Weighted Average Rating Factor definition
Weighted Average Rating Factor or “▇▇▇▇” means, as of any date of determination, the number obtained by dividing (i) the sum of the products obtained for each of the Eligible Loan Assets, by multiplying (a) the ▇▇▇▇▇’▇ Rating Factor (as defined in Annex E) of each such Eligible Loan Asset as at such date of determination, by (b) the Outstanding Principal Balance of such Eligible Loan Asset, by (ii) the aggregate Outstanding Principal Balance of all Eligible Loan Assets.
Weighted Average Rating Factor means the number determined by summing the products obtained by multiplying the Outstanding Loan Balance of each Transferred Loan by its Rating Factor, dividing such sum by the aggregate Outstanding Loan Balance of all such Transferred Loans and then rounding the result down to the nearest whole number.
Weighted Average Rating Factor. As of any Measurement Date, the number obtained by (a) multiplying the Principal Balance of each Middle Market Loan and ABS Direct Loan (included in the Borrowing Base) by its ▇▇▇▇▇’▇ Rating Factor on any Measurement Date; (b) summing the products obtained in clause (a) for all Middle Market Loans and ABS Direct Loans; (c) dividing the sum obtained in clause (b) by the sum of the Principal Balances of all Middle Market Loans and ABS Direct Loans on such Measurement Date; (d) rounding the result to the nearest whole number; and
Examples of Weighted Average Rating Factor in a sentence
On or prior to the date on which the Ramp Amount is first achieved, the Collateral Manager shall elect the “row/column” combination of the Asset Quality Matrix that shall on and after such date apply to the Loans for purposes of determining compliance with the Minimum Weighted Average Spread Test, the Minimum Diversity Score Test and the Maximum Weighted Average Rating Factor Test, and shall provide notice of such election to the Administrative Agent.
Subject to the provisions provided below, on or after the Effective Date, the Collateral Manager will have the option to elect which of the cases set forth in the matrix below (the “Fitch Test Matrix”) shall be applicable for purposes of the Fitch Maximum Weighted Average Rating Factor Test, the Fitch Minimum Weighted Average Recovery Rate Test and the Minimum Floating Spread Test.
The failure of any Private Rating to satisfy the applicable conditions described above shall result in the applicable Reference Obligor or Reference Obligation being deemed to be unrated or, for purposes of determining the Weighted Average Rating Factor, assigned a credit rating of “WR” by S&P and “NR” by M▇▇▇▇’▇.
If subsequent to the relevant Addition Date, a Reference Obligation that has no Public Rating but which is a Highly Liquid Obligation that was included in the Portfolio on such Addition Date ceases to be a Highly Liquid Obligation, such Reference Obligation shall be included in the determination of the Weighted Average Rating Factor.
The Weighted Average Rating Factor of the Portfolio must be equal to or less than 3490.
More Definitions of Weighted Average Rating Factor
Weighted Average Rating Factor or “▇▇▇▇” means, as of any date of determination, the number obtained by dividing (i) the sum of the products obtained for each of the Eligible Loan Assets, by multiplying (a) the ▇▇▇▇▇’▇ Rating Factor (as defined in Annex E) of each such Eligible Loan Asset as at such date of determination; provided that Eligible Loan Assets comprising up to 15% of the aggregate Outstanding Principal Balance of all Eligible Loan Assets that do not have a ▇▇▇▇▇’▇ Rating may utilize the lower of the equivalent rating provided by S&P or Fitch as the “▇▇▇▇▇’▇ Default Probability Rating” for purposes of determining the ▇▇▇▇ under this clause (a); by (b) the Outstanding Principal Balance of such Eligible Loan Asset, by (ii) the aggregate Outstanding Principal Balance of all Eligible Loan Assets.
Weighted Average Rating Factor in Section 1.1 of the Agreement is hereby amended by amending and restating such definition in its entirety as follows:
Weighted Average Rating Factor or “WARF” means, as of any date of determination, the number obtained by dividing (i) the sum of the products obtained for each of the Eligible Loan Assets, by multiplying (a) the Moody’s Rating Factor (as defined in Annex E) of each such Eligible Loan Asset as at such date of determination; provided that Eligible Loan Assets comprising up to 15% of the aggregate Outstanding Principal Balance of all Eligible Loan Assets that do not have a Moody’s Rating may utilize the lower of the equivalent rating provided by S&P or Fitch as the “Moody’s Default Probability Rating” for purposes of determining the WARF under this clause (a); by (b) the Outstanding Principal Balance of such Eligible Loan Asset, by (ii) the aggregate Outstanding Principal Balance of all Eligible Loan Assets.
