Weighted Average Rating definition
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, as of any date of determination, the number obtained by (a) multiplying the Notional Amount of each Reference Obligation that is not a Specified 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 that are not Specified Reference Obligations; and (c) dividing the sum obtained in clause (b) by the aggregate of the Notional Amounts of all Reference Obligations that are not Specified Reference Obligations.
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.
Examples of Weighted Average Rating in a sentence
On or prior to the date on which the Ramp Amount is first achieved, the Collateral Manager shall elect the “row/column” combination of the Asset Quality Matrix that shall on and after such date apply to the Loans for purposes of determining compliance with the Minimum Weighted Average Spread Test, the Minimum Diversity Score Test and the Maximum Weighted Average Rating Factor Test, and shall provide notice of such election to the Administrative Agent.
Subject to the provisions provided below, on or after the Effective Date, the Collateral Manager will have the option to elect which of the cases set forth in the matrix below (the “Fitch Test Matrix”) shall be applicable for purposes of the Fitch Maximum Weighted Average Rating Factor Test, the Fitch Minimum Weighted Average Recovery Rate Test and the Minimum Floating Spread Test.
The failure of any Private Rating to satisfy the applicable conditions described above shall result in the applicable Reference Obligor or Reference Obligation being deemed to be unrated or, for purposes of determining the Weighted Average Rating Factor, assigned a credit rating of “WR” by S&P and “NR” by M▇▇▇▇’▇.
If subsequent to the relevant Addition Date, a Reference Obligation that has no Public Rating but which is a Highly Liquid Obligation that was included in the Portfolio on such Addition Date ceases to be a Highly Liquid Obligation, such Reference Obligation shall be included in the determination of the Weighted Average Rating Factor.
The Weighted Average Rating Factor of the Portfolio must be equal to or less than 3490.
More Definitions of Weighted Average Rating
Weighted Average Rating means the number obtained by (a) multiplying the Principal Balance of each Collateral Obligation (excluding any Defaulted Obligation) by its ▇▇▇▇▇’▇ 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, 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 ▇▇▇▇▇’▇ 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.
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. 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 ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ & Co. HSBC Bank ▇▇▇▇▇▇▇▇▇ LLC JPMorgan Chase Bank, ▇.▇. ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ & 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 ▇▇▇▇▇ Fargo Bank, National Association Aerospace and Defense: Major Contractor, Subsystems, Research, Aircraft Manufacturing, Arms, Ammunition Automobile: Automotive Equipment, Auto-Manufacturing, Auto Parts Manufacturing, Personal Use Trailers, Motor Homes, Dealers Banking: Bank Holding, Savings and Loans, Consumer Credit, Small Loan, Agency, Factoring, Receivables Beverage, Food and Tobacco: Beer and Ale, Distillers, Wines and Liquors, Distributors, Soft Drink Syrup, Bottling, Bakery, Mill Sugar, Canned Foods, Corn Refiners, Dairy Products, Meat Products, Poultry Products, Snacks, Packaged Foods, Distributors, Candy, Gum, Seafood, Frozen Food, Cigarettes, Cigars, Leaf/Snuff, Vegetable Oil Buildings and Real Estate: Brick, Cement, Climate Controls, Contracting, Engineering, Construction, Hardware, Forest Products (building-related only), Plumbing, Roofing, Wallboard, Real Estate, Real Estate Development, REITs, Land Development Chemicals, Plastics and Rubber: Chemicals (non-agriculture), Industrial Gases, Sulfur, Plastics, Plastic Products, Abrasives, Coatings, Paints, Varnish, Fabricating Containers, Packaging and Glass: Glass, Fiberglass, Containers made of: Glass, Metal, Paper, Plastic, Wood or Fiberglass Personal and Non Durable Consumer Products (Manufacturing Only): Soaps, Perfumes, Cosmetics, Toiletries, Cleaning Supplies, School Supplies Diversified Natural Resources, Precious Metals and Minerals: Fabricating, Distribution, Mining and Sales Ecological: Pollution Control, Waste Removal, Waste Treatment, Waste Disposal Electronics: Computer Hardware, Electric Equipment, Com...
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 the weighted average internal rating for the SME Receivables in the SME Receivables Portfolio calculated as the sum of the amounts for all SME Receivables equal to the product of, for each SME Receivable, (a) the Principal Outstanding Balance of such SME Receivable divided by the Aggregate Principal Outstanding Balance of the SME Receivables Portfolio and (b) the internal rating of such SME Receivable (in the event that the Originator should replace the internal rating system with any other internal rating system, the Originator may, with the consent of the Rating Agencies, adjust this sub-paragraph accordingly);
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 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.