S&P Scenario Default Rate definition
S&P Scenario Default Rate means, as of any date, an estimate of the cumulative default rate, for the Reference Entities in the Reference Portfolio and as amended from time to time, consistent with the initial rating by S&P with respect to the Transaction, determined by application of the S&P CDO Evaluator version 2.2 (as amended, updated or replaced from time to time).
S&P Scenario Default Rate. ’ means, in respect of any S&P rating on any Replacement Date or the Closing Date, an estimate (expressed as a percentage) of the current cumulative default rate for the Reference Portfolio as of such date, determined by the CDS Calculation Agent using the S&P CDO Evaluator.
S&P Scenario Default Rate means, as of any date, an estimate of the current cumulative default rate, given the rating scenario assigned at issuance, for the Purchased Receivables, determined by application of the S&P CDO Evaluator at such time.
More Definitions of S&P Scenario Default Rate
S&P Scenario Default Rate means collectively, the Class A Scenario Default Rate, the Class B Scenario Default Rate, the Class C Scenario Default Rate, the Class D Scenario Default Rate, the Class E Scenario Default Rate, the Class F Scenario Default Rate, the Class G Scenario Default Rate, the Class H Scenario Default Rate, the Class J Scenario Default Rate and the Class K Scenario Default Rate.
S&P Scenario Default Rate means, at any time, an estimate of the cumulative default rate for the S&P Current Portfolio or the S&P Proposed Portfolio, as applicable, consistent with each of a "AAA", "AA", "A-" and "BBB" rating by S&P with respect to the Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes, respectively, determined by application of the S&P CDO Monitor at such time.