S&P SROC Test definition
S&P SROC Test means, at any time, the SROC percentage calculated by the S&P CDO Evaluator in accordance with the formula below.
S&P SROC Test means, in respect of the Reference Portfolio at any time, the SROC percentage in respect of the Swap Agreement calculated by the S&P CDO Evaluator in accordance with the formula below.
S&P SROC Test means the test which will be satisfied with respect to a recommended Portfolio Substitution if for each Linked Series Note, the S&P SROC for such Linked Series Note immediately following such recommended Portfolio Substitution is greater than or equal to 100% or, if immediately prior to the recommended Portfolio Substitution the S&P SROC for such Linked Series Note is less than 100%, such recommended Portfolio Substitution does not cause the S&P SROC for such Linked Series Note to be a smaller percentage value. For purposes of determining whether the S&P SROC Test is satisfied, the S&P Rating of any Reference Entity shall be determined by (a) treating each such Reference Entity on negative credit watch as having been downgraded one rating subcategory and (b) treating each such Reference Entity on credit watch for possible upgrade as having been upgraded one rating subcategory.
More Definitions of S&P SROC Test
S&P SROC Test means, at any date of determination, the percentage calculated by the S&P CDO Evaluator in accordance with the formula below:
S&P SROC Test means, at any time, with respect to any Class of Notes (for the purposes of this test, the relevant Class) and in connection with any Substitution and on any Determination Date, the SROC percentage calculated in accordance with the formula below.
S&P SROC Test means at any time and with respect to a Note, the S&P SROC percentage calculated by the S&P CDO Evaluator in accordance with the formula below:
S&P SROC Test means, at any time, the percentage calculated by the Calculation Agent by using the S&P CDO Evaluator in accordance with the following formula:
S&P SROC Test means, at any time and in connection with any substitution, the SROC percentage calculated in accordance with the formula below.
S&P SROC Test means the percentage calculated by the S&P CDO Evaluator in accordance with the formula below:
S&P SROC Test means the test which will be satisfied with respect to a recommended Portfolio Substitution if for each Linked Instrument, the S&P SROC for such Linked Instrument immediately following such recommended Portfolio Substitution is greater than or equal to 100% or, if immediately prior to the recommended Portfolio Substitution the S&P SROC for such Linked Instrument is less than 100%, such recommended Portfolio Substitution does not cause the S&P SROC for such Linked Instrument to be a smaller percentage value. For purposes of determining whether the S&P SROC Test is satisfied, the S&P Rating of any Reference Entity shall be determined by (a) treating each such Reference Entity on negative credit watch as having been downgraded one rating subcategory and (b) treating each such Reference Entity on credit watch for possible upgrade as having been upgraded one rating subcategory.