S&P Recovery Test definition

S&P Recovery Test. A test that will be satisfied on any Measurement Date, if the S&P Weighted Average Recovery Rate (based upon the Principal Balance of the Collateral Obligations) is greater than 43.75% for each Class of Notes. For purposes of determining whether the S&P Recovery Test has been satisfied, the S&P Recovery Rate with respect to proceeds from any Collateral Obligation which have not been reinvested shall be the S&P Recovery Rate associated with such Collateral Obligation.
Sample 1
S&P Recovery Test. A test that will be satisfied on any Measurement Date if the S&P Weighted Average Recovery Rate (based upon the Principal Balance of the Collateral Debt Securities) for each Class of Notes falls within one of the permissible scenarios (which scenarios, for the avoidance of doubt, will vary depending on the then-current levels of the variables included in the S&P Matrix) for each such Class; provided that, in the event Cash has been received in respect of Principal Proceeds of any Collateral Debt Security in connection with a prepayment or sale of such Collateral Debt Security, but such Cash has not been reinvested in additional Collateral Debt Securities as of such Measurement Date, such Cash will be included in calculating the S&P Weighted Average Recovery Rate and the Principal Balance and Recovery Rate associated with such Cash will be the Principal Balance and Recovery Rate of such Collateral Debt Security immediately prior to prepayment or sale, as applicable; provided, further, that, with respect to any such Collateral Debt Security that was sold for less than its outstanding principal balance, the "Principal Balance" associated with such Cash will equal the amount of Sale Proceeds received by the Issuer in connection with such sale.
Sample 1
S&P Recovery Test. Means a test that will be satisfied on any Measurement Date, if the S&P Weighted Average Recovery Rate based upon the Principal Balance of the Collateral Securities is equal or greater than (a) 41.6%, with respect to the Class A Notes, (b) 42.0%, with respect to the Class B Notes, (c) 42.3%, with respect to the Class C Notes, (d) 43.4%, with respect to the Class D Notes and (e) 43.4%, with respect to the Class E Notes.
Sample 1

More Definitions of S&P Recovery Test

S&P Recovery Test. A test that shall be satisfied on any Measurement Date, if the S&P Weighted Average Recovery Rate as of such Measurement Date is equal to or greater than (a) the percentage set forth in the row entitled “AAA Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class A Notes, (b) the percentage set forth in the row entitled “AA Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class B Notes, (c) the percentage set forth in the row entitled “A Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class C Notes, the Class D Notes and the Class E Notes, (d) the percentage set forth in the row entitled “BBB Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class F Notes, the Class G Notes and the Class H Notes, (e) the percentage set forth in the row entitled “BB Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class J Notes and (f) the percentage set forth in the row entitled “CCC Weighted Average Recovery” in the S&P Test Matrix based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Debt Securities in accordance with the Collateral Management Agreement, with respect to the Class K Notes.
Sample 1
S&P Recovery Test. A test that will be satisfied on any Measurement Date, if the S&P Weighted Average Recovery Rate as of such Measurement Date is equal to or greater than, with respect to each Class of Notes, the percentage set forth in the row entitled “WA Recovery” and corresponding to the applicable S&P rating of such Class of Notes, based on the scenario chosen by the Collateral Manager as currently applicable to the applicable Collateral Quality Tests and the Collateral Interests in accordance with the terms hereof.
Sample 1
S&P Recovery Test. A test that will be satisfied on any Measurement Date, if the S&P Weighted Average Recovery Rate as of such Measurement Date is equal to or greater than (a) 42.5%, with respect to the Class A Notes, (b) 42.5%, with respect to the Class B Notes, (c) 42.5%, with respect to the Class C Notes, (d) 42.5%, with respect to the Class D Notes, (e) 42.5%, with respect to the Class E Notes, (f) 42.5%, with respect to the Class F Notes (g) 42.5%, with respect to the Class G Notes, (h) 42.5%, with respect to the Class H Notes, (i) 42.5%, with respect to the Class J Notes and (j) 42.5%, with respect to the Class K Notes.
Sample 1
S&P Recovery Test. A test that will be satisfied on any Measurement Date if the S&P Weighted Average Recovery Rate (based upon the Principal Balance of the Collateral Debt Securities) for each Class of Notes falls within one of the five permissible scenarios for each such Class. The Collateral Manager shall select which of the five scenarios shall apply initially by notice to the Trustee and S&P on or prior to the Closing Date. For any Measurement Date thereafter, the Collateral Manager may select a different scenario prior to each such Measurement Date on which the CDO Monitor Test is to be performed (and shall notify the Trustee in writing of such selection on such Measurement Date, or if no such notice is given, the scenario used for the preceding Measurement Date shall apply to such Measurement Date). With respect to each Class of Notes, the five permissible S&P Weighted Average Recovery Rate options are as set forth on the table below: S&P WEIGHTED AVERAGE RECOVERY RATE IS SCENARIO NUMBER EQUAL TO OR GREATER THAN: --------------- ------------------------------------- 1 40.00% 2 37.00%
Sample 1
S&P Recovery Test. A test that will be satisfied on any Measurement Date if the S&P Weighted Average Recovery Rate (based upon the Principal Balance of the Collateral Debt Securities) for each Class of Notes is greater than the applicable percentage for each such Class as follows: Class A-1 Notes – 33.88%, Class A-2 Notes – 33.88%, Class B Notes – 34.07%, Class C Notes – 34.26%, Class D Notes – 34.26%, Class E Notes –34.26%, Class F Notes – 34.35%, Class G Notes – 34.35%, Class H Notes – 34.35%, Class J Notes – 34.54%, Class K Notes – 34.62%; provided that, in the event cash has been received in respect of Principal Proceeds of any Collateral Debt Security in connection with a prepayment or sale of such Collateral Debt Security, but such cash has not been reinvested in additional Collateral Debt Securities as of such Measurement Date, such cash will be included in calculating the S&P Weighted Average Recovery Rate and the Principal Balance and Recovery Rate associated with such cash will be 35%.
Sample 1

