Average Payment Rate definition
Average Payment Rate means with respect to any given period of consecutive Monthly Periods, (a) the sum of the Payment Rates for the then most recent Monthly Period and for each of the immediately preceding Monthly Periods in such period, divided by (b) the total number of Monthly Periods in such period; provided that the Average Payment Rate for the first Monthly Period following the Original Closing Date shall equal the Payment Rate for such Monthly Period.
Average Payment Rate means with respect to any given period of consecutive Monthly Periods, (a) the sum of the Payment Rates for the then most recent Monthly Period and for each of the immediately preceding Monthly Periods in such period, divided by (b) the total number of Monthly Periods in such period. “Backup Servicer” means Millennium Process Group, Inc. “Backup Servicing Agreement” means the backup services agreement dated June 7, 2018, between the Servicer and the Backup Servicer, as it may be amended, supplemented, amended and restated or otherwise modified, from time to time. “Backup Servicing Fees” means all amounts owing to the Backup Servicer by the Servicer or the Borrower pursuant to Schedule 1 of the Backup Servicing Agreement. “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country, from time to time, which is described in the EU Bail-In Legislation Schedule. “Base Rate” means, [***] “Benchmark” means, initially, CDOR; provided that if a replacement of the Benchmark has occurred pursuant to Section 0, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof. “Benchmark Replacement” means, for any Available Tenor:
Average Payment Rate means, for any date of determination, the sum of the Monthly Payment Rates for the prior three Monthly Periods divided by three.
More Definitions of Average Payment Rate
Average Payment Rate means, at any date of determination in respect of any Collection Period beginning from (and including) [***].