Note Break-Even Default Rate definition
Note Break-Even Default Rate means, with respect to each Class of Rated Notes, the maximum percentage of defaults that the Proposed Portfolio can sustain, as determined by application of the S&P CDO Monitor, after giving effect to S&P's assumptions on recoveries, defaults and timing and to the Priority of Payments such that sufficient funds shall remain for (i) the payment of principal of such Class of Rated Notes in full by the Final Maturity Date, (ii) with respect to each Class of Senior Class A Notes, the timely payment of interest on such Class of Senior Class A Notes and (iii) with respect to the Class A-3L Notes and the Class B-1L Notes, the ultimate payment of interest on such Notes.
Note Break-Even Default Rate means, with respect to any Class of Notes rated by Standard & Poor’s, at any time, the maximum percentage of defaults (as determined by application of the Standard & Poor’s CDO Monitor) which the Current Portfolio or the Proposed Portfolio, as applicable, can sustain such that, after giving effect to Standard & Poor’s assumptions on recoveries and timing and to the Priority of Payments, will result (i) in the case of the Class C Notes, Class D Notes, Class E Note and Class F Notes in sufficient funds remaining for the payment in full of principal of and interest on such Class of Notes in full by its Stated Maturity and (ii) in the case of the Class A Notes and Class B Notes, in sufficient funds remaining for the payment in full of principal (as applicable) and the timely payment of interest and Commitment Fee (as applicable) on such Class of Notes.
Note Break-Even Default Rate means, with respect to each class of Notes that is rated by S&P, the maximum percentage of defaults that the Current Portfolio or the Proposed Portfolio, as applicable, can sustain (as determined by the S&P CDO Monitor), which after giving effect to S&P's assumptions on recoveries on defaulted securities and timing of such recoveries and to the Priority of Payments will result in sufficient funds remaining for the payment of principal of such class of Notes in full by its Stated Maturity and the timely payment of interest on such class of Notes as determined by the CDO Monitor.
More Definitions of Note Break-Even Default Rate
Note Break-Even Default Rate means the maximum percentage of defaults that the portfolio of Collateral Interests can sustain, as determined by S&P by application of the S&P CDO Monitor, after giving effect to S&P’s assumptions on recoveries, defaults and timing and to the Priority of Payments such that sufficient funds will remain for the payment of principal of the Class B Notes in full by their Stated Maturity Dates and the timely payment of interest on such Class B Notes.