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

• 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.

• 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 and/or the Fitch Vector Model Test was not satisfied on the last day of the Ramp-Up Period, but not thereafter.

• 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.

• This Agreement with its attachments supersedes any and all other prior or contemporaneous oral or written agreements between the parties hereto.

• 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.

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, at any time, the SROC percentage calculated by the Standard & Poor's CDO Evaluator in accordance with the following formula:

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.  A − BA SROC = A − D  where: A = outstanding Reference Portfolio Notional Amount as at the relevant time; B = the S&P Scenario Loss Rate as calculated by the S&P CDO Evaluator; andD = the sum of the outstanding Principal Balances of the Notes ranking junior to the relevant Class minus the aggregate of all Credit Protection Payment Amounts determined hereunder. When calculating the SROC percentage using the S&P CDO Evaluator, the Swap Counterparty shall use the S&P/S&P Mapped Equivalent Rating in respect of each Reference Entity.

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.  A − BA SROC = A − D  where: A = outstanding Reference Portfolio Notional Amount as at the relevant time; B = the S&P Scenario Loss Rate as calculated by the S&P CDO Evaluator; and

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:

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, 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;