S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Notes: 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
Appears in 4 contracts
Sources: Supplemental Indenture (Blue Owl Capital Corp), Second Supplemental Indenture (Blue Owl Capital Corp), Second Supplemental Indenture (Blue Owl Capital Corp)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of NotesDebt: 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
Appears in 3 contracts
Sources: Indenture and Security Agreement (Owl Rock Core Income Corp.), Indenture and Security Agreement (Owl Rock Core Income Corp.), Indenture and Security Agreement (Owl Rock Capital Corp)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of NotesDebt: 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
(ii) If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral Obligation is a senior unsecured loan, First-Lien Last-Out Loans or Second Lien Loan and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and senior to such Collateral Obligation (a “Senior Secured Debt Instrument”) that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows: 1+ 18 % 20 % 23 % 26 % 29 % 31 % 1 18 % 20 % 23 % 26 % 29 % 31 % 2 18 % 20 % 23 % 26 % 29 % 31 % 3 12 % 15 % 18 % 21 % 22 % 23 % 4 5 % 8 % 11 % 13 % 14 % 15 % 5 2 % 4 % 6 % 8 % 9 % 10 % 6 0 % 0 % 0 % 0 % 0 % 0 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. 1+ 13 % 16 % 18 % 21 % 23 % 25 % 1 13 % 16 % 18 % 21 % 23 % 25 % 2 13 % 16 % 18 % 21 % 23 % 25 % 3 8 % 11 % 13 % 15 % 16 % 17 % 4 5 % 5 % 5 % 5 % 5 % 5 % 5 2 % 2 % 2 % 2 % 2 % 2 % 6 0 % 0 % 0 % 0 % 0 % 0 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination.
Appears in 3 contracts
Sources: Indenture and Security Agreement (Blue Owl Capital Corp), Indenture and Security Agreement (Blue Owl Credit Income Corp.), Indenture and Security Agreement (Blue Owl Credit Income Corp.)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Notes: 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
(ii) If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral Obligation is a senior unsecured loan, First-Lien Last-Out Loans or Second Lien Loan and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and senior to such Collateral Obligation (a “Senior Secured Debt Instrument”) that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows: 1+ 18 % 20 % 23 % 26 % 29 % 31 % 1 18 % 20 % 23 % 26 % 29 % 31 % 2 18 % 20 % 23 % 26 % 29 % 31 % 3 12 % 15 % 18 % 21 % 22 % 23 % 4 5 % 8 % 11 % 13 % 14 % 15 % 5 2 % 4 % 6 % 8 % 9 % 10 % 6 0 % 0 % 0 % 0 % 0 % 0 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. 1+ 13 % 16 % 18 % 21 % 23 % 25 % 1 13 % 16 % 18 % 21 % 23 % 25 % 2 13 % 16 % 18 % 21 % 23 % 25 % 3 8 % 11 % 13 % 15 % 16 % 17 % 4 5 % 5 % 5 % 5 % 5 % 5 % 5 2 % 2 % 2 % 2 % 2 % 2 % 6 0 % 0 % 0 % 0 % 0 % 0 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination.
Appears in 3 contracts
Sources: Indenture (Blue Owl Credit Income Corp.), Indenture (Blue Owl Credit Income Corp.), Indenture and Security Agreement (Blue Owl Credit Income Corp.)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will shall be the applicable percentage set forth in Table 1 belowdetermined as follows (taking into account, based on such for any Collateral Obligation with an S&P Recovery Rating (for of “1” through “6”, the applicable recovery point estimate) and range indicated in the applicable Class of Notes: S&P published report therefor): 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From recovery estimate from S&P’s published reports. Recovery point estimates are reports for a given loan is rounded down to the nearest 5%. ** If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “‘1” ’ through “‘6”’, the lower estimate for the applicable recovery rating will be assumed.
