Interest Coverage Test and the Class C Par Value Test.

  • Asset Test means, for an Asset Review, each Test, as defined in the Asset Representations Review Agreement, in Schedule A to the Asset Representations Review Agreement to be performed by the Asset Representations Reviewer on the related Asset Review Receivables.

  • Disaster recovery project means a project located on property

  • Performance Test means all operational checks and tests required to determine the performance parameters including inter-alia capacity, efficiency and operating characteristics of the Stores as specified in the Contract.

  • At-home recovery visit means the period of a visit required to provide at home recovery care, without limit on the duration of the visit, except each consecutive four (4) hours in a twenty-four-hour period of services provided by a care provider is one visit.

  • Maintenance Test means the maintenance test set out in Clause 12.1 (Maintenance Test).

  • Debt Service Reduction Mortgage Loan Any Mortgage Loan that became the subject of a Debt Service Reduction.

  • 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:

  • Disaster Recovery System means the system embodied in the processes and procedures for restoring the provision of Services following the occurrence of a disaster;

  • Asset Coverage Test is met if the Adjusted Aggregate Asset Amount (as defined below) shall be in an amount at least equal to the Canadian Dollar Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as calculated on the relevant Calculation Date. For greater certainty, references in this Schedule to “immediately preceding Calculation Date” and “previous Calculation Date” are to the Calculation Period ending on the Calculation Date.

  • Disaster Recovery Services means the Services embodied in the processes and procedures for restoring the provision of Services following the occurrence of a Disaster, as detailed further in Call Off Schedule 8 (Business Continuity and Disaster Recovery);

  • Monthly Excess Cashflow For any Distribution Date, an amount equal to the sum of the Monthly Excess Interest and Overcollateralization Release Amount, if any, for such date.

  • Interest Coverage Test means the Class A/B Interest Coverage Test, the Class C Interest Coverage Test, the Class D Interest Coverage Test and the Class E Interest Coverage Test.

  • Coverage Test means each of the Class A/B Par Value Test, the Class A/B Interest Coverage Test, the Class C Par Value Test, the Class C Interest Coverage Test, the Class D Par Value Test, the Class D Interest Coverage Test, the Class E Par Value Test and the Class E Interest Coverage Test.

  • Drug use test means a scientifically substantiated method to test for the presence of illegal or performance-enhancing drugs or the metabolites thereof in a person’s urine.

  • Class A/B Coverage Tests means the Class A/B Interest Coverage Test and the Class A/B Par Value Test.

  • Projected Recovery Amount means, as of the Termination Date, the aggregate amount of subsequent recoveries, net of expenses and credits, projected to be received on the Reference Pool, calculated based on a formula to be derived by Fannie Mae from the actual net recovery experience for the Reference Pool during the 30-month period immediately preceding the Termination Date, plus any additional amount determined by Fannie Mae in its sole discretion to be appropriate for purposes of the foregoing projection in light of then-current market conditions. Information regarding the formula and results of the related calculations will be provided to Holders through Payment Date statements in advance of the Termination Date. In the absence of manifest error, Fannie Mae's determination of the Projected Recovery Amount will be final.