Related to S&P Recovery Test

  • Collateral Quality Test means a test that is satisfied if, as of any date of determination, in the aggregate, the Collateral Loans owned (or in relation to a proposed acquisition of a Collateral Loan, both owned and proposed to be owned) by the Borrower satisfy each of the tests set forth below, calculated in each case in accordance with Section 1.3:

  • Collateral Quality Tests means the Collateral Quality Tests set out in the Investment Management Agreement being each of the following:

  • Class C Coverage Tests means the Class C Interest Coverage Test and the Class C Par Value Test.

  • Asset Test means, for an Asset Review, each Test, as defined in the Asset Representations Review Agreement, in Schedule A to the Asset Representations Review Agreement to be performed by the Asset Representations Reviewer on the related Asset Review Receivables.

  • Performance Test means all operational checks and tests required to determine the performance parameters including inter-alia capacity, efficiency and operating characteristics of the Stores as specified in the Contract.

  • Asset Coverage Test is met if the Adjusted Aggregate Asset Amount (as defined below) shall be in an amount at least equal to the Canadian Dollar Equivalent of the aggregate Principal Amount Outstanding of the Covered Bonds as calculated on the relevant Calculation Date. For greater certainty, references in this Schedule to “immediately preceding Calculation Date” and “previous Calculation Date” are to the Calculation Period ending on the Calculation Date.

  • Disaster Recovery Services means the Services embodied in the processes and procedures for restoring the provision of Services following the occurrence of a Disaster, as detailed further in Call Off Schedule 8 (Business Continuity and Disaster Recovery);

  • Monthly Excess Cashflow For any Distribution Date, an amount equal to the sum of the Monthly Excess Interest and Overcollateralization Release Amount, if any, for such date.

  • Interest Coverage Test means the Class A/B Interest Coverage Test, the Class C Interest Coverage Test, the Class D Interest Coverage Test and the Class E Interest Coverage Test.

  • Coverage Test means each of the Class A/B Par Value Test, the Class A/B Interest Coverage Test, the Class C Par Value Test, the Class C Interest Coverage Test, the Class D Par Value Test, the Class D Interest Coverage Test, the Class E Par Value Test and the Class E Interest Coverage Test.

  • Class A/B Coverage Tests means the Class A/B Interest Coverage Test and the Class A/B Par Value Test.

  • Disaster Recovery Plan means has the meaning set out in paragraph 1.2.3 of Schedule 5 (Disaster Recovery and Business Continuity);