Break-Even Default Rate definition
Break-Even Default Rate means, with respect to the Loans, the maximum percentage of defaults, at any time, that the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, as determined by S&P, through application of the S&P CDO Monitor chosen by the Services Provider in accordance with this Agreement that is applicable to the portfolio of Collateral Loans, which, after giving effect to S&P’s assumptions on recoveries, defaults and timing and to the Priority of Payments, will result in sufficient funds remaining for the payment of the Loans in full.
Break-Even Default Rate means, with respect to the Class A Notes, as of any date of determination, the sum of:
Break-Even Default Rate means, with respect to the Collateral Loans: (i) during any S&P CDO Monitor Formula Election Period, the rate equal to (a) -0.126857 plus (b) the product of (▇) ▇.▇▇▇▇▇▇ and (y) the Weighted Average Spread plus (c) the product of (▇) ▇.▇▇▇▇▇▇ and (y) the Weighted Average S&P Recovery Rate or (ii) during any S&P CDO Monitor Model Election Period, the maximum percentage of defaults, at any time, that the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, as determined by S&P, through application of the S&P CDO Monitor chosen by the Collateral Manager in accordance with this Agreement that is applicable to the portfolio of Collateral Loans, which, after giving effect to S&P’s assumptions on recoveries, defaults and timing and to the Priority of Payments, will result in sufficient funds remaining for the payment of the Collateral Loans in full.
More Definitions of Break-Even Default Rate
Break-Even Default Rate means, with respect to the Loans: (i) during any S&P CDO Monitor Formula Election Period, the rate equal to (a) C0 plus (b) the product of (x) C1 and (y) the Weighted Average Spread plus (c) the product of (x) C2 and (y) the Weighted Average S&P Recovery Rate where C0, C1 and C2 shall be provided to the Collateral Manager by S&P on or prior to the Rating Effective Date or (ii) during any S&P CDO Monitor Model Election Period, the maximum percentage of defaults, at any time, that the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, as determined by S&P, through application of the S&P CDO Monitor chosen by the Collateral Manager in accordance with this Agreement that is applicable to the portfolio of Collateral Loans, which, after giving effect to S&P’s assumptions on recoveries, defaults and timing and to the Priority of Payments, will result in sufficient funds remaining for the payment of the Loans in full.
Break-Even Default Rate. With respect to the S&P Highest Ranking Class, as of any date of determination, the sum of:
Break-Even Default Rate means, with respect to the Highest Ranking Class:
Break-Even Default Rate means, with respect to the Class A-1 Notes, as of any date of determination, the sum of:
Break-Even Default Rate means, with respect to any class of Notes, the maximum cumulative rate of defaults with respect to Loans in the Loan Pool that such class of Notes can withstand, while subjected to the cash flow stresses employed by S&P in rating such class of Notes, and still pay timely interest and ultimate principal to the Holders of such by the Legal Final Maturity Date or, in the case of the Class A-1 Notes, by the Class A-1 Legal Final Maturity Date.
Break-Even Default Rate. With respect to the Highest Ranking Class, as of any date of determination, the sum of (a) 0.074076, plus (b) the product of (i) 2.201540 multiplied by (ii) the Weighted Average Spread, plus (c) the product of (i) 1.326521 multiplied by (ii) the Weighted Average S&P Recovery Rate.
Break-Even Default Rate means, with respect to the Highest Ranking Class, as of any date of determination, the sum of: (i) 0.051522,[_], plus (ii) the product of (x)