Default Ratio. The Default Ratio shall equal or exceed 3.5% on a rolling three-month average basis.
Default Ratio. As of any Cut-Off Date, the ratio (expressed as a percentage) computed by dividing (i) the total amount of Receivables which became Defaulted Receivables during the Calculation Period that includes such Cut-Off Date, by (ii) the aggregate sales generated by the Originators during the Calculation Period occurring four (4) months prior to the Calculation Period ending on such Cut-Off Date.
Default Ratio. The Borrower shall not permit the Default Ratio to exceed two percent (2%) as at the end of any Collection Period.
Default Ratio. The Default Ratio shall equal or exceed 1.20% on a rolling three-fiscal-month average basis.
Default Ratio. As of any date of determination, the ratio (expressed as a percentage) of:
Default Ratio. The Default Ratio shall equal or exceed 2.00% on a rolling three-fiscal-month average basis at any time on or after the date hereof.
(m) Section 10.2.5 of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
Default Ratio. 51 10.2.5 Dilution Ratio........................................................................51 10.2.6 Delinquency Ratio.....................................................................51 10.2.7 Event of Default......................................................................51 10.2.8 Validity of Transaction Documents.....................................................51 10.2.9 Termination Date......................................................................51 10.2.10 Performance Undertaking...............................................................51 10.2.11
Default Ratio. The definition of "Default Ratio" is hereby deleted in its entirety and replaced with the following:
Default Ratio. At any time, an amount (expressed as a percentage) equal to a fraction, the numerator of which is equal to the sum of Receivables that become Defaulted Receivables during the immediately preceding Settlement Period and the denominator of which is the aggregate dollar amount of Receivables generated by the Originators during the Settlement Period three months prior to the immediately preceding Settlement Period.
Default Ratio. As of any Cut-Off Date, the ratio (expressed as a percentage) computed by dividing (i) the total amount of Receivables which became Defaulted Receivables during the Collection Period that includes such Cut-Off Date, by (ii) the aggregate Sales generated by the Originators during the Collection Period occurring six Collection Periods prior to the Collection Period ending on such Cut-Off Date.
