Annualized Net Loss Rate definition

Annualized Net Loss 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) (x) 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 minus (y) Recoveries received 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 Eligible Receivables Balance as of the first Business Day of the six (or such lesser number of Collection Periods since the date hereof) immediately preceding Collection Periods.

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Annualized Net Loss Rate means, with respect to the Contracts in an Aggregate Quarterly Purchased Vintage, as of any Determination Date, the product of (a) a fraction (expressed as a percentage), the numerator of which is equal to (i) the net losses (the Outstanding Principal Balance of all Super Prime, Prime, and Subprime Contracts which became Defaulted Contracts during the calendar month prior to such Determination Date minus recoveries received on Defaulted Contracts during the calendar month prior to such Determination Date), and the denominator of which is equal to by (ii) the aggregate Outstanding Principal Balance of all Contracts in the Applicable Vintage that were not Defaulted Contracts as of the first day of the calendar month prior to such Determination Date and (b) twelve (12).

Examples of Annualized Net Loss 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).
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).
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).
The occurrence of a Tier 2 Collateral Performance Trigger due to the three-month rolling average Monthly Annualized Net Loss Rate (Loans) exceeding [***]% as of the March 11, 2024 Reporting Date, and any resulting breach, Event of Default or other consequence thereof, is hereby waived and deemed not to have occurred.
Notwithstanding anything to the contrary herein, Included Repurchased Receivables shall be treated as Pledged Receivables for purposes of each calculation of the Annualized Default Rate, Annualized Net Loss Rate and the Delinquency Rate required to be made hereunder (but for no other purpose).

More Definitions of Annualized Net Loss Rate

Annualized Net Loss Rate means an amount, expressed as a percentage, equal to (x) the principal balance of those Mortgage Receivables that have become delinquent by more than 180 days during any preceding 12 month period less any recoveries received therefrom, divided by (y) the average principal balance outstanding of Mortgage Receivables during such trailing 12 month period.

Annualized Net Loss Rate means, as of any date of determination, an amount (expressed as a percentage) equal to (i) the product of (A) (x) the aggregate Discounted Balances of all Pledged Receivables which were Eligible Receivables at the time of their Pledge hereunder and which either (1) became Defaulted Receivables or Missed Payment/Modified Receivables or (2) were repurchased by PCA Seller pursuant to the terms of Section 6.1(b) of the Purchase and Contribution Agreement and as to which, as of the date of such repurchase, any part of any Scheduled Payment (or other amount payable under the terms of the related Contract) remained unpaid for more than 60 days after the due date therefor set forth in such Contract, in each case during the six immediately preceding Collection Periods minus (y) Recoveries received during the six immediately preceding Collection Periods and (B) 2, divided by (ii) the average of the Eligible Receivables Balances as of the first Business Day of each of the six immediately preceding Collection Periods.

Annualized Net Loss Rate means with respect to any Securitization Transaction, the total losses over a period of time as a percentage of the original fully-funded principal value of such Securitization Transaction at the beginning of such period, annualized pursuant to applicable industry standards.

Annualized Net Loss Rate means, as of any Reporting Date, a rate, expressed as a percentage equal to a fraction, (i) the numerator of which is the Annualized Net Losses with respect to the immediately preceding Collection Period and (ii) the denominator of which is the daily average aggregate UPB of Receivables owned by the Borrower during the immediately preceding Collection Period.