Appears in 2 contracts
Sources: Supplemental Indenture (GOLUB CAPITAL BDC, Inc.), Indenture (GOLUB CAPITAL BDC, Inc.)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of NotesSecured Debt: 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
Appears in 2 contracts
Sources: Supplemental Indenture (Owl Rock Capital Corp), Indenture and Security Agreement (Owl Rock Capital Corp)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Secured Notes: 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
Appears in 2 contracts
Sources: Indenture and Security Agreement (Blue Owl Technology Finance Corp. II), Indenture and Security Agreement (Blue Owl Technology Income Corp.)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of NotesSecured Debt: 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
Appears in 2 contracts
Sources: Indenture and Security Agreement (Blue Owl Technology Finance Corp. II), Indenture and Security Agreement (Blue Owl Credit Income Corp.)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of NotesSecured Debt: 1+ 100 100% 75.00 75.00% 85.00 85.00% 88.00 88.00% 90.00 90.00% 92.00 92.00% 95.00 95.00% 95.00 95.00% 1 95 95% 70.00 70.00% 80.00 80.00% 84.00 84.00% 87.50 87.50% 91.00 91.00% 95.00 95.00% 95.00 95.00% 1 90 90% 65.00 65.00% 75.00 75.00% 80.00 80.00% 85.00 85.00% 90.00 90.00% 95.00 95.00% 95.00 95.00% 2 85 85% 62.50 62.50% 72.50 72.50% 77.50 77.50% 83.00 83.00% 88.00 88.00% 92.00 92.00% 92.00 92.00% 2 80 80% 60.00 60.00% 70.00 70.00% 75.00 75.00% 81.00 81.00% 86.00 86.00% 89.00 89.00% 89.00 89.00% 2 75 75% 55.00 55.00% 65.00 65.00% 70.50 70.50% 77.00 77.00% 82.50 82.50% 84.00 84.00% 84.00 84.00% 2 70 70% 50.00 50.00% 60.00 60.00% 66.00 66.00% 73.00 73.00% 79.00 79.00% 79.00 79.00% 79.00 79.00% 3 65 65% 45.00 45.00% 55.00 55.00% 61.00 61.00% 68.00 68.00% 73.00 73.00% 74.00 74.00% 74.00 74.00% 3 60 60% 40.00 40.00% 50.00 50.00% 56.00 56.00% 63.00 63.00% 67.00 67.00% 69.00 69.00% 69.00 69.00% 3 55 55% 35.00 35.00% 45.00 45.00% 51.00 51.00% 58.00 58.00% 63.00 63.00% 64.00 64.00% 64.00 64.00% 3 50 50% 30.00 30.00% 40.00 40.00% 46.00 46.00% 53.00 53.00% 59.00 59.00% 59.00 59.00% 59.00 59.00% 4 45 45% 28.50 28.50% 37.50 37.50% 44.00 44.00% 49.50 49.50% 53.50 53.50% 54.00 54.00% 54.00 54.00% 4 40 40% 27.00 27.00% 35.00 35.00% 42.00 42.00% 46.00 46.00% 48.00 48.00% 49.00 49.00% 49.00 49.00% 4 35 35% 23.50 23.50% 30.50 30.50% 37.50 37.50% 42.50 42.50% 43.50 43.50% 44.00 44.00% 44.00 44.00% 4 30 30% 20.00 20.00% 26.00 26.00% 33.00 33.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 5 25 25% 17.50 17.50% 23.00 23.00% 28.50 28.50% 32.50 32.50% 33.50 33.50% 34.00 34.00% 34.00 34.00% 5 20 20% 15.00 15.00% 20.00 20.00% 24.00 24.00% 26.00 26.00% 28.00 28.00% 29.00 29.00% 29.00 29.00% 5 15 15% 10.00 10.00% 15.00 15.00% 19.50 19.50% 22.50 22.50% 23.50 23.50% 24.00 24.00% 24.00 24.00% 5 10 10% 5.00 5.00% 10.00 10.00% 15.00 15.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 6 5 5% 3.50 3.50% 7.00 7.00% 10.50 10.50% 13.50 13.50% 14.00 14.00% 14.00 14.00% 14.00 14.00% 6 0 0% 2.00 2.00% 4.00 4.00% 6.00 6.00% 8.00 8.00% 9.00 9.00% 9.00 9.00% 9.00 9.00% * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
