Weighted Average Rating means, as of any date of determination, the number obtained by (a) multiplying the Notional Amount of each Reference Obligation by the applicable Rating Factor (as set forth in Table 2 below) for the related Reference Entity; (b) summing the products obtained in clause (a) for all Reference Obligations; and (c) dividing the sum obtained in clause (b) by the aggregate of the Notional Amounts of all Reference Obligations. TABLE 1 XXXXX'X INDUSTRY CLASSIFICATION GROUPS Aerospace & Defense Automotive Banking, Finance, Insurance and Real Estate Beverage, Food, & Tobacco Capital Equipment Chemicals, Plastics, & Rubber Construction & Building Consumer goods: durable Consumer goods: non-durable Containers, Packaging, & Glass Energy: Electricity Energy: Oil & Gas Environmental Industries Forest Products & Paper Healthcare & Pharmaceuticals High Tech Industries Hotel, Gaming, & Leisure Media: Advertising, Printing & Publishing Media: Broadcasting & Subscription Media: Diversified & Production Metals & Mining Retail Services: Business Services: Consumer Sovereign & Public Finance Telecommunications Transportation: Cargo Transportation: Consumer Utilities: Electric Utilities: Oil & Gas Utilities: Water Wholesale TABLE 2 RATING FACTORS Xxxxx'x Rating Rating Factor Aaa 1 Aa1 10 Aa2 20 Aa3 40 A1 70 A2 120 A3 180 Xxx0 000 Xxx0 360 Baa3 610 Ba1 940 Ba2 1,350 Ba3 1,766 B1 2,220 B2 2,720 B3 3,490 Caa1 4,770 Caa2 6,500 Caa3 or below 10,000 ANNEX III APPROVED BUYERS Bank of America, NA The Bank of Montreal The Bank of New York Mellon, N.A. Barclays Bank plc BNP Paribas Broadpoint Securities Canadian Imperial Bank of Commerce Citibank, N.A. Credit Agricole S.A. Credit Suisse Deutsche Bank XX Xxxxxxx Xxxxx & Co. HSBC Bank Imperial Capital LLC JPMorgan Chase Bank, N.A. Lloyds TSB Bank Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated Xxxxxx Xxxxxxx & Co. Natixis Northern Trust Company Royal Bank of Canada The Royal Bank of Scotland plc Societe Generale The Toronto-Dominion Bank UBS AG U.S. Bank, National Association Xxxxx Fargo Bank, National Association
Weighted Average Rating means the number obtained by (a) multiplying the Principal Balance of each Collateral Loan (excluding any Defaulted Loan) by its S&P Rating Factor on any date of determination; (b) summing the products obtained in clause (a) for all Collateral Loans; (c) dividing the sum obtained in clause (b) by the Aggregate Principal Balance of all Collateral Loans (excluding any Defaulted Loan that is not a Current Pay Obligation) on such date of determination; and (d) rounding the result to the nearest whole number; provided that any Collateral Loans the ratings of which have been determined by the Services Provider for the period set forth in clause (d) of the definition of “S&P Rating” shall be excluded from the calculations made under this definition for the duration of such period.
Weighted Average Rating means, as of any date of determination, the number obtained by applying the following procedures: (i) multiplying the Adjusted Principal Amount of each Collateral Obligation (excluding the unfunded portion of any Revolving Collateral Loan or Delayed Drawdown Collateral Loan and excluding any Defaulted Obligation) by its Xxxxx’x Rating Factor on any date of determination; (ii) summing the products determined pursuant to clause (i) for all Collateral Obligations; (iii) dividing the sum determined pursuant to clause (ii) by the aggregate Adjusted Principal Amount of all Collateral Obligations (excluding the unfunded portion of any Revolving Collateral Loan or Delayed Drawdown Collateral Loan and excluding any Defaulted Obligation) on such date of determination; and (iv) rounding the result determined pursuant to clause (iii) to the nearest whole number.
Examples of Weighted Average Rating in a sentence
As discussed in EJR's CLO Methodology, EJR attempts to calculate the weighted average default probability of the portfolio by using EJR's Weighted Average Rating Score (WARS) approach.
We are also monitoring the quality of our portfolios on a quarterly basis by using Moody’s Weighted Average Rating (WAR) method.
For the purposes of calculating the Moody’s Weighted Average Rating Factor, any Collateral Obligation that is a Current Pay Obligation or a Defaulted Obligation shall be excluded.
The average portfolio credit rating is calculated in accordance with the methodology issued by the credit agency Moody’s (Weighted Average Rating Methodology) in which the investments are weighted according to the value of their carrying amounts.
For the purposes of calculating the Moody’s Weighted Average Rating Factor, any Collateral Obligation that is a Defaulted Obligation (or, to the extent that the Aggregate Principal Balance of all Collateral Obligations that would be Current Pay Obligations exceeds 7.5% in Aggregate Principal Balance of the Current Portfolio, any Current Pay Obligation that constitutes such excess over 7.5%) shall be excluded.
More Definitions of Weighted Average Rating
Weighted Average Rating means, as of any date of determination, the number obtained by (a) multiplying the Purchase Amount of each Debt Obligation held by the Borrower on such date by the applicable Rating Factor (as set forth in table below); (b) summing the products obtained in clause (a) for all such Debt Obligations; and (c) dividing the sum obtained in clause (b) by the aggregate of the Purchase Amounts of all such Debt Obligations. RATING FACTORS Xxxxx’x Rating Rating Factor Aaa 1 Aa1 10 Aa2 20 Aa3 40 A1 70 A2 120 A3 180 Xxx0 000 Xxx0 360 Baa3 610 Ba1 940 Ba2 1,350 Ba3 1,766 B1 2,220 B2 2,720 B3 3,490 Caa1 4,770 Caa2 6,500 Caa3 8,070 Below Caa3 10,000 Interpretation
Weighted Average Rating means the number obtained by (a) multiplying the Principal Balance of each Underlying Asset (excluding any Defaulted Obligation) by its Moody's Rating Factor on any Measurement Date; (b) summing the products obtained in clause (a) above for all Underlying Assets; (c) dividing the sum obtained in clause (b) above by the Aggregate Principal Balance on such Measurement Date of all Underlying Assets (excluding any Defaulted Obligation); and (d) rounding the result to the nearest whole number.
