Weighted Average Overcollateralization Percentage definition
Weighted Average Overcollateralization Percentage means, as of any date of determination, the percentage equivalent of a fraction, (i) the numerator of which equals the sum of (a) the product of (1) the applicable Required Overcollateralization Percentage with respect to Prime Receivables as of such date times (2) the difference of (A) the aggregate Adjusted Principal Balance of all Prime Receivables that are Eligible Receivables as of such date minus (B) the portion of the Excess Concentration Amount that is allocable to the Prime Receivables as of such date plus (b) the product of (1) the applicable Required Overcollateralization Percentage with respect to Near Prime Receivables as of such date times (2) the difference of (A) the aggregate Adjusted Principal Balance of all Near Prime Receivables that are Eligible Receivables as of such date minus (B) the portion of the Excess Concentration Amount that is allocable to the Near Prime Receivables as of such date plus (c) the product of (1) the applicable Required Overcollateralization Percentage with respect to Subprime Receivables as of such date times (2) the difference of (A) the aggregate Adjusted Principal Balance of all Subprime Receivables that are Eligible Receivables as of such date minus (B) the portion of the Excess Concentration Amount that is allocable to the Subprime Receivables as of such date, and (ii) the denominator of which is equal to the Net Eligible Pool Balance as of such date. For purposes of calculating the Weighted Average Overcollateralization Percentage on any date of determination, the Excess Concentration Amount on such date shall be allocated among the Prime Receivables, the Near Prime Receivables, and the Subprime Receivables based on the percentage of the Eligible Pool Balance that is represented, respectively, by the Adjusted Principal Balance of all Prime Receivables that are Eligible Receivables as of such date, the Adjusted Principal Balance of all Near Prime Receivables that are Eligible Receivables as of such date, and the Adjusted Principal Balance of all Subprime Receivables that are Eligible Receivables as of such date. "Withholding Agent" means the Borrower and the Administrative Agent. DB1/ 139452285.4 46 154304283v7 Section 1.
Weighted Average Overcollateralization Percentage means, as of any date of determination, the percentage equivalent of a fraction, (i) the numerator of which equals the sum of (a) the product of (1) the applicable Required Overcollateralization Percentage with respect to Prime Receivables as of such date times (2) the aggregate Adjusted Principal Balance of all Prime Receivables that are Eligible Receivables as of such date plus (b) the product of (1) the applicable Required Overcollateralization Percentage with respect to Near Prime Receivables as of such date times (2) the aggregate Adjusted Principal Balance of all Near Prime Receivables as that are Eligible Receivables of such date plus (c) the product of (1) the applicable Required Overcollateralization Percentage with respect to Subprime Receivables as of such date times (2) the aggregate Adjusted Principal Balance of all Subprime Receivables that are Eligible Receivables as of such date, and (ii) the denominator of which is equal to the Eligible Pool Balance as of such date. "Withholding Agent" means the Borrower and the Administrative Agent.
Weighted Average Overcollateralization Percentage set forth therein in their entirety and replacing them, respectively, with the following: "'Adjusted Principal Balance' means, as of any date for any Receivable, (i) if the amount of Excess Spread as of such date is 3.75% or greater, the Principal Balance of such Receivable as of such date, and (ii) if the amount of Excess Spread as of such date is less than 3.75%, then (A) if the APR of such Receivable is less than the Required Rate, the present value (calculated using a discount rate equal to the Required Rate) of all Scheduled Payments (including past due Scheduled Payments) remaining on such Receivable, assuming that all such Scