S&P Weighted Average Recovery Rate definition

S&P Weighted Average Recovery Rate means as of any date of determination, the number, expressed as a percentage and determined for the Loans, obtained by summing the products obtained by multiplying the outstanding Maximum Principal Balance of each Collateral Loan by its corresponding recovery rate as determined in accordance with Section 1 of Schedule C hereto, dividing such sum by the Aggregate Maximum Principal Balance of all Collateral Loans, and rounding to the nearest tenth of a percent.

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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. As of any date of determination with respect to the Highest Ranking S&P Class, the number, expressed as a percentage, obtained by summing the product of the S&P Recovery Rate on such date of determination of each Collateral Obligation (excluding any Defaulted Obligation) and the Principal Balance of such Collateral Obligation, dividing such sum by the Aggregate Principal Balance of all such Collateral Obligations and rounding to the nearest tenth of a percent.

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

If the Collateral Manager does not notify the Trustee and the Collateral Administrator that it will alter the S&P Weighted Average Recovery Rate in the manner set forth herein, the S&P Weighted Average Recovery Rate chosen as of the First Refinancing Date will continue to apply.
If the S&P CDO Monitor Election Date has occurred, the Portfolio Manager shall elect the S&P Weighted Average Recovery Rate Input that shall on and after the S&P CDO Monitor Election Date apply to the Collateral Obligations for purposes of measuring the satisfaction of the Weighted Average S&P Recovery Rate Test on each Measurement Date.
If the Collateral Manager does not notify the Trustee and the Collateral Administrator that it will alter the S&P Weighted Average Recovery Rate in the manner set forth above, the S&P Weighted Average Recovery Rate chosen as of the S&P CDO Monitor Election Date or the end of the Ramp-Up Period, as applicable, shall continue to apply.
On or prior to later of (x) the S&P CDO Monitor Election Date and (y) the end of the Ramp-Up Period, the Collateral Manager shall elect the S&P Weighted Average Recovery Rate that shall apply on and after such date to the Collateral Obligations for purposes of determining compliance with the S&P Minimum Weighted Average Recovery Rate Test, and the Collateral Manager will so notify the Trustee and the Collateral Administrator.

More Definitions of S&P Weighted Average Recovery Rate

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-R 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 balance of all Collateral Obligations (excluding any Defaulted Obligation), and rounding to the nearest tenth of a percent.

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 ▇▇▇ ▇▇▇▇ 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, 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.

S&P Weighted Average Recovery Rate means, as of any Measurement Date for 'AAA' liabilities, 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.

S&P Weighted Average Recovery Rate means, as of any Measurement 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 Interest by its S&P Recovery Rate and (ii) dividing such sum by the Aggregate Principal Amount less cash and Eligible Investments representing Principal Proceeds and all accrued interest purchased with Principal Proceeds and

S&P Weighted Average Recovery Rate. As of any date of determination, the number, expressed as a percentage and determined separately for each Class of Secured Debt that is rated by S&P (for which purpose, Pari Passu Classes shall constitute a single Class), obtained by summing the products obtained by multiplying the outstanding Principal Balance of each Collateral Obligation by its corresponding recovery rate as determined in accordance with Section 1 of Schedule 5, dividing such sum by the Aggregate Principal Balance of all Collateral Obligations, and rounding to the nearest tenth of a percent.

S&P Weighted Average Recovery Rate means, with respect to the Class A Notes, as of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying the outstanding Principal Balance of each Collateral Debt Obligation by its corresponding recovery rate for "AAA" notes, as determined in accordance with Exhibit R, dividing such sum by the Aggregate Principal Amount of all Collateral Debt Obligations, and rounding to the nearest tenth of a percent.