Average Default Rate definition
Average Default Rate means, as of any Calculation Date, the lesser of (i) the arithmetic average of the Default Rates for the most recent three months as reported in the related Servicer's Certificates and (ii) the arithmetic average of the Default Rates for the most recent six months as reported in the related Servicer's Certificates.
Average Default Rate means, with respect to any Reporting Date, the arithmetic average of the Default Rates for each of the three Due Periods immediately preceding the Due Period in which such Reporting Date occurs.
Average Default Rate means, with respect to any Series and any Determination Date, the arithmetic average of the Default Rates for such Determination Date and the two immediately preceding Determination Dates.
Examples of Average Default Rate in a sentence
By 10:00 a.m. (New York City time), on each Payment Date, Guarantor shall deliver to Lender an Officer's Certificate certifying as to the Average Default Rate for the related Collection Periods.
More Definitions of Average Default Rate
Average Default Rate. Average Delinquency Ratio," "Average Net Loss Rate," "Deemed Cured," "Delinquency Ratio," "Net Loss Rate," "Spread Account Shortfall" and "Spread Account Default Level."
Average Default Rate. With respect to any Distribution Date, the arithmetic average of the Default Rates for each of the three Due Periods immediately preceding the Due Period in which such Distribution Date occurs.
Average Default Rate. With respect to any Distribution Date, the arithmetic average of the Default Rate for such Distribution Date and the Default Rates for the two immediately preceding Distribution Dates.
Average Default Rate means, with respect to any Distribution Date, the arithmetic average of the Default Rate for such Distribution Date and the Default Rates for the two immediately preceding Distribution Dates.
Average Default Rate is hereby added to Section 1 of the 97-1 Agreement in the appropriate alphabetical order:
Average Default Rate in each Residual Financing Agreement is hereby deleted in its entirety and replaced by the following definition of "Average Constant Default Rate" in each case in the appropriate alphabetical order: