Arrears Ratio definition
Arrears Ratio means, on any Calculation Date, the ratio, expressed as a percentage (rounded downwards to two decimal places) of:
Arrears Ratio means, with reference to any Payment Date, the ratio between (a) the principal amount outstanding, as at the Collection Date immediately preceding such Payment Date, of the Delinquent Claims, and (b) the principal amount outstanding of the Portfolio (other than the Defaulted Claims) as at the Collection Date immediately preceding such Payment Date.