## Examples of *Cumulative Net Loss Ratio* in a sentence

The

**Cumulative Net Loss Ratio**on any payment date will be the ratio, expressed as a percentage, of (a) the aggregate Realized Losses on the receivables since the Cutoff Date through the last day of the related calendar month, to (b) the Pool Balance as of the Cutoff Date.NO If both (1) and (2) are “YES” then see next test below NO If the 3 Month Average Delinquency and

**Cumulative Net Loss Ratio**tests are met, then spread account reduces to 2.00% at April 2016 and/or 1.75% at October 2016 and/or 1.50% at April 2017 and/or 1.15% at October 2017 NO DEFINITIONS: Average Delinquency Ratio Test* On any payment date will be the average of the Delinquency Ratios for the preceding three calendar months.YES If both (1) and (2) are “YES” then see next test below YES If the 3 Month Average Delinquency and

**Cumulative Net Loss Ratio**tests are met, then spread account reduces to 2.00% at August 2015 and/or 1.75% at February 2016 and/or 1.50% at August 2016 and/or 1.15% at February 2017 DEFINITIONS: Average Delinquency Ratio Test* On any payment date will be the average of the Delinquency Ratios for the preceding three calendar months.NO If both (1) and (2) are “YES” then see next test below NO If the 3 Month Average Delinquency and

**Cumulative Net Loss Ratio**tests are met, then spread account reduces to 2.00% at September 2018 and/or 1.75% at March 2019 and/or 1.50% at September 2019 and/or 1.15% at March 2020 NO DEFINITIONS: Average Delinquency Ratio Test* On any payment date will be the average of the Delinquency Ratios for the preceding three calendar months.NO If both (1) and (2) are “YES” then see next test below NO If the 3 Month Average Delinquency and

**Cumulative Net Loss Ratio**tests are met, then spread account reduces to 2.00% at August 2016 and/or 1.75% at February 2017 and/or 1.50% at August 2017 and/or 1.15% at February 2018 NO DEFINITIONS: Average Delinquency Ratio Test* On any payment date will be the average of the Delinquency Ratios for the preceding three calendar months.