Rolling Average Dilution Rate definition
Rolling Average Dilution Rate means with respect to any specified period of consecutive Monthly Periods, (a) the sum for the then most recent Monthly Period and for each of the immediately preceding specified Monthly Periods in such period of (i) the Dilutions, divided by (ii) the Eligible Portfolio Outstanding Balances, in each case for the applicable Monthly Period, divided by (b) the total number of Monthly Periods in such period. “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, and its permitted successors and assigns. “Sale and Servicing Agreement” means the second amended and restated sale and servicing agreement dated September 29, 2022 between the Seller, as seller and servicer, and the Borrower, as purchaser, as it may be amended, supplemented, amended and restated or otherwise modified, from time to time. “Secondary Transfer Transaction” shall mean any financing, Participation Sale, Vertical Whole Loan Pass-Through or Whole Loan Transfer, involving any assets or any beneficial interest therein that requires a release of the security interests held by the Collateral Agent over any Loan Assets. “Secured Parties” means, collectively, the Agents, the Lenders and each Hedge Counterparty. “Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing.