Average Debt Rating Test definition

Average Debt Rating Test means, on any date of determination on or after the Ramp-Up End Date, a test that is satisfied if (A) the Average Debt Rating of the Collateral Debt Obligations in the Trust Estate as of such date of determination is equal to or less than the sum of
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Average Debt Rating Test means, on any date of determination on or after the Ramp-Up End Date, a test that is satisfied if (A) the Average Debt Rating of the Collateral Debt Obligations in the Trust Estate as of such date of determination is equal to or less than the lower of (x) 3300 and (y) the sum of (i) the applicable Designated Maximum Average Debt Rating (selected as provided herein) referenced in the following table and for the applicable Designated Minimum Diversity Score and Weighted Average Spread and (ii) the WARF Recovery Rate Modifier or (B) the Moody's Rating Period has ended.
Sample 1
Average Debt Rating Test means, on any date of determination on or after the Ramp-Up End Date, a test that is satisfied if (A) the Average Debt Rating of the Collateral Debt Obligations in the Trust Estate as of such date of determination is equal to or less than the lower of (x) the sum of (i) the applicable Designated Maximum Average Debt Rating (selected as provided herein) referenced in the following table (the "Asset Quality Matrix") and for the applicable Designated Minimum Diversity Score and Weighted Average Spread and (ii) the WARF Recovery Rate Modifier and (y) 3200 or (B) the Moody's Rating Period has ended. On the Ramp-Up End Date, the Collateral Manager, in its sole discretion, shall select any Designated Maximum Average Debt Rating referenced in the above table (by providing written notice to the Issuer, the Rating Agencies, the Collateral Administrator andthe Trustee of the applicable Designated Maximum Average Debt Rating, Designated Minimum Diversity Score and Weighted Average Spread referenced in the table for such Designated Maximum Average Debt Rating), so long as the Collateral Debt Obligations in the Trust Estate on the Ramp-Up End Date have (x) an Average Debt Rating equal to or less than the sum of the Designated Maximum Average Debt Rating selected plus the WARF Recovery Rate Modifier, (y) a Weighted Average Spread equal to or greater than that which is referenced in the table for such Designated Maximum Average Debt Rating minus the WAS Recovery Rate Modifier (but in no event less than 2.00%) and (z) a Total Diversity Score equal to or greater than the Designated Minimum Diversity Score which is referenced in the table for such Designated Maximum Average Debt Rating. Such Designated Maximum Average Debt Rating (or any other Designated Maximum Average Debt Rating selected in accordance with this sentence) shall remain the Designated Maximum Average Debt Rating necessary (after adding any applicable WARF Recovery Rate Modifier) to satisfy the Average Debt Rating Test until such time as the Collateral Manager selects another Designated Maximum Average Debt Rating by providing written notice, including by electronic mail, to the Issuer, the Rating Agencies, the Collateral Administrator and the Trustee of the applicable Designated Maximum Average Debt Rating, Designated Minimum Diversity Score and Weighted Average Spread referenced in the table for such Designated Maximum Average Debt Rating; provided, that if any of the Average Debt Rating Test, the Diversity...
Sample 1

