Dilution Reserve. The "Dilution Reserve" of any Undivided Interest on any day means an amount determined in accordance with the definition of Dilution Reserve in Appendix A.
Dilution Reserve. On any date of determination, computed as of the most recent Cut-Off Date, the product of (a) the sum of (i) the product of (A) the Stress Factor times (B) the Adjusted Dilution Ratio plus (ii) the Dilution Volatility Component times (b) the Dilution Horizon Ratio.
Dilution Reserve. Dilution horizon: 1 month (****) - Stress factor (SF): 2,25 Dilution reserve (m) = [{SF * ED} + {DS — ED}*{DS/ED}] * DHR (m) Expected Dilution (ED) = average Dilution ratio within the last 12 months Dilution ratio (m) = Net Credit Notes (m) / Turnover (m-1) Net credit notes (m) = new Credit Notes issued during the relevant month, based on the reporting template filled monthly by each seller and the Refinanced Seller, excluding any Miscellaneous Accounting Credit Entries Dilution Spike (DS) = Maximum Dilution ratio within the last 12 months Dilution horizon ratio (DHR) = Turnover (m) / [Outstanding Amount of Sold Receivables as of the end of month m - Outstanding Amount of Defaulted Receivables as of the end of month m — Outstanding Amount of Net Miscellaneous Receivables as of the end of month m + Outstanding Amount of Refinanced Sold Receivables as of the end of month m - Outstanding Amount of Refinanced Defaulted Receivables as of the end of month m - Outstanding Amount of Refinanced Net Miscellaneous Receivables as of the end of month m] (****) Dilution horizon is equal to the estimated average amount of time elapsed from the creation of an Eligible Receivable and a Refinanced Eligible Receivable to the issuance of a Credit Note pertaining thereto.
Dilution Reserve. The product of (i) the sum of (A) the product of (x) 2 and (y) the Adjusted Dilution Ratio plus (B) the Dilution Volatility Component and (ii) the Dilution Horizon Ratio.
Dilution Reserve. As of any date of determination, an amount equal to one (1) percentage point for each full percentage point by which Dilution is in excess of ten percent (10%). The Dilution Reserve shall be calculated as of the end of each month.
Dilution Reserve. A dilution reserve equal to the amount (if any) by which dilution for accounts receivable of the Borrower and its Subsidiaries exceeds 5%.
Dilution Reserve. In addition to its other rights hereunder, prior to or after the occurrence of an Event of Default, Bank may establish a reserve percentage for dilution of accounts in the event that Borrower's previous returns or non-cash credits exceed three percent (3%) on a historical basis as determined by Bank (the "DILUTION RESERVE"). The Dilution Reserve shall be multiplied by the value of otherwise Eligible Accounts and the product shall be excluded from Eligible Accounts.
Dilution Reserve. The definition of "Dilution Reserve" in Exhibit I to the Agreement is amended and restated in its entirety to read as follows:
Dilution Reserve. At the sole discretion of Lender, a reserve in an amount equal to the outstanding principal amount of the Term Loan”
