Average Loss Rate definition
Average Loss Rate of the Receivables generated by a particular Originator, as measured on any Payment Date, means one-tenth of: (i) the aggregate Outstanding Balance of all such Receivables that were written off during the ten complete months ending on the first Payment Date after the Closing Date divided by (ii) the monthly average Outstanding Balance of all such Receivables generated by such Originator as measured for such ten-month period.
Average Loss Rate has the meaning set forth in Section 2.2(e) of the Canadian Purchase and Sale Agreement.