Extension Ratio definition

Extension Ratio means, with respect to any Collection Period, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance as of the last day of the Collection Period of all Receivables that became Extended Receivables during such Collection Period and (ii) the denominator of which is the aggregate Principal Balance of all Receivables as of the last day of the previous Collection Period (or, in the case of the first Collection Period, the period from the initial Cutoff Date through and including the last day of the calendar month immediately preceding the first Payment Date).

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Extension Ratio means, with respect to any date of determination, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance of all Receivables that became Extended Receivables during the most recently completed Collection Period and (ii) the denominator of which is the Pool Balance as of the last day of such Collection Period.

Extension Ratio means, with respect to any Collection Period, commencing with the Collection Period in which the initial Funding Date occurs, the percentage equivalent of a fraction, (i) the numerator of which is the aggregate Principal Balance as of the last day of the Collection Period of all Receivables that became Extended Receivables during such Collection Period and (ii) the denominator of which is the aggregate Principal Balance of all Receivables as of the last day of the previous Collection Period (or, in the case of the first Collection Period, the period from the initial Cutoff Date through and including the last day of the calendar month immediately preceding the first Payment Date).

Examples of Extension Ratio in a sentence

• Notwithstanding anything in this Agreement to the contrary, the Servicer may refinance any Contract that would cause the average Extension Ratio for any three consecutive Collection Periods to exceed [ ]% by accepting a new promissory note from the related Obligor and depositing the full outstanding Principal Balance of such Contract into the Collection Account.

• Notwithstanding anything in this Agreement to the contrary, the Servicer may refinance any Contract that would cause the average Extension Ratio for any three consecutive Collection Periods to exceed 4.0% by accepting a new promissory note from the related Obligor and depositing the full outstanding Principal Balance of such Contract into the Collection Account.

• The "Extension Ratio" for any calendar month shall equal the percentage equivalent of a fraction the numerator of which is the aggregate number of Receivables that have been extended during such calendar month and the denominator of which is the aggregate number of Receivables outstanding as of the first day of such calendar month.

• The Average Extension Ratio for any Due Period shall equal the arithmetic average of the Extension Ratios for such Due Period and the two preceding Due Periods (for example, the Average Extension Ratio for May 1999 will equal the arithmetic average of the Extension Ratios for the months February 1999, March 1999 and April 1999 and will be included in the report delivered by the Servicer pursuant to Section 3.17 on or before the June 1999 Reporting Date).

• The "Average Extension Ratio" for any calendar month shall equal the arithmetic average of the Extension Ratios for such calendar month and the two preceding calendar months (for example, the Average Extension Ratio for January 1998 will equal the arithmetic average of the Extension Ratios for the months November 1997, December 1997 and January 1998 and will be included in the report delivered by the Servicer pursuant to Section 4.11 on or before the February 1998 Reporting Date).

More Definitions of Extension Ratio

Extension Ratio means the fraction (expressed as a percentage) calculated as of the last day of the related Collection Period, the numerator of which is the aggregate number of Contracts for which an extension or a payment deferment is in effect (whether granted by the Servicer during the related Collection Period or an earlier Collection Period) in accordance with the Servicer’s stated extension policy and the denominator of which is the aggregate number of Contracts then held by the Issuer. “Extension,” for purposes of this definition, does not include either (i) a change of an Obligor’s scheduled due date within a month (i.e., from the 10th of each month to the 15th) or (ii) the Servicer’s treatment of an Obligor who makes at least one-half of his scheduled payment as current (provided that such Obligor continues to make all Contract Scheduled Payments which follow).

Extension Ratio for any calendar month shall equal the percentage equivalent of a fraction the numerator of which is the aggregate number of Receivables that have been extended during such calendar month and the denominator of which is the aggregate number of Receivables outstanding as of the first day of such calendar month.

Extension Ratio has the meaning specified in Section 4.6(a).

Extension Ratio or “Extending Lender”, Section 7.3 or Exhibit D without the consent of Extending Lenders constituting Requisite Extending Lenders. Any amendment, modification, supplement, termination, waiver or consent pursuant to this Section shall apply equally to, and shall be binding upon, all of the Creditors. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Pro Rata Share of the Commitments of such Lender may not be increased or extended without the consent of such Lender.

Extension Ratio means, as of any date of determination and with respect to a Vintage Pool, a rate, expressed as a percentage, equal to a fraction (I) the numerator of which is the aggregate outstanding principal balance of all automobile receivables acquired or originated by the Seller in such Vintage Pool whose payments are extended during the related Accrual Period and (II) the denominator of which is the aggregate outstanding principal balance of all automobile receivables acquired or originated by the Seller in such Vintage Pool as of the last day of the most recently ended Accrual Period; provided that, in the case of (A) and (B) if any sale or securitization of receivables by the Seller occurs on a servicing released basis, the Servicer and the Administrative Agent shall negotiate in good faith to amend the trigger levels relating to the calculation of Extension Ratio if such sale or securitization results in a significant change to the composition of the remaining receivables in a Vintage Pool or the Receivables, as applicable.

Extension Ratio means, as of each date of determination the ratio of (a) the Extension Obligations, to (b) the aggregate Obligations, in each cast treating the Class A Funding Requirements as fully outstanding.

Extension Ratio means the ratio of (a) the aggregate outstanding balance of all Extended Receivables to (b) the aggregate outstanding balance of all accounts receivable of Conn Funding I LP and Conn Funding II LP.