First Payment Default Rate definition
First Payment Default Rate means, as of the last day of any calendar month, the ratio, expressed as a percentage, of the outstanding principal balance of Consumer Loans that (i) have their first principal payment become one or more days past due but not greater than 30 days past due in the calendar month that includes such date of determination to (ii) do not have their first principal payment become past due in the calendar month that includes such date of determination.
First Payment Default Rate means, as of any date of determination and with respect to any Vintage Pool, a rate, expressed as a percentage equal to a fraction, (I) the numerator of which is the aggregate number of Consumer Loans underlying the Loan Receivables in such Vintage Pool where the obligor has missed the first scheduled payment of principal, interest or any other costs, fees and expenses and (II) the denominator of which is the
First Payment Default Rate means, as of any date of determination and with respect to any Vintage Pool, a rate, expressed as a percentage equal to a fraction, (I) the numerator of which is the aggregate number of Consumer Loans underlying the Loan Receivables in such Vintage Pool where the obligor has missed the first scheduled payment of principal, interest or any other costs, fees and expenses and (II) the denominator of which is the aggregate number of all Consumer Loans underlying the Loan Receivables in such Vintage Pool; provided, that the First Payment Default Rate shall not be calculated for any Vintage Pool (and shall not be measured hereunder) unless and until two (2) completed calendar months have occurred following the origination of such Vintage Pool.
Examples of First Payment Default Rate in a sentence
The Credit Parties shall not permit the Trailing First Payment Default Rate to be greater than twenty three percent (23%).
The Credit Parties shall not permit the First Payment Default Rate, calculated as of the last day of any calendar month, to be greater than (i) 20% for any month or (ii) 17.5% for any two (2) months during any three (3) month period.
The Credit Parties shall not permit the First Payment Default Rate, calculated as of the last day of any calendar month (commencing with the calendar month of July, 2014), to be greater than (i) 20% for any month or (ii) 17.5% for any two (2) months during any three (3) month period.
More Definitions of First Payment Default Rate
First Payment Default Rate means, as of any date of determination after the Effective Date, the aggregate Outstanding Consumer Loan Principal Balance of Consumer Loans sold by Seller to Debtor that experience a default in the first Scheduled Consumer Loan Payment divided by the aggregate Outstanding Consumer Loan Principal Balance of Consumer Loans sold by Seller to Debtor after the Effective Date.