Cumulative Default Level means, for any Determination Date, (i)(A) the sum of the Loan Balances of all Timeshare Loans that became Defaulted Timeshare Loans since the Closing Date (other than Defaulted Timeshare Loans for which the Seller has exercised its option to repurchase or substitute pursuant to Section 6(b) of the Sale Agreement) minus (B) all recoveries or remarketing proceeds received in respect of Defaulted Timeshare Loans for which the Seller did not exercise its option to repurchase or substitute pursuant to Section 6(b) of the Sale Agreement since the Closing Date, divided by (ii) the Aggregate Closing Date Collateral Balance (expressed as a percentage).

Examples of Cumulative Default Level in a sentence

Any change in the Delinquency Level, Default Level and/or Cumulative Default Level will be noted in the Buyer Commitment Purchase Confirmation or the Buyer Purchase Confirmation, as applicable.
Cumulative Default Level: Table 1 attached hereto during the Commitment Purchase Period, subject to adjustment at any time by the Buyer.
The Cash Accumulation Event described in clause (ii) above shall be deemed to be continuing until, on the last Business Day of each of the two Accumulation Intervals immediately following the Accumulation Interval during which such Cash Accumulation Event occurred, the Cumulative Default Level remains below the limits described above.

More Definitions of Cumulative Default Level

Cumulative Default Level means for any Determination Date, an amount equal to the sum of the Loan Balances of all Timeshare Loans that became Defaulted Timeshare Loans since the Closing Date (other than Defaulted Timeshare Loans that subsequently become current) divided by the Cut-Off Date Aggregate Loan Balance (expressed as a percentage). For purposes of this definition "Timeshare Loan" shall include those timeshare loans that have been released from the Lien of the Indenture pursuant to Section 4.5(c) of the Indenture.

Cumulative Default Level means for any date, an amount equal to the sum of the Loan Balances of all Timeshare Loans that became Defaulted Timeshare Loans since the Cut-Off Date (less the Loan Balances of Defaulted Timeshare Loans that subsequently became current prior to such date of determination which are still subject to the lien of the Indenture at such time), divided by the Cut-Off Date Aggregate Loan Balance (expressed as a percentage).

Cumulative Default Level means, for any date of determination, the quotient of (a)(i) the aggregate Loan Balance of all Defaulted Timeshare Loans in the Aggregate Sale Date Loan Pool that became Defaulted Timeshare Loans, minus (ii) the Loan Balances of such Defaulted Timeshare Loans that subsequently became current, divided by (b) the sum of the Sale Date Aggregate Loan Balances of each of such Timeshare Loans in the Aggregate Sale Date Loan Pool, expressed as a percentage (%). The Cumulative Default Level shall not commence to be determined until one (1) year from the first Sale Date.Custodial Agreement” shall mean the custodial agreement, dated as of December 22, 2010, by and among the Seller, the Servicer, the Backup Servicer, the Buyer and Custodian, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof providing for the custody and maintenance of the Timeshare Loan Documents relating to the Timeshare Loans.

Cumulative Default Level means for any date, an amount equal to the sum of the Loan Balances of all Timeshare Loans that became Defaulted Timeshare Loans since the Cut-Off Date divided by the Cut-Off Date Aggregate Loan Balance (expressed as a percentage).

Cumulative Default Level means, for any Determination Date, the quotient (expressed as a percentage) of (i) (A) the aggregate Loan Balances of all Loans that became Defaulted Loans since the Closing Date (other than Defaulted Loans for which the Originator has exercised its option to repurchase or substitute for Defaulted Loans), minus (B) any net liquidation proceeds received in respect of Defaulted Loans for which the Originator did not exercise its option to repurchase or substitute since the Closing Date divided by (ii) the Aggregate Closing Date Collateral Balance.

Cumulative Default Level means, for any Determination Date, the quotient (expressed as a percentage) of (i) (A) the aggregate Solar Loan Balances of all Solar Loans that became Defaulted Solar Loans since the Closing Date (other than Defaulted Solar Loans for which the Originator has exercised its option to repurchase or substitute for Defaulted Solar Loans), minus (B) any net liquidation proceeds received in respect of Defaulted Solar Loans for which the Originator did not exercise its option to repurchase or substitute since the Closing Date, divided by (ii) (A) for any Determination Date prior to the PTO Deadline, the Aggregate Closing Date Solar Loan Balance and (B) for any Determination Date after the PTO Deadline, (x) the Aggregate Closing Date Solar Loan Balance minus (y) the aggregate Solar Loan Balance of Pre-PTO Solar Loans that do not achieve PTO on or prior to the PTO Deadline (expressed as a percentage).

Cumulative Default Level means for any Determination Date, an amount equal to the sum of the Loan Balances of all Timeshare Loans that became Defaulted Timeshare Loans since the Closing Date (other than Defaulted Timeshare Loans that subsequently become current and are still subject to the Lien of the Indenture at such time) divided by the sum of the Cut-Off Date Loan Balances of (A) all Initial Timeshare Loans (as of the Initial Cut-Off Date) and (B) all Subsequent Timeshare Loans (as of their respective Cut-Off Dates) (expressed as a percentage). For purposes of this definition "Timeshare Loan" shall include those timeshare