More Definitions of Average Debt Rating Test

Average Debt Rating Test means, on any date of determination on or after the Ramp-Up End Date, a test that is satisfied if (A) the Average Debt Rating of the Collateral Debt Obligations in the Trust Estate as of such date of determination is equal to or less than the lower of (x) the sum of (i) the applicable Designated Maximum Average Debt Rating (selected by the Collateral Manager as provided below) referenced in the following table (the "Asset Quality Matrix") and for the applicable Designated Minimum Diversity Score and Weighted Average Spread, and (ii) the WARF Recovery Rate Modifier and (iii) the Average Life Adjustment Amount and (y) 3200 or (B) the Moody's Rating Period has ended. Weighted Average Spread3.65[ ]%2495[]2545 [ ]2595 [ ]2625 [ ]2655 [ ]2685 [ ]2715 [ ]2740 [ ]2760[]2780 [ ] On the Ramp-Up End Date, the Collateral Manager, in its sole discretion, shall select the "row/column combination" of the Asset Quality Matrix that will apply on and after the Ramp-Up End Date (by providing written notice to the Issuer, the Rating Agencies, the Collateral Administrator and the Trustee of the applicable Designated Maximum Average DebtRating, Designated Minimum Diversity Score and Weighted Average Spread), so long as the Collateral Debt Obligations in the Trust Estate on the Ramp-Up End Date have (x) an Average Debt Rating equal to or less than the sum of the Designated Maximum Average Debt Rating selected plus the WARF Recovery Rate Modifier plus the Average Life Adjustment Amount, (y) a Weighted Average Spread equal to or greater than that which is referenced in the "row/column combination" of the Asset Quality Matrix for the Designated Maximum Average Debt Rating and Designated Minimum Diversity Score minus the WAS Recovery Rate Modifier (but in no event less than 2.25[ ]%) and (z) a Total Diversity Score equal to or greater than the Designated Minimum Diversity Score. Such Designated Maximum Average Debt Rating (or any other Designated Maximum Average Debt Rating selected in accordance with this sentence) shall remain the Designated Maximum Average Debt Rating necessary (after adding any applicable WARF Recovery Rate Modifier and Average Life Adjustment Amount) to satisfy the Average Debt Rating Test until such time as the Collateral Manager selects another "row/column combination" of the Asset Quality Matrix by providing written notice, including by electronic mail, to the Issuer, the Rating Agencies, the Collateral Administrator and the Trustee of such selection; provid...
Sample 1
Average Debt Rating Test. ” means, a test satisfied on any date of determination on or after the Ramp-Up End Date, a test that is satisfied if (A)if the Average Debt Rating of the Collateral Debt Obligations in the Trust Estate as of such date of determination is equal to or less than the sum of (i) the applicable Designated Maximum Average Debt Rating (selected as provided herein) referenced in the following table and for the applicable Designated Minimum Diversity
Sample 1
Average Debt Rating Test means a test satisfied on any date of determination if the Average Debt Rating of the Collateral Debt Obligations in the Trust Estate as of such date of determination is equal to or less than [3300].
Sample 1
Average Debt Rating Test means a test satisfied on any date of determination if the Average Debt Rating of the Collateral Debt Obligations in the Trust Estate as of such date of determination is equal to or less than, 3300."Average Effective Spread" means, as of any date of determination, a fraction (expressed as a percentage and rounded up to the next 0.01%) equal to the amount obtained by (i) multiplying the Principal Balance (excluding the aggregate amount of any Unfunded Commitments and any Defaulted Obligations) of each Purchased Below-Par Collateral Debt Obligation held in the Trust Estate as of such date by the Effective Spread, (ii) summing the resulting amounts, and (iii) dividing such sum by the aggregate Principal Balance of all such Purchased Below-Par Collateral Debt Obligations [3350].
Sample 1
Average Debt Rating Test means, on any date of determination on or after the
Sample 1

Related to Average Debt Rating Test

  • Index Debt Rating means the S&P Rating, the Xxxxx’x Rating and the Fitch Rating.

  • Debt Rating has the meaning specified in the definition of “Applicable Rate.”

  • Pricing Level V any time when (i) the senior unsecured long term debt rating of the Borrower by (x) S&P is BBB‑ or higher or (y) Xxxxx’x is Baa3 or higher and (ii) none of Pricing Level I, Pricing Level II, Pricing Level III or Pricing Level IV applies.

  • Applicable Pricing Level means, for each Pricing Period the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: Pricing Level Debt Rating I Greater than or equal to A1 / A+ II Less than A1 / A+ but greater than or equal to A2 / A III Less than A2 / A but greater than or equal to A3 / A- V Less than Baa2/BBB provided that in the event that the then prevailing Debt Ratings are “split ratings”, Borrower will receive the benefit of the higher Debt Rating, unless the split is a “double split rating” (in which case the pricing level applicable to the middle Debt Rating will apply) or a “triple split rating” (in which case the pricing level applicable to the Debt Rating above the Debt Rating applicable to the lowest pricing level will apply). For purposes hereof, a Debt Rating is only a “split rating” if the Debt Rating applies to a different pricing level.

  • Debt Ratings has the meaning set forth in the definition of “Applicable Rate.”

  • Pricing Level refers to the determination of which of Level I, Level II, Level III, Level IV, Level V or Level VI applies at any date.

  • Applicable Rating Level at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx’x Rating for such Borrower as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating A or higher or Xxxxx’x Rating A2 or higher 1 S&P Rating A- or higher or Xxxxx’x Rating A3 or higher 2 S&P Rating BBB+ or Xxxxx’x Rating Baa1 3 S&P Rating BBB or Xxxxx’x Rating Baa2 4 S&P Rating BBB- or Xxxxx’x Rating Baa3 5 S&P Rating BB+ or below or Xxxxx’x Rating Ba1 or below, or no S&P Rating or Xxxxx’x Rating 6 The Applicable Rating Level for any Borrower and for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating for such Borrower in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher of such ratings shall control, unless (i) the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control, or (ii) either rating is below BBB- or Baa3 (as applicable), in which case the lower of the two ratings shall control.

  • Adjusted Leverage Ratio means, on any date, the ratio of (a) Total Debt as of such date to (b) Adjusted Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower most recently ended as of such date, all determined on a consolidated basis in accordance with GAAP.

  • Moody’s Second Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-2”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A3”.

  • Senior Net Leverage Ratio means, as of any date of determination, the ratio of (a) Senior Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in which financial statements for each quarter or fiscal year in such period have been or were required to be delivered pursuant to Section 5.01(a) or (b) without giving effect to any grace period applicable thereto.

  • Maximum Leverage Ratio shall have the meaning assigned thereto in the Pricing Side Letter.

  • Pricing Level IV means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is BBB- or higher by S&P or Baa3 or higher by Moody’s and (iii) Pricing Levels I, II and III do not apply.

  • Minimum Level (ML means the concentration at which the entire analytical system must give a recognizable signal and an acceptable calibration point. The ML is the concentration in a sample that is equivalent to the concentration of the lowest calibration standard analyzed by a specific analytical procedure, assuming that all the method-specified sample weights, volumes and processing steps have been followed.

  • Senior Debt Rating means at any date, the credit rating identified by S&P, Fitch or Xxxxx’x as the credit rating which (a) it has assigned to long term senior unsecured debt of the Borrower or (b) it would assign to long term senior unsecured debt of the Borrower were the Borrower to issue or have outstanding any long term senior unsecured debt on such date. For the avoidance of doubt, “Senior Debt Rating” is not the Borrower’s “Corporate/Long-Term Issuer” rating.

  • Minimum Weighted Average Coupon Test means a test that will be satisfied on any Measurement Date if the Weighted Average Coupon equals or exceeds 7.0%.

  • First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (i) Consolidated Total Indebtedness secured on a first lien basis, net of Unrestricted Cash, as of the last day of such Test Period, to (ii) Consolidated EBITDA for such Test Period.

  • Pricing Level I shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is greater than or equal to 3.50 to 1.00.

  • Minimum Weighted Average Spread Test means a test that will be satisfied on any date of determination if the Weighted Average Spread of all Eligible Collateral Obligations included in the Collateral on such day is equal to or greater than 5.25%.

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from S&P for debt securities of such type, then such indicative rating shall be used for determining the “S&P Rating”).

  • Pricing Level II shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.50 to 1.00 but greater than or equal to 3.00 to 1.00.

  • Secured Net Leverage Ratio means, on any date, the ratio of (a) Consolidated Secured Net Debt as of such date to (b) Consolidated EBITDA for the Test Period as of such date.

  • First Lien Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Highest Rating Category means, with respect to an Eligible Investment, that the Eligible Investment is rated by S&P or Moody’s in the highest rating given by that rating agency for that general category of security. By way of example, the Highest Rating Category for tax-exempt municipal debt established by S&P is “A-1+” for debt with a term of one year or less and “AAA” for a term greater than one year, with corresponding ratings by Moody’s of “MIG-1” (for fixed rate) or “VMIG-1” (for variable rate) for three months or less and “Aaa” for greater than three months. If at any time (a) the Bonds are not rated, (b) both S&P and Moody’s rate an Eligible Investment and (c) one of those ratings is below the Highest Rating Category, then such Eligible Investment will, nevertheless, be deemed to be rated in the Highest Rating Category if the lower rating is no more than one rating category below the highest rating category of that rating agency. For example, an Investment rated “AAA” by S&P and “Aa3” by Xxxxx’x is rated in the Highest Rating Category. If, however, the lower rating is more than one full rating category below the Highest Rating Category of that rating agency, then the Eligible Investment will be deemed to be rated below the Highest Rating Category. For example, an Eligible Investment rated “AAA” by S&P and “A1” by Xxxxx’x is not rated in the Highest Rating Category.

  • Pricing Level III shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00.

  • Total Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated Total Indebtedness net of Unrestricted Cash as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Net Total Leverage Ratio means, on any date, the ratio of (A) (i) without duplication, the aggregate principal amount of any Consolidated Debt of the Borrower and its Subsidiaries outstanding as of the last day of the Test Period most recently ended as of such date (other than Excluded Transaction Debt) less (ii) without duplication, the Unrestricted Cash and unrestricted Permitted Investments of the Borrower and its Subsidiaries as of the last day of such Test Period, to (B) EBITDA for such Test Period, all determined on a consolidated basis in accordance with GAAP; provided, that the Net Total Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis.