Annualized Default Rate definition

Annualized Default Rate means a percentage determined as of the last day of each Monthly Period equal to (i) the product of (a) the aggregate Collateral Balance of all Assets that became Defaulted Assets during such Monthly Period (such Collateral Balance being determined without giving effect to any charge-off of such Assets) and (b) 12, divided by (ii) the average Eligible Asset Balance for such Monthly Period. For purposes of this definition, the term “Asset” shall include any Asset that has been repurchased by the Seller, or for which the Seller has made a substitution, pursuant to the Sale and Servicing Agreement.

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Annualized Default Rate means, as of any date of determination after the end of the first Collection Period following the date hereof, an amount (expressed as a percentage) equal to (i) the product of (A) the aggregate Discounted Balances of all Pledged Receivables which were Eligible Receivables at the time of their Pledge hereunder and which became Defaulted Receivables during the six (or such lesser number of Collection Periods since the date hereof) immediately preceding Collection Periods and (B) 2 (if six or more Collection Periods have occurred since the date hereof), 2.4 (if five Collection Periods have occurred since the date hereof), 3 (if four Collection Periods have occurred since the date hereof), 4 (if three Collection Periods have occurred since the date hereof), 6 (if two Collection Periods have occurred since the date hereof) or 12 (if one Collection Period has occurred since the date hereof) divided by (ii) the average Eligible Receivables Balance as of the first Business Day of each of the six (or such lesser number of Collection Periods since the date hereof) immediately preceding Collection Periods.

Annualized Default Rate means a percentage determined as of the last day of each Monthly Period equal to (i) the product of (a) the aggregate Outstanding Principal Balance of all Loans that became Defaulted Loans during such Monthly Period (such Outstanding Principal Balance being determined without giving effect to any charge-off of such Loans) and (b) 12, divided by (ii) the Eligible Loan Balance as of the first day of such Monthly Period.

Examples of Annualized Default Rate in a sentence

• Notwithstanding anything to the contrary herein, Included Repurchased Receivables shall be treated as Pool Receivables for purposes of each calculation of the Annualized Default Rate, Annualized Net Loss Rate, Delinquency Rate, Pool A Annualized Net Loss Rate and the Pool B Annualized Net Loss Rate required to be made hereunder (but for no other purpose).

• Annualized Default Rate - for any Due Period, the sum of the Discounted Present Value as of the related Determination Date of all Leases that became Non-Performing Leases during such Due Period minus the sum of the recoveries on Non-Performing Leases received during such Due Period, divided by the Discounted Present Value of the Leases on the Determination Date immediately preceding such Determination Date, multiplied by twelve.

• Notwithstanding anything to the contrary herein, Included Repurchased Receivables shall be treated as PoolPledged Receivables for purposes of each calculation of the Annualized Default Rate, Annualized Net Loss Rate, and the Delinquency Rate, Pool A Annualized Net Loss Rate and the Pool B Annualized Net Loss Rate required to be made hereunder (but for no other purpose).

• Annualized Default Rate - for any Due Period, the sum of the Discounted Present Value as of the related Determination Date of all Leases that became Non-Performing Leases during such Due Period minus the sum of the recoveries on Non-Performing Leases (including recoveries on Leases that have been replaced or substituted for) received during such Due Period, divided by the Discounted Present Value of the Leases on the Determination Date immediately preceding such Determination Date, multiplied by twelve.

• Notwithstanding anything to the contrary herein, Included Repurchased Receivables shall be treated as Pool Receivables for purposes of each calculation of the Annualized Default Rate, Annualized Net Loss Rate, and Delinquency Rate required to be made hereunder (but for no other purpose).

More Definitions of Annualized Default Rate

Annualized Default Rate. As of any date of determination, the percentage equivalent of a fraction, (a) the numerator of which is equal to the product of (i) the Outstanding Receivable Balance of all Receivables that became Defaulted Receivables during the prior Collection Period and (ii) 12, and (b) the denominator of which is the Outstanding Receivable Balance of all Receivables which were Eligible Receivables as of the first day of such Collection Period.

Annualized Default Rate. Unless otherwise specified in any applicable Supplement, for any Determination Date, the product (stated as a percentage) of (a) twelve and (b) a fraction, the numerator of which is equal to (i) the sum of the Implicit Principal Balances of all Contracts that have become Defaulted Contracts during the related Due Period minus (ii) the amount of Recoveries, Residual Proceeds and Servicing Charges received during such Due Period, and the denominator of which is the Aggregate IPB as of the first day of such Due Period.

Annualized Default Rate means the three (3) month rolling average as of the last day of any Collection Period of the ratio (expressed as a percentage), the numerator of which is the product of (i) 12 and (ii) the Outstanding Balance as of the related Reporting Date of all Receivables that became Defaulted Receivables during such period, and the denominator of which is the Outstanding Balance of the Receivables as of such Reporting Date.

Annualized Default Rate. For any Due Period, (i) the sum of the Implicit Principal Balances as of the Calculation Date occurring in such Due Period of all Lease Contracts that became Defaulted Lease Contracts during such Due Period (including any Lease Contracts that have been purchased or substituted) (ii) minus the sum of Recoveries and Residual Proceeds received during such Due Period, (iii) divided by the Aggregate Implicit Principal Balance at the beginning of the Due Period, (iv) multiplied by twelve.

Annualized Default Rate for any Due Period, the sum as of the related Determination Date of the Discounted Present Value of the Leases that became Non-Performing Leases during such Due Period minus the sum of the recoveries on Non-Performing Leases received during such Due Period, divided by the Discounted Present Value of the Leases on the Determination Date immediately preceding that Determination Date, multiplied by twelve.

Annualized Default Rate means, as of any date of determination after the end of the first Collection Period following the date hereof, an amount (expressed as a percentage) equal to (i) the product of (A) the aggregate Discounted Balances of all Pledged Receivables which were Eligible Receivables at the time of their Pledge hereunder and which became Defaulted Receivables during the six immediately preceding Collection Periods and (B) 2, divided by (ii) the average of the Eligible Receivables Balance as of the last Business Day of each of the six Collection Periods immediately preceding such date of determination.

Annualized Default Rate means for any Due Period, the sum of the Discounted Present Value as of the related Determination Date of all Leases that became Non-Performing Leases during such Due Period minus the sum of the recoveries on Non-Performing Leases received during such Due Period, divided by the Discounted Present Value of the Leases on the Determination Date immediately preceding such Determination Date, multiplied by twelve.