(ii) If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral Obligation is a senior unsecured loan, First-Lien Last-Out Loans or Second Lien Loan and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and senior to such Collateral Obligation (a “Senior Secured Debt Instrument”) that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows: 1+ 18 % 20 % 23 % 26 % 29 % 31 % 1 18 % 20 % 23 % 26 % 29 % 31 % 2 18 % 20 % 23 % 26 % 29 % 31 % 3 12 % 15 % 18 % 21 % 22 % 23 % 4 5 % 8 % 11 % 13 % 14 % 15 % 5 2 % 4 % 6 % 8 % 9 % 10 % 6 0 % 0 % 0 % 0 % 0 % 0 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. 1+ 13 % 16 % 18 % 21 % 23 % 25 % 1 13 % 16 % 18 % 21 % 23 % 25 % 2 13 % 16 % 18 % 21 % 23 % 25 % 3 8 % 11 % 13 % 15 % 16 % 17 % 4 5 % 5 % 5 % 5 % 5 % 5 % 5 2 % 2 % 2 % 2 % 2 % 2 % 6 0 % 0 % 0 % 0 % 0 % 0 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination.
Appears in 1 contract
Sources: Indenture and Security Agreement (Blue Owl Capital Corp III)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Notes: 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % Recovery rate * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
Appears in 1 contract
Sources: Supplemental Indenture (Blue Owl Technology Finance Corp.)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will shall be the applicable percentage set forth in Table 1 belowdetermined as follows (taking into account, based on such for any Collateral Obligation with an S&P Recovery Rating (for of ‘1’ through ‘6’, the applicable recovery point estimate) and estimate indicated in the applicable Class of Notes: S&P published report therefor): 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From recovery estimate from S&P’s published reports. Recovery point estimates are reports for a given loan is rounded down to the nearest 5%. ** If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “‘1” ’ through “‘6”’, the lower estimate for the applicable recovery rating will be assumed.
Appears in 1 contract
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Notes: 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “"1” " through “"6”", the lower estimate for the applicable recovery rating will be assumed.
Appears in 1 contract
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will shall be the applicable percentage set forth in Table 1 belowdetermined as follows (taking into account, based on such for any Collateral Obligation with an S&P Recovery Rating (for of "1" through "6", the applicable recovery point estimate) and estimate indicated in the applicable Class of Notes: S&P published report therefor): 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From recovery estimate from S&P’s 's published reports. Recovery point estimates are reports for a given Collateral Obligation is rounded down to the nearest 5%. ** If a recovery estimate is not available from S&P’s 's published reports for a given loan Collateral Obligation with an S&P Recovery Rating of “'1” ' through “'6”', the lower estimate for the applicable recovery rating will be assumed.
Appears in 1 contract
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will shall be the applicable percentage set forth in Table 1 belowdetermined as follows (taking into account, based on such for any Collateral Obligation with an S&P Recovery Rating (for of ‘1’ through ‘6’, the applicable recovery point estimate) and estimate indicated in the applicable Class of Notes: S&P published report therefor): 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From recovery estimate from S&P’s published reports. Recovery point estimates are reports for a given loan is rounded down to the nearest 5%. ** If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “‘1” ’ through “‘6”’, the lower estimate for the applicable recovery rating will be assumed.
Appears in 1 contract
Sources: Indenture (GOLUB CAPITAL BDC, Inc.)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will shall be the applicable percentage set forth in Table 1 belowdetermined as follows (taking into account, based on such for any Collateral Obligation with an S&P Recovery Rating (for of “1” through “6”, the applicable recovery point estimate) and estimate indicated in the applicable Class of Notes: S&P published report therefor): 1+ 100 % 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 % 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 % 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 % 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 % 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 % 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 % 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 % 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 % 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 % 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 % 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 % 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 % 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 % 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 % 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 % 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 % 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 % 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 % 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 % 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 % 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From recovery estimate from S&P’s published reports. Recovery point estimates are reports for a given Collateral Obligation is rounded down to the nearest 5%. ** If a recovery estimate is not available from S&P’s published reports for a given loan Collateral Obligation with an S&P Recovery Rating of “‘1” ’ through “‘6”’, the lower estimate for the applicable recovery rating will be assumed.
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S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Notes: 1+ 100 100% 75.00 75.00% 85.00 85.00% 88.00 88.00% 90.00 90.00% 92.00 92.00% 95.00 95.00% 95.00 95.00% 1 95 95% 70.00 70.00% 80.00 80.00% 84.00 84.00% 87.50 87.50% 91.00 91.00% 95.00 95.00% 95.00 95.00% 1 90 90% 65.00 65.00% 75.00 75.00% 80.00 80.00% 85.00 85.00% 90.00 90.00% 95.00 95.00% 95.00 95.00% 2 85 85% 62.50 62.50% 72.50 72.50% 77.50 77.50% 83.00 83.00% 88.00 88.00% 92.00 92.00% 92.00 92.00% 2 80 80% 60.00 60.00% 70.00 70.00% 75.00 75.00% 81.00 81.00% 86.00 86.00% 89.00 89.00% 89.00 89.00% 2 75 75% 55.00 55.00% 65.00 65.00% 70.50 70.50% 77.00 77.00% 82.50 82.50% 84.00 84.00% 84.00 84.00% 2 70 70% 50.00 50.00% 60.00 60.00% 66.00 66.00% 73.00 73.00% 79.00 79.00% 79.00 79.00% 79.00 79.00% 3 65 65% 45.00 45.00% 55.00 55.00% 61.00 61.00% 68.00 68.00% 73.00 73.00% 74.00 74.00% 74.00 74.00% 3 60 60% 40.00 40.00% 50.00 50.00% 56.00 56.00% 63.00 63.00% 67.00 67.00% 69.00 69.00% 69.00 69.00% 3 55 55% 35.00 35.00% 45.00 45.00% 51.00 51.00% 58.00 58.00% 63.00 63.00% 64.00 64.00% 64.00 64.00% 3 50 50% 30.00 30.00% 40.00 40.00% 46.00 46.00% 53.00 53.00% 59.00 59.00% 59.00 59.00% 59.00 59.00% 4 45 45% 28.50 28.50% 37.50 37.50% 44.00 44.00% 49.50 49.50% 53.50 53.50% 54.00 54.00% 54.00 54.00% 4 40 40% 27.00 27.00% 35.00 35.00% 42.00 42.00% 46.00 46.00% 48.00 48.00% 49.00 49.00% 49.00 49.00% 4 35 35% 23.50 23.50% 30.50 30.50% 37.50 37.50% 42.50 42.50% 43.50 43.50% 44.00 44.00% 44.00 44.00% 4 30 30% 20.00 20.00% 26.00 26.00% 33.00 33.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 39.00 39.00% 5 25 25% 17.50 17.50% 23.00 23.00% 28.50 28.50% 32.50 32.50% 33.50 33.50% 34.00 34.00% 34.00 34.00% 5 20 20% 15.00 15.00% 20.00 20.00% 24.00 24.00% 26.00 26.00% 28.00 28.00% 29.00 29.00% 29.00 29.00% 5 15 15% 10.00 10.00% 15.00 15.00% 19.50 19.50% 22.50 22.50% 23.50 23.50% 24.00 24.00% 24.00 24.00% 5 10 10% 5.00 5.00% 10.00 10.00% 15.00 15.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 19.00 19.00% 6 5 5% 3.50 3.50% 7.00 7.00% 10.50 10.50% 13.50 13.50% 14.00 14.00% 14.00 14.00% 14.00 14.00% 6 0 0% 2.00 2.00% 4.00 4.00% 6.00 6.00% 8.00 8.00% 9.00 9.00% 9.00 9.00% 9.00 9.00% * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
(ii) If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral Obligation is a senior unsecured loan, First-Lien Last-Out Loans or Second Lien Loan and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and senior to such Collateral Obligation (a “Senior Secured Debt Instrument”) that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows: * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination.
