# Dilution Reserve Ratio definition

Dilution Reserve Ratio means, as of any date, an amount calculated as follows: DRR = [(2.25 x ADR) + [(HDR-ADR) x (HDR/ADR)]] x DHR where: DRR = the Dilution Reserve Ratio; ADR = the average of the Dilution Ratios for the past twelve Collection Periods; HDR = the highest average of the Dilution Ratios for any three consecutive Collection Periods during the most recent twelve months; and DHR = the Dilution Horizon Ratio. The Dilution Reserve Ratio shall be calculated monthly in each Monthly Report and such Dilution Reserve Ratio shall, absent manifest error, be effective from the corresponding Monthly Settlement Date until the next succeeding Monthly Settlement Date.
Dilution Reserve Ratio for any Calculation Period means the product of (a) the sum of (i) the product of the Dilution Stress Factor multiplied by the 12 month average Dilution Ratio, plus (ii) the Dilution Volatility Ratio multiplied by (b) the Dilution Horizon Ratio.
Dilution Reserve Ratio means, as of any Settlement Report Date and continuing until (but not including) the next Settlement Report Date, an amount (expressed as a percentage) that is calculated as follows: DRR = [ (c * d) + (e-d) * (e/d) ] * f Where: DRR = Dilution Reserve Ratio; c = 2.00; d = the average of the Dilution Ratio that occurred during the period of twelve consecutive Settlement Periods ending immediately prior to such earlier Settlement Report Date; e = the highest average of the Dilution Ratio that occurred during the period of twelve consecutive Settlement Periods ending prior to such earlier Settlement Report Date; and f = the Dilution Period.

## Examples of Dilution Reserve Ratio in a sentence

• At any time other than during an Exception Funding Period, the sum of (i) the Net Pool Balance on such date of calculation multiplied by the greater of (a) the sum of the Loss Reserve Ratio on such date of calculation and the Dilution Reserve Ratio on such date of calculation; and (b) the Minimum Reserve Ratio on such date of calculation; (ii) the Yield Reserve on such date of calculation; and (iii) the Servicing Fee Reserve on such date of calculation (such sum, the “Standard Reserves”).

• On each Determination Date, the Master Servicer shall deliver to the Agent, the VFC Certificateholders, the Trustee and the Rating Agency a Monthly Settlement Statement substantially in the form attached hereto as Exhibit E-1 setting forth, among other things, the Loss Reserve Ratio, the Dilution Reserve Ratio, the Carrying Cost Reserve Ratio and the Servicing Reserve Ratio, each as recalculated for the next succeeding Settlement Period.

• On each Determination Date, the Master Servicer shall deliver to the Enhancement Provider, the Trustee and each Rating Agency a Monthly Settlement Statement substantially in the form attached hereto as Exhibit E-1 setting forth, among other things, the Loss Reserve Ratio, the Dilution Reserve Ratio, the Carrying Cost Reserve Ratio and the Servicing Reserve Ratio, each as recalculated for the next succeeding Settlement Period.

• Loss and Dilution Reserve: The greater of (a) the sum of 12% and the average Dilution Ratio (as defined below) over the immediately preceding 12 month period (the "Minimum Loss Reserve") and (b) the Loss Reserve Ratio plus the Dilution Reserve Ratio.

• Prior research has produced mixed findings regarding the decision of a firm to apply a formal and/or informal project management approach [93].

## More Definitions of Dilution Reserve Ratio

Dilution Reserve Ratio means, as of any date of determination, the highest Dilution Trigger Ratio occurring during the twelve most recent Settlement Periods preceding such date.
Dilution Reserve Ratio means, as of any date of determination, the ratio (expressed as a percentage) equal to the greater of (a) 8.0% percent and (b) the ratio calculated in accordance with the following formula: [(ADR x 2.00) + [(HDR - ADR) x HDR]] x DILHOR --- ------ ADR NRPB where: ADR = the average of the respective Dilution Ratios as of the last day of the 12 Settlement Periods immediately preceding such date. HDR = the highest Two Month Rolling Dilution Ratio during the 12 Settlement Periods immediately preceding such date. DILHOR = the aggregate Billed Amount of Transferred Receivables originated during the two Settlement Periods immediately preceding such date. NRPB = the Outstanding Balance of Transferred Receivables as of the last day of the first Settlement Period immediately preceding such date. Notwithstanding the foregoing, the Dilution Reserve Ratio may be changed at any time at the sole discretion of the Administrative Agent, exercised in good faith, and, in the case of a decrease only, upon satisfaction of the Rating Agency Condition with respect thereto.
Dilution Reserve Ratio means, for any Settlement Period, the product (expressed as a percentage) of: (a) the sum of (i) 2.50 times the Adjusted Dilution Ratio as of the last day of the immediately preceding Settlement Period, plus (ii) the Dilution Volatility Component as of the last day of the immediately preceding Settlement Period, times (b) the Dilution Horizon Ratio as of the last day of the immediately preceding Settlement Period.
Dilution Reserve Ratio means, as of any Monthly Reporting Date, and continuing until (but not including) the next Monthly Reporting Date, an amount (expressed as a percentage) that is calculated as follows:
Dilution Reserve Ratio means, as of any Monthly Reporting Date and continuing to (but excluding) the next succeeding Monthly Reporting Date, a percentage, determined as of the last day of the immediately preceding Monthly Period, as follows: DRR = [(SF x EDR) + [(DS-EDR) x (DS/EDR)]] x DHR where: SF = the Stress Factor; DRR = the Dilution Reserve Ratio; EDR = the Expected Dilution Ratio; DS = the Dilution Spike; and DHR = the Dilution Horizon Ratio.
Dilution Reserve Ratio means, as calculated by the Servicer and provided in each Monthly Report, the result (expressed as a percentage) calculated in accordance with the following formula: {(ARF x ADR) + [(HDR-ADR) x (HDR/ADR)]} x DHV where: ADR = the average of the Dilution Ratios during the period of 12 consecutive Calculation Periods ending on the related Cut-Off Date; ARF = the Applicable Ratings Factor; DHV = the Dilution Horizon Variable; and HDR = the highest Dilution Ratio as of the end of any of the 12 consecutive Calculation Periods ending on the related Cut-Off Date.
Dilution Reserve Ratio means, as of any date of determination, the ratio (expressed as a percentage) calculated in accordance with the following formula: DRR = (2 *ADR) + [(HDR-ADR) x (HDR/ADR)]] x DHF]; where DRR = the Dilution Reserve Ratio; ADR = the average of the Dilution Ratios occurring during the twelve most recent calendar Settlement Periods preceding such date; HDR = the highest Dilution Ratio occurring during the twelve most recent Settlement Periods preceding such date; and DHF = the Dilution Horizon Factor.