S&P SROC Test definition

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, at any time, the SROC 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 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.

Examples of S&P SROC Test in a sentence

• The notice designating a Rating Agency Test Early Termination Date may only be given to the Protection Buyer during the period of thirty calendar days commencing on and including the date on which the Protection Seller was effectively notified that the S&P SROC Test was not satisfied on the last day of the Ramp-Up Period, but not thereafter.

• If on such date the S&P SROC Test or the Fitch Vector Model Test is met, the Calculation Agent shall notify the Protection Seller and S&P and/or Fitch (as applicable) as soon as reasonably practicable thereafter.

• Each asset sector has a dedicated research team that reports to the JRC.

• This project involved units visiting ABRO workshops across the country, support provided in Germany, Canada and Cyprus and use of mobile support teams across the UK.Additional activity included in-depth repair of 80 Drops vehicles, and a refurbishment programme for 300 Bedfords.There was significant development of In-barracks support where ABRO employees undertake activity in REME workshops and work alongside REME soldiers.

• If the S&P SROC Test has not been applied and met prior to the final day of the Ramp-Up Period then the Calculation Agent shall, on such date, apply the S&P SROC Test to the Reference Portfolio and shall notify the Protection Seller and S&P as soon as reasonably practicable thereafter of whether or not the S&P SROC Test was satisfied on such date.

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: SROCTest =  A − ( AB)   A − C Where the letters in the above equation have the following values:

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.

S&P SROC Test means, at any time, the SROC percentage calculated by the S&P CDO Evaluator in accordance with the formula below. The S&P SROC Test will be met if the SROC percentage is equal to or greater than 100 per cent.SROC Test= Where:A = The Outstanding Portfolio Notional Amount;B = The S&P Scenario Loss Rate as calculated by the S&P CDO Evaluator; and D = The Portfolio Subordination;

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: SROC= ⎛ A − (B * A) ⎞ ⎠⎜⎝Where:A − D ⎟ A = Aggregate Portfolio Notional Amount; B = The S&P Scenario Loss Rate as calculated by the S&P CDO Evaluator for the S&P rating scenario assigned to the Notes at the Issue Date; and D = The Portfolio Threshold Amount minus the Aggregate Loss Determination Amount.5.10 Additional Provisions for Monoline Insurer Reference Entities The Additional Provisions for Monoline Insurers published by the International Swaps and Derivatives Association, Inc. on 21 January 2005 (the “Additional Provisions”) will apply to each Monoline Insurer Reference Entity only, amended as follows:

S&P SROC Test means, at any time and in connection with any substitution, the SROC percentage calculated in accordance with the formula below. A − BA SROC = A − D  where: A = the Reference Portfolio Notional Amount as at the relevant time; B = the Scenario Loss Rate as calculated by the S&P CDO Evaluator; and D = 1) the product of (i) the Break Even Loss Rate in respect of the Class of Notes in respect of which the S&P SROC Test is being determined and taking into account the proposed pro rata application of the Partial Redemption Funds Amounts, if applicable, and (ii) the Initial Reference Portfolio Notional Amount LESS 2) the aggregate of the Credit Protection Payment Amounts paid to the Swap Counterparty as the relevant time.

S&P SROC Test means, in respect of each Default Swap Agreement and Unfunded Default Swap Agreement, the SROC percentage thereof calculated by the S&P CDO Evaluator in accordance with the formula below: SROC Testin respect of a Default Swap = ⎛ A −( AB) ⎞ ⎝⎠2 Where:⎜ A − C ⎟ A =Portfolio Notional Amount of the Default Swap Agreement or the Unfunded Default Swap Agreement;B =The S&P Scenario Loss Rate relating to the Default Swap Agreement or the Unfunded Default Swap Agreement as calculated by the S&P CDO Evaluator; andC =The Subordination Amount relating to the Default Swap Agreement or the Unfunded Default Swap Agreement less the aggregate of all Loss Determination Amounts.

S&P SROC Test means, at any time, the SROC percentage calculated by the S&P CDO Evaluator in accordance with the formula below. ⎝⎠SROC = ⎛ A − (B* A) ⎞ ⎜ A − D ⎟Where: A = Portfolio Notional Amount; B = The S&P Scenario Loss Rate as calculated by the S&P CDO Evaluator; and D = The Threshold Amount plus the Trading LedgerFor purposes of running the S&P CDO Evaluator, the maturity of each Reference Credit Agreement shall be the later of: