Cumulative Default Rate means, as of any Distribution Date, the percentage equivalent of the fraction (a) the numerator of which is the aggregate principal balance of the Financed Student Loans which are Defaulted Student Loans as of the end of the related Collection Period, and (b) the denominator of which is the aggregate principal balance of the Financed Student Loans as of the Cutoff Date.
Cumulative Default Rate means the percentage equivalent of the fraction the numerator of which is the aggregate principal balance of the trust student loans which are defaulted trust student loans as of the end of the related Collection Period and the denominator of which is the aggregate principal balance of the trust student loans acquired by the trust on the closing date as of the related cut off date.
Cumulative Default Rate means, with respect to any Determination Date, the fraction, expressed as a percentage, the numerator of which is equal to the Principal Balance of all Receivables which became Defaulted Receivables since the Initial Cutoff Date as of the related Accounting Date and the denominator of which is equal to the Original Pool Balance.
Examples of Cumulative Default Rate in a sentence
Cumulative Default Rate is the total number of single-family conventional loans in the guaranty book of business originated in the identified year that have defaulted, divided by the total number of single-family conventional loans in the guaranty book of business originated in the identified year.
Threshold Model (b) Shock Model Cumulative Default Rate by Loan Cohort: Model vs.
Cumulative Default Rate is the total number of defaulted loans since origination divided by total originated loans.
The average Cumulative Default Rate represents an estimate of expected cumulative Default probabilities.
A TERI Principal Trigger will occur on any distribution date if the Cumulative Default Rate (as defined in the glossary) exceeds 10%; provided, however, that a TERI Principal Trigger will not have occurred if TERI is continuing to pay claims on defaulted trust student loans that have met TERI’s due diligence requirements and TERI is solvent.
More Definitions of Cumulative Default Rate
Cumulative Default Rate means, with respect to any Determination Date and any Series (other than the Warehousing Series), the fraction, expressed as a percentage, the numerator of which is equal to the sum of (a) the Principal Balance of all Receivables which became Spread Account Liquidated Receivables since the Cutoff Date as of the related Accounting Date plus (b) the Principal Balance of all Receivables with respect to which all or any portion of a Scheduled Payment has become 91 or more days delinquent as of the related Accounting Date (not including those Receivables included in clause (a) above) and the denominator of which is equal to the sum of (i) the original Aggregate Principal Balance as of the Initial Cutoff Date plus (ii) the Prefunded Amount as of the Series Closing Date.
Cumulative Default Rate means, with respect to any Determination Date, a fraction expressed as a percentage (i) the numerator of which is equal to the sum (without duplication) of (a) the aggregate of the Principal Balances of all Receivables which became Defaulted Receivables (each such Principal Balance calculated as of the last day of the Collection Period during which such Receivable became a Defaulted Receivable) and (b) the aggregate of the Principal Balances (as of the related repurchase date) of all Receivables that became Purchased Receivables that were 31 days or more delinquent with respect to 10% or more of a Scheduled Receivable Payment (as defined in the related Securitization Agreement) at the time of such repurchase and (ii) the denominator of which is equal to the sum of the Series 2004-B Initial Balance and the aggregate Principal Balance of all Subsequent Receivables conveyed to the Series 2004-B Trust as of such Determination Date (such Principal Balance calculated as of the related Subsequent Cutoff Date).”
Cumulative Default Rate means the percentage equivalent of the fraction the numerator of which is the cumulative principal balance of the trust student loans which are defaulted trust student loans on the distribution date, and the denominator of which is the cumulative principal balance (on a loan by loan basis, the beginning principal balance of each trust student loan on the first date each loan first enters repayment status) of all trust student loans that have entered repayment status plus any prepayments on the trust student loans that have occurred prior to those trust student loans entering repayment.
Cumulative Default Rate means, as of any Quarterly Distribution Date, the percentage equivalent of the fraction (a) the numerator of which is the cumulative principal balance of the Financed Student Loans which are Defaulted Student Loans on the last day of the Collection Period related to such Quarterly Distribution Date, and (b) the denominator of which is the cumulative principal balance (on a loan by loan basis, the beginning principal balance of each Financed Student Loan on the first date each loan first enters repayment status) of all Financed Student Loans that have entered repayment status plus any prepayments on such Financed Student Loans that have occurred prior to those Financed Student Loans entering repayment.
Cumulative Default Rate means, as of any Distribution Date, the percentage equivalent of the fraction (a) the numerator of which is the aggregate principal balance of the Financed Student Loans which are Defaulted Student Loans, and (b) the denominator of which is the aggregate principal balance of the Financed Student Loans.
Cumulative Default Rate means, as of any date of determination in respect of any Term Loan Investment Pool, a percentage, equal to a fraction, (a) the numerator of which is the Cumulative Defaults of such Investment Pool, and (b) the denominator of which is an amount equal to the aggregate original principal balance of all Borrower Receivables in such Term Loan Investment Pool, in each case, as of the last day of the most recently ended Collection Period.
Cumulative Default Rate means, with respect to any Series and with respect to any Determination Date, the fraction, expressed as a percentage, the numerator of which is equal to the Aggregate Principal Balance of all Receivables which became Defaulted Receivables since the Cutoff Date as of the close of business at the end of the related Collection Period and the denominator of which is equal to the sum of (a) the original Aggregate Principal Balance of all Receivables as of the Cutoff Date plus (b) the Aggregate Principal Balance of all Subsequent Receivables conveyed to such Trust (determined as of the respective Subsequent Cutoff Dates) through the last day of the related Collection Period.