Weighted Average Fixed Rate Coupon means, as of any date, the number, expressed as a percentage, determined by summing the products obtained by multiplying: The sum, for each Fixed Rate Obligation, of the stated interest coupon on such Collateral Obligation X The Principal Balance of such Collateral Obligation (excluding the unfunded portion of any Delayed Drawdown Collateral Loans or Revolving Collateral Loans) and dividing such sum by: the Aggregate Principal Balance of all Fixed Rate Obligations as of such date (in each case, excluding the unfunded portion of any Delayed Drawdown Collateral Loans or Revolving Collateral Loans that are Fixed Rate Obligations); provided that if the foregoing amount is less than 10.00%, then all or a portion of the Weighted Average Fixed Rate Coupon Adjustment, if any, as of such date, to the extent not exceeding such shortfall, shall be added to such result.
Weighted Average Fixed Rate Coupon. As of any date, the number, expressed as a percentage obtained by dividing (a) an amount equal to the sum of the products of (x) for each Fixed Rate Obligation, the stated interest coupon on such Collateral Obligation and (y) the Principal Balance of such Collateral Obligation (excluding the unfunded portion of any Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations); by an amount equal to the Aggregate Principal Balance of all Fixed Rate Obligations as of such date (in each case, excluding any PIK Loan to the extent of any non-cash interest and excluding the unfunded portion of any Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations that are Fixed Rate Obligations); provided that if the foregoing amount is less than 7.00%, then all or a portion of the Weighted Average Fixed Rate Coupon Adjustment, if any, as of such date, to the extent not exceeding such shortfall, shall be added to such result.
Weighted Average Fixed Rate Coupon means, as of any date, the number, expressed as a percentage, determined by summing the products obtained by multiplying:
Examples of Weighted Average Fixed Rate Coupon in a sentence
Any Gross Fixed Rate Excess may be used to help satisfy the Minimum Weighted Average Spread, and any Gross Spread Excess may be used to help satisfy the Minimum Weighted Average Fixed Rate Coupon.
The "Minimum Weighted Average Fixed Rate Coupon Test" will be satisfied on any date of determination if the Weighted Average Fixed Rate Coupon equals or exceeds 8.00%.
Additionally, any future anticipated tax liabilities of an Issuer Subsidiary related to an Issuer Subsidiary Asset will be excluded from the calculation of the Weighted Average Spread, the Weighted Average Fixed Rate Coupon and the Interest Coverage Ratios.
For the avoidance of doubt, a Long-Dated Obligation shall not constitute For purposes of calculating the Overcollateralization Ratio with respect to any specified Class or Classes of Notes, the Minimum Weighted Average Fixed Rate Coupon Test and the Weighted Average Spread Test, any Issuer Subsidiary Asset shall be treated as having a value no more than the applicable value therefor as determined pursuant to the definition of Par Value Numerator.
For the avoidance of doubt, (i) the Minimum Weighted Average Fixed Rate Coupon is a test that will be applicable only if the Collateral contains Fixed Rate Collateral Obligations and (ii) the Minimum Weighted Average Spread is a test that will be applicable only if the Collateral contains Floating Rate Collateral Obligations.
More Definitions of Weighted Average Fixed Rate Coupon
Weighted Average Fixed Rate Coupon means, as of any Measurement Date, the sum (rounded up to the next 0.001%):
Weighted Average Fixed Rate Coupon. As of any Measurement Date, the number (expressed as a percentage) obtained by dividing: (a) the Aggregate Coupon by (b) the Aggregate Principal Amount of all Fixed Rate Collateral Obligations as of such Measurement Date.
Weighted Average Fixed Rate Coupon means, as of any date, the number, expressed as a percentage, determined by summing the
Weighted Average Fixed Rate Coupon means, as of any Measurement Date, the sum (rounded up to the next 0.001%) obtained by (i) multiplying the Principal Balance of each Fixed Rate Collateral Interest (except Collateral Interests that are currently deferring interest) held in the portfolio as of such date by the then-current interest rate, (ii) summing the amounts determined pursuant to clause (i) for all Fixed Rate Collateral Interests held in the portfolio as of such date and (iii) dividing such sum by the aggregate Principal Balance of all Fixed Rate Collateral Interests held in the portfolio as of such date; provided that for purposes of calculating the Weighted Average Fixed Rate Coupon of Collateral Interests that are Impaired Interests, the Written Down Amount with respect to Written Down Interests and Equity Interests will be excluded, except for those Impaired Interests that at the time of such calculation have fully become current on all past due interest and scheduled principal and are paying full current interest in cash pursuant to the terms of their respective Underlying Instrument.
Weighted Average Fixed Rate Coupon means, as of any date of determination, a rate equal to a fraction (expressed as a percentage) obtained by (i) multiplying the Principal Balance of each Fixed Rate Collateral Debt Obligation held in the Trust Estate as of such date by the current per annum rate at which it pays interest (excluding only the portion of any Deferrable Collateral Debt Obligation which is currently deferring interest or paying such interest in kind),
Weighted Average Fixed Rate Coupon means, with respect to any Measurement Date, a fraction (expressed as a percentage) obtained by (i) multiplying the Principal Balance of each fixed rate Collateral Debt Obligation (excluding Defaulted Obligations and Non-Cash Paying PIK Securities) held by the Issuer as of such Measurement Date by the then current per annum rate at which it pays interest;
Weighted Average Fixed Rate Coupon means, as of any Measurement Date, a fraction (expressed as a percentage and rounded up to the next 0.001%) determined by (a) multiplying the Principal Balance of each fixed rate (and not, as a result of a Hedge Agreement, swapped to floating rate) Collateral Debt Security that is not a Defaulted Security by the current per annum rate determined based on such Principal Balance (e.g., the yield on the Purchase Price of any Collateral Debt Security acquired at a Purchase Price of less than 90% of the par balance thereof) at which it pays interest (excluding, in the case of a PIK Security, any interest thereon that, during the immediately preceding twelve-month period, has been deferred and not paid to the Issuer in Cash), (b) summing the amounts determined pursuant to clause (a) for all such fixed rate Collateral Debt Securities and (c) dividing such sum by the aggregate Principal Balance of all such fixed rate Collateral Debt Securities; provided that, if the foregoing amount is less than 6% (the “shortfall”), then the Weighted Average Fixed Rate Coupon Adjustment, if any, as of such Measurement Date, to the extent not exceeding such shortfall, shall be added to such sum.