(iii) If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral Obligation is a subordinated loan or subordinated bond and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding and senior to such Collateral Obligation that is a Senior Secured Debt Instrument that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows: * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination.
(iv) If a recovery rate cannot be determined using clause (a), the recovery rate shall be determined using the following table. Senior Secured Loans** Group A 50 % 55 % 59 % 63 % 75 % 79 % Group B 39 % 42 % 46 % 49 % 60 % 63 % Group C 17 % 19 % 27 % 29 % 31 % 34 % Senior Secured Loans (Cov-Lite Loans) **, *** Group A 41 % 46 % 49 % 53 % 63 % 67 % Group B 32 % 35 % 39 % 41 % 50 % 53 % Group C 17 % 19 % 27 % 29 % 31 % 34 % Second Lien Loans, First-Lien Last-Out Loans, Unsecured Loans**** Group A 18 % 20 % 23 % 26 % 29 % 31 % Group B 13 % 16 % 18 % 21 % 23 % 25 % Group C 10 % 12 % 14 % 16 % 18 % 20 % Subordinated loans Group A 8 % 8 % 8 % 8 % 8 % 8 % Group B 8 % 8 % 8 % 8 % 8 % 8 % Group C 5 % 5 % 5 % 5 % 5 % 5 % Group A: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Luxembourg, The Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, U.K., U.S.***** Group B: Brazil, Czech Republic, Mexico, Poland, South Africa. ***** Group C: Greece, India, Indonesia, Kazakhstan, Romania, Russia, Turkey, Ukraine, United Arab Emirates, Vietnam, and other countries that do not have a jurisdictional ranking assessment.***** * The S&P Recovery Rate will be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** Solely for the purpose of determining the S&P Recovery Rate for such loan, no loan will constitute a “Senior Secured Loan” unless such loan (a) is secured by a valid first priority security interest in collateral, (b) in the Collateral Manager’s commercially reasonable judgment (with such determination being made in good faith by the Collateral Manager at the time of such loan’s purchase and based upon information reasonably available to the Collateral Manager at such time and without any requirement of additional investigation beyond the Collateral Manager’s customary credit review procedures), is secured by specified collateral that has a value not less than an amount equal to the sum of (i) the aggregate principal balance of all debt senior or pari passu to such loans and (ii) the outstanding principal balance of such loan, which value may be derived from, among other things, the enterprise value (including equity and goodwill) of the issuer of such loan; provided that the terms of this footnote may be amended or revised at any time by a written notice from the Issuer and the Collateral Manager to the Trustee and the Collateral Administrator (without the consent of any holder of any Notes), subject to the satisfaction of the S&P Rating Condition, in order to conform to S&P then current criteria for such loans and (c) is not subordinate to any other obligation; provided further that if 100% of the value of such loan is derived from the enterprise value of the issuer of such loan, such loan will have either (1) the S&P Recovery Rate specified for Unsecured Loans in the table above, or (2) the S&P Recovery Rate determined by S&P on a case by case basis. *** For the avoidance of doubt, each Cov-Lite Loan will constitute a “senior secured cov-lite loan”. **** Solely for the purpose of determining the S&P Recovery Rate for such loan, the Aggregate Principal Balance of all Unsecured Loans, First-Lien Last-Out Loans and Second Lien Loans that, in the aggregate, represent up to 15% of the Collateral Principal Amount shall have the S&P Recovery Rate specified for Unsecured Loans, First-Lien Last-Out Loans and Second Lien Loans in the table above and the Aggregate Principal Balance of all Unsecured Loans, First-Lien Last-Out Loans and Second Lien Loans in excess of 15% of the Collateral Principal Amount shall have the S&P Recovery Rate specified for subordinated loans in the table above. ***** In each case, or such other countries identified as such by S&P in a press release, written criteria or other public announcement from time to time or as may be notified by S&P to the Collateral Manager from time to time. Notwithstanding the foregoing, for purposes of determining the S&P Recovery Rate of a Collateral Obligation that is a Senior Secured Loan (including any Cov-Lite Loan) secured solely or primarily by common stock or other equity interest, such Collateral Obligation shall be deemed to be an Unsecured Loan.
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Sources: Indenture and Security Agreement (Blue Owl Capital Corp II)
S&P Recovery Rate Tables. (a) (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation will be the applicable percentage set forth in Table 1 below, based on such S&P Recovery Rating (for the applicable recovery point estimate) and the applicable Class of Notes: 1+ 100 100% 75.00 % 85.00 % 88.00 % 90.00 % 92.00 % 95.00 % 95.00 % 1 95 95% 70.00 % 80.00 % 84.00 % 87.50 % 91.00 % 95.00 % 95.00 % 1 90 90% 65.00 % 75.00 % 80.00 % 85.00 % 90.00 % 95.00 % 95.00 % 2 85 85% 62.50 % 72.50 % 77.50 % 83.00 % 88.00 % 92.00 % 92.00 % 2 80 80% 60.00 % 70.00 % 75.00 % 81.00 % 86.00 % 89.00 % 89.00 % 2 75 75% 55.00 % 65.00 % 70.50 % 77.00 % 82.50 % 84.00 % 84.00 % 2 70 70% 50.00 % 60.00 % 66.00 % 73.00 % 79.00 % 79.00 % 79.00 % 3 65 65% 45.00 % 55.00 % 61.00 % 68.00 % 73.00 % 74.00 % 74.00 % 3 60 60% 40.00 % 50.00 % 56.00 % 63.00 % 67.00 % 69.00 % 69.00 % 3 55 55% 35.00 % 45.00 % 51.00 % 58.00 % 63.00 % 64.00 % 64.00 % 3 50 50% 30.00 % 40.00 % 46.00 % 53.00 % 59.00 % 59.00 % 59.00 % 4 45 45% 28.50 % 37.50 % 44.00 % 49.50 % 53.50 % 54.00 % 54.00 % 4 40 40% 27.00 % 35.00 % 42.00 % 46.00 % 48.00 % 49.00 % 49.00 % 4 35 35% 23.50 % 30.50 % 37.50 % 42.50 % 43.50 % 44.00 % 44.00 % 4 30 30% 20.00 % 26.00 % 33.00 % 39.00 % 39.00 % 39.00 % 39.00 % 5 25 25% 17.50 % 23.00 % 28.50 % 32.50 % 33.50 % 34.00 % 34.00 % 5 20 20% 15.00 % 20.00 % 24.00 % 26.00 % 28.00 % 29.00 % 29.00 % 5 15 15% 10.00 % 15.00 % 19.50 % 22.50 % 23.50 % 24.00 % 24.00 % 5 10 10% 5.00 % 10.00 % 15.00 % 19.00 % 19.00 % 19.00 % 19.00 % 6 5 5% 3.50 % 7.00 % 10.50 % 13.50 % 14.00 % 14.00 % 14.00 % 6 0 0% 2.00 % 4.00 % 6.00 % 8.00 % 9.00 % 9.00 % 9.00 % * The S&P Recovery Rate shall be the applicable rate set forth above based on the initial rating of the Highest Ranking Class at the time of determination. ** From S&P’s published reports. Recovery point estimates are rounded down to the nearest 5%. If a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of “1” through “6”, the lower estimate for the applicable recovery rating will be assumed.
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