Weighted Average Rating Factor. A number (rounded up to the nearest whole number) equal to (A) the sum of the products obtained by multiplying, for each Collateral Obligation, (excluding any Defaulted Obligation or Deferring Obligation), (x) its Principal Balance by (y) its S&P Rating Factor, divided by (B) the Aggregate Principal Balance of all Collateral Obligations (excluding any Defaulted Obligation or Deferring Obligation). “Weighted Average S&P Recovery Rate”: As of any date of determination, the number, expressed as a percentage, obtained by summing the products obtained by multiplying the Principal Balance of each Collateral Obligation by its corresponding recovery rate as determined in accordance with Section 1 of Schedule 4 hereto, dividing such sum by the Aggregate Principal Balance of all Collateral Obligations, and rounding to the nearest tenth of a percent. “Workout Loan”: Any debt obligation acquired by the Issuer resulting from, or received or issued in connection with, an insolvency, bankruptcy, reorganization, default, workout or restructuring or similar event of or with respect to an obligor or Collateral Obligation that, in each case, (x) meets the requirements of the definition of “Collateral Obligation” (other than clauses (ii), (iv), (viii), (xiv), (xv), (xvii) and (xxiv) thereof) as determined by the Collateral Manager, (y) is no more junior in right of payment than the related Collateral Obligation that was subject to insolvency, bankruptcy, reorganization, default, workout or restructuring or similar event and (z) at the time of such acquisition (or commitment to acquire), the Collateral Manager reasonably believes (not to be called into question as a result of subsequent events) that making such investment will (i) minimize material losses in connection with the related Collateral Obligation or (ii) otherwise improve recovery prospects with respect to the related obligor or Collateral Obligation. Except to the extent provided above, the acquisition of Workout Loans will not be required to satisfy the Investment Criteria. Notwithstanding anything else to the contrary in this Indenture, a Workout Loan will be treated as a Defaulted Obligation for all purposes under this Indenture; provided that on any Business Day as of which such Workout Loan satisfies the definition of “Collateral Obligation” (as tested on such date and without giving effect to any carve- outs set forth in this definition), the Collateral Manager may designate (by written notice to the Issuer a...
Weighted Average Rating Factor. As of any Measurement Date, the number obtained by (a) multiplying the Principal Balance of each Middle Market Loan and ABS Direct Loan (included in the Borrowing Base) by its ▇▇▇▇▇’▇ Rating Factor on any Measurement Date; (b) summing the products obtained in clause (a) for all Middle Market Loans and ABS Direct Loans;
Weighted Average Rating Factor means, in respect of the relevant rating agency and as of the relevant day of determination, the number, rounded upwards to the nearest whole number, equal to the quotient of (1) the sum of the Ratings Equivalent determined in respect of each Reference Obligation comprised in the Portfolio, divided by (2) the Portfolio Book Value in effect on such determination date. For purposes hereof, “Ratings Equivalent” means, in respect of a Reference Obligation, the product of (x) the Book Value applicable to such Reference Obligation, and (y) the rating factor, as set out in the Rating Factor Annex appended hereto, that is applicable to the credit rating then assigned by the relevant rating agency to such Reference Obligation. The Weighted Average Rating Factor of the Portfolio (as defined above) shall be calculated separately for each rating agency utilizing the credit ratings respectively assigned and published by such agency (the Weighted Average Rating Factor resulting from the application of the credit ratings assigned and published by Moody’s being the “Moody’s Weighted Average Rating Factor” and the Weighted Average Rating Factor resulting from the application of the credit ratings assigned and published by S&P being the “S&P Weighted Average Rating Factor”). Should either S&P or Moody’s not publishes a rating for a Reference Obligation, the equivalent of the other rating agency’s rating shall be substituted. If neither S&P nor Moody’s publish a rating for a Reference Obligation, each such unrated Reference Obligation shall be deemed to have a rating of “WR” by Moody’s and a rating of “NR” by S&P.
Weighted Average Rating Factor. As of any Measurement Date, the number obtained by (a) multiplying the Principal Balance of each Middle Market Loan and ABS Direct Loan (included in the Borrowing Base) by its ▇▇▇▇▇’▇ Rating Factor on any Measurement Date; (b) summing the products obtained in clause (a) for all Middle Market Loans and ABS Direct Loans; (c) dividing the sum obtained in clause (b) by the sum of the Principal Balances of all Middle Market Loans and ABS Direct Loans on such Measurement Date; (d) rounding the result to the nearest whole number; and (e) subtracting the ▇▇▇▇ Modifier; provided that (i) after giving effect to clause (e) of this definition, the Weighted Average Rating Factor shall not be less than 2250, and (ii) clause (e) of this definition shall not apply in the event that the Weighted Average Rating Factor is less than 2250 after giving effect to clauses (a), (b), (c) and (d).