Monthly Net Loss Percentage means, for any Monthly Determination Date, the product of (i) the quotient (expressed as a percentage) of (I) the sum of (x) the aggregate Loan Principal Balance of all Loans that became Charged-Off Loans during the related Collection Period, plus (y) the aggregate amount by which the Loan Principal Balance of any Loans (other than Charged-Off Loans) were reduced due to being charged off in accordance with the Credit and Collection Policy during the related Collection Period, minus (z) the aggregate amount of Monthly Recoveries collected during the related Collection Period and (II) the Adjusted Loan Principal Balance of all Loans in the Trust Estate as of the close of business on the day immediately prior to the commencement of such Collection Period, times (ii) twelve (12).
Monthly Net Loss Percentage means, for any Loan Action Date, the product of (a) the quotient (expressed as a percentage) of (i) the result of (A) the aggregate principal balance of all Loans that became Charged-Off Loans during the related Collection Period plus (B) the aggregate amount by which the Loan Principal Balance of any Loans (other than Charged-Off Loans) were reduced due to being charged-off in accordance with the Credit and Collection Policy during the related Collection Period minus (C) the aggregate amount of Monthly Recoveries collected during the related Collection Period divided by (ii) the Adjusted Loan Principal Balance of all Loans in the Trust Estate immediately prior to the commencement of such Collection Period times (b)(i) with respect to the initial Loan Action Date, the quotient, rounded to two decimal places, of (A) 360 divided by (B) the number of days in the initial Collection Period and (ii) with respect to each following Loan Action Date, twelve (12).
Monthly Net Loss Percentage means, for any Monthly Determination Date, the product of (i) the quotient (expressed as a percentage) of (I) the sum of (x) the aggregate Loan Principal Balance of all Loans that became Charged-Off Loans during the related Collection Period, plus (y) the aggregate amount by which the Loan Principal Balance of any Loans (other than Charged-Off Loans) were reduced due to being charged-off in accordance with the Credit and Collection Policy during the related Collection Period, minus (z) the aggregate amount of Monthly Recoveries collected during the related Collection Period and (II) the Adjusted Loan Principal Balance of all Loans in the Trust Estate as of the close of business on the day immediately prior to the commencement of such Collection Period times (ii) twelve (12).
More Definitions of Monthly Net Loss Percentage
Monthly Net Loss Percentage. With respect to any Collection Period, the percentage equivalent of a fraction, the numerator of which is the excess of (x) the aggregate amount of the Contract Principal Balances of all Series 1998-1 Contracts which became Charged-Off Contracts during such Collection Period over (y) the aggregate amount of all Defaulted Residual Receipts collected by the Servicer with respect to such Collection Periods, and the denominator of which is the Aggregate Contract Principal Balance as of the beginning of such Collection Period.