Weighted Average Rating means, as of any date of determination, the number obtained by (a) multiplying the Notional Amount of each Reference Obligation by the applicable Rating Factor (as set forth in Table 2 below) for the related Reference Entity; (b) summing the products obtained in clause (a) for all Reference Obligations; and (c) dividing the sum obtained in clause (b) by the aggregate of the Notional Amounts of all Reference Obligations.
Weighted Average Rating means the number obtained by (a) multiplying the Principal Balance of each Collateral Obligation (excluding any Defaulted Obligation) by its Moody's Rating Factor on any Measurement Date; (b) summing the products obtained in clause (a) for all Collateral Obligations; (c) dividing the sum obtained in clause (b) by the Aggregate Principal Balance on such Measurement Date of all Collateral Obligations (excluding any Defaulted Obligation); and (d) rounding the result to the nearest whole number.
Weighted Average Rating means, as of any date of determination, the number obtained by (a) multiplying the Notional Amount of each Reference Obligation by the applicable Rating Factor (as set forth in Table 2 below) for the related Reference Entity; (b) summing the products obtained in clause (a) for all Reference Obligations; and (c) dividing the sum obtained in clause (b) by the aggregate of the Notional Amounts of all Reference Obligations. Confirmation – Annex II ANNEX III APPROVED BUYERS Bank of America, NA The Bank of New York Mellon, N.A. The Bank of Nova Scotia Barclays Bank plc BNP Paribas Canadian Imperial Bank of Commerce Citibank, N.A. Credit Suisse Deutsche Bank XX Xxxxxxx Xxxxx & Co. HSBC Bank Xxxxxxxxx LLC JPMorgan Chase Bank, X.X. Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated Xxxxxx Xxxxxxx & Co. Royal Bank of Canada The Bank of Montreal The Royal Bank of Scotland plc The Toronto-Dominion Bank UBS AG U.S. Bank, National Association Xxxxx Fargo Bank, National Association Confirmation – Annex III TABLE 1 MOODY’S INDUSTRY CLASSIFICATION GROUPS Aerospace & Defense: Aircraft & Aerospace Equipment, Parts and Services; Defense Equipment and Services Automotive: Passenger Vehicles; Commercial Vehicles; Farm Equipment, Parts; Wholesale and Retail Vehicles and Parts Banking, Finance, Insurance & Real Estate: Banks; Bank Holding Companies; Credit Unions; Thrifts; Asset Management; Investment Management; Trading Companies; Leasing, Securities Companies; Financial Guarantors; Insurance Brokerage; Life & Health; Property & Casualty; Mortgage; Title; Real Estate: REITs and REOCs Beverage, Food & Tobacco: Packaged Beverage (including Alcohol); Packaged Food; Packaged Tobacco products; Agriculture, Protein and Tobacco Processing Capital Equipment: Capital Equipment; Heavy Machinery; Finished Products; Component Equipment; Transportation Equipment (Rail and Maritime) Chemicals, Plastics & Rubber: Commodity Chemicals; Specialty Chemicals; Agricultural Chemicals Construction & Building: Building Materials; Commercial and Residential Construction and Engineering Services Consumer Goods – Durable: Durable Consumer Goods Consumer Goods – Non-durable: Apparel & Shoes; Household & Personal Care; Textiles Containers, Packaging & Glass: Glass, Metal and Plastic Packaging Energy – Electricity: Non-utility Electricity Production; Merchant Energy; Propane Energy – Oil & Gas: Non-utility Oil & Gas Exploration and Production; Integrated Oil companies; Oil Refining and Marketing; Pipelines; ...
Weighted Average Rating means the number obtained by (a) multiplying the Principal Balance of each Collateral Obligation (excluding any Defaulted Obligation) by its Xxxxx’x Rating Factor on any date of determination; (b) summing the products obtained in clause (a) for all Collateral Obligations; (c) dividing the sum obtained in clause (b) by the Aggregate Principal Balance of all Collateral Obligations (excluding any Defaulted Obligation) on such date of determination; and (d) rounding the result to the nearest whole number; provided that any Collateral Obligations the ratings of which have been determined by the Portfolio Manager in accordance with Section 5.01(k) pending receipt of a rating or a Credit Estimate (and for which there is not also an existing rating or Credit Estimate from another rating agency) shall be excluded from the calculations made until such rating or Credit Estimate is actually received.
Weighted Average Rating means with respect to obligations of states, counties or local governmental bodies held by the Loan Parties, or with respect to the general obligation debt of each state, county or local government body which issued such obligations, a weighted average determined by (1) first, converting the rating of each such obligation or such debt, as the case may be, to a whole number based on the table set forth below, (2) second, computing a weighted average of such whole numbers, with weighting based on the amount of such obligations, and rounding such average to the next lowest whole number, and (3) third, Rating ------------------------ Equal to or greater than But less than Number Assigned to Such Rating Aaa-1 or AAA 4 Aa-2 or AA Aaa-1 or AAA 3 A-2 or A Aa-2 or AA 2 Baa-2 or BBB A-2 or A 1 Exhibit 1.1(W) sets forth an example of such computation.