Common use of S&P Recovery Rate Tables Clause in Contracts

S&P Recovery Rate Tables. (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows (taking into account, for any Collateral Obligation with an S&P Recovery Rating of “1” through “6”, the recovery estimate indicated in the S&P published report therefor): 1+ 100 75 85 88 90 92 95 1 95 70 80 84 87.5 91 95 1 90 65 75 80 85 90 95 2 85 62.5 72.5 77.5 83 88 92 2 80 60 70 75 81 86 89 2 75 55 65 70.5 77 82.5 84 2 70 50 60 66 73 79 79 3 65 45 55 61 68 73 74 3 60 40 50 56 63 67 69 3 55 35 45 51 58 63 64 4 45 28.5 37.5 44 49.5 53.5 54 4 40 27 35 42 46 48 49 4 35 23.5 30.5 37.5 42.5 43.5 44 4 30 20 26 33 39 39 39 5 25 17.5 23 28.5 32.5 33.5 34 5 20 15 20 24 26 28 29 5 15 10 15 19.5 22.5 23.5 24 5 10 5 10 15 19 19 19 6 5 3.5 7 10.5 13.5 14 14 * The recovery estimate from S&P’s published 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.

S&P Recovery Rate Tables. (i) If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows (taking into account, for any Collateral Obligation with an S&P Recovery Rating of “1” through “6”, the recovery estimate indicated in the S&P published report therefor): “AAA” (%) “AA” (%) “A” (%) “BBB-” (%) “BB-” (%) “B” and below (%) 1+ 100 75 85 88 90 92 95 1 95 70 80 84 87.5 91 95 1 90 65 75 80 85 90 95 2 85 62.5 72.5 77.5 83 88 92 2 80 60 70 75 81 86 89 2 75 55 65 70.5 77 82.5 84 2 70 50 60 66 73 79 79 3 65 45 55 61 68 73 74 3 60 40 50 56 63 67 69 3 55 35 45 51 58 63 64 4 45 28.5 37.5 44 49.5 53.5 54 4 40 27 35 42 46 48 49 4 35 23.5 30.5 37.5 42.5 43.5 44 4 30 20 26 33 39 39 39 5 25 17.5 23 28.5 32.5 33.5 34 5 20 15 20 24 26 28 29 5 15 10 15 19.5 22.5 23.5 24 5 10 5 10 15 19 19 19 6 5 3.5 7 10.5 13.5 14 14 * The recovery estimate from S&P’s published 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.