S&P Weighted Average Recovery Rate definition

S&P Weighted Average Recovery Rate means, as of any Measurement Date, the percentage (rounded up to the first decimal place) obtained by dividing (a) the sum of the products obtained by multiplying the Outstanding Loan Balance of each Loan (excluding any Defaulted Loans) by its S&P Priority Category Recovery Rate, by (b) the Loan Pool Balance (excluding any Defaulted Loans).

S&P Weighted Average Recovery Rate. With respect to the Collateral Debt Securities, as of any Measurement Date, the number obtained by summing the products obtained by multiplying the Principal Balance of each Collateral Debt Security, other than a Defaulted Security, by its S&P Recovery Rate, and dividing such sum by the Aggregate Principal Balance of all such Collateral Debt Securities and rounding up to the first decimal place.

S&P Weighted Average Recovery Rate means, as of any date of determination, the number, expressed as a percentage and determined for the Class A-1 Debt, obtained by summing the products obtained by multiplying the outstanding Principal Balance of each Collateral Obligation (excluding any Defaulted Obligation) by its corresponding recovery rate as determined in accordance with Part I of Schedule 3 hereto, dividing such sum by the aggregate principal balance of all Collateral Obligations (excluding any Defaulted Obligation), and rounding to the nearest tenth of a percent.

Examples of S&P Weighted Average Recovery Rate in a sentence

• The test that will be satisfied on any date of determination if the S&P Weighted Average Recovery Rate for the Highest Ranking S&P Class equals or exceeds the S&P CDO Monitor Recovery Rate for such Class selected by the Collateral Manager (with notice to the Collateral Administrator) in connection with the S&P CDO Monitor Test.

• Each S&P CDO Monitor shall be chosen by the Collateral Manager (with notice to the Collateral Administrator) and associated with either (x) an S&P Weighted Average Recovery Rate and a Rating Agency Surveillance Weighted Average Floating Spread from Section 2 of Schedule 5 or (y) an S&P Weighted Average Recovery Rate and a Rating Agency Surveillance Weighted Average Floating Spread confirmed by S&P.

• The inputs to the S&P CDO Monitor will be chosen by the Portfolio Manager (with notice to the Collateral Administrator) in accordance with this Indenture and include an S&P Weighted Average Recovery Rate Input, an S&P Weighted Average Floating Spread Input and an S&P Weighted Average Life Input.

• The test that will be satisfied on any date of determination if the S&P Weighted Average Recovery Rate of the highest Priority Class equals or exceeds the S&P Weighted Average Recovery Rate for such Class selected by the Collateral Manager (with notice to the Collateral Administrator) in connection with the S&P CDO Monitor Test.

• The test that will be satisfied on any date of determination if the Weighted Average S&P Recovery Rate for eachthe Highest Priority Class of Rated Notes Outstanding equals or exceeds the Weighted Average S&P Weighted Average Recovery Rate Input for such Class selected by the Investment Manager in connection with the S&P CDO Monitor Test.

More Definitions of S&P Weighted Average Recovery Rate

S&P Weighted Average Recovery Rate means, as of any Calculation Date, a rate expressed as a percentage equal to the number obtained by (i) summing the products obtained by multiplying the Principal Balance of each Collateral Debt Security by its S&P Recovery Rate and (ii) dividing such sum by the aggregate Principal Balance of the Collateral Debt Securities and (iii) rounding up to the first decimal place. For this purpose, the Principal Balance of a Defaulted Security or Deferred Interest XXX Xxxx will be deemed to be equal to its outstanding principal amount (excluding any capitalized interest thereon).

S&P Weighted Average Recovery Rate means, as of any date of determination, with respect to the Highest Ranking Class, the number, expressed as a percentage, obtained by:

S&P Weighted Average Recovery Rate means, as of any date, the fraction (expressed as a percentage) obtained by (i) summing the products obtained by multiplying the Floating Rate Payer Calculation Amount by the assumed S&P recovery rate applicable set out in the Conditions of the Notes (as such assumed S&P recovery rate may be amended, updated or replaced from time to time) with respect to such Reference Entity and (ii) dividing such sum by the outstanding Reference Portfolio notional amount. Definitions

S&P Weighted Average Recovery Rate means, as of any date, the fraction (expressed as a percentage) obtained by (i) summing the products obtained by multiplying the Floating Rate Payer Calculation Amount by the assumed S&P recovery rate applicable set out in the Conditions of the Notes (as such assumed S&P recovery rate may be amended, updated or replaced from time to time) with respect to such Reference Entity and (ii) dividing such sum by the outstanding Reference Portfolio notional amount. Capitalised terms used in the paragraphs below but not defined in the Master Confirmation have the meanings given to them in the User Guide and the Moody’s Model (each as defined below). Where there is a conflict between the User Guide, the Master Confirmation and the Moody’s Model, the Moody’s Model shall prevail. The “Moody’s CDOROM™ Model Test” will be effected and satisfied with respect to any Proposed Portfolio Adjustment only in accordance with the following procedure:

S&P Weighted Average Recovery Rate means, on any Measurement Date, the number obtained by summing the products obtained by multiplying the Principal Balance of each Collateral Debt Security, other than a Defaulted Security, by its “S&P Recovery Rate” (which is an amount equal to the percentage for such Collateral Debt Security set forth in the S&P Recovery Rate Matrix attached hereto as Schedule B in (x) the applicable table and (y) the row in such table opposite the S&P Rating of such Collateral Debt Security on such Measurement Date (or, in the case of a Defaulted Security, the S&P Rating at the time of default)), dividing such sum by the Aggregate Principal Balance of all such Collateral Debt Securities, multiplying the result by 100 and rounding up to the first decimal place. For purposes of the S&P Weighted Average Recovery Rate, the Principal Balance of a Deferred Interest PIK Bond will be deemed to be equal to its outstanding principal amount.

S&P Weighted Average Recovery Rate means, as of any Measurement Date for the Controlling Class of Notes rated by S&P, the number (expressed as a percentage) obtained by summing the products obtained by multiplying the Principal Balance (excluding Purchased Accrued Interest and Ramp Accrued Interest) of each Collateral Debt Obligation by its S&P Recovery Rate, dividing such sum by the Aggregate Principal Balance of all Collateral Debt Obligations and rounding up to the nearest 0.1 per cent. For purposes of this rate, the Principal Balance of any Defaulted Obligation shall be deemed to be zero. The Moody’s Maximum Weighted Average Rating Factor Test Pursuant to Condition 14(c)(xix) and (xxvii) (Modification and Waiver) and Clause 25.2(s) and 25.2(aa) (Modification) of the Trust Deed, Schedule 10 (Moody’s Maximum Weighted Average Rating Factor Test) of the Investment Management and Collateral Administration Agreement is amended by:

S&P Weighted Average Recovery Rate means, as of any date of determination, the number, expressed as a percentage and determined for the Class A-1 Notes, obtained by summing the products obtained by multiplying the outstanding Principal Balance of each Collateral Obligation (excluding any Defaulted Obligation) by its corresponding recovery rate as determined in accordance with Part I of Schedule 3 hereto, dividing such sum by the aggregate principal