Monthly Default Rate definition
Monthly Default Rate means, with respect to any Monthly Period, the ratio of the Defaulted Amount net of Recoveries to the Average Principal Receivables for such Monthly Period multiplied by 12.
Monthly Default Rate means, with respect to any Monthly Period, the ratio of the Defaulted Amount net of Recoveries to the Average Principal Receivables for such Monthly Period multiplied by 12; provided, however, that for purposes of determining the three month average of the Monthly Default Rates, the pro forma Monthly Default Rate for the December 2003 and January 2004 Monthly Periods shall be 14.78% and 13.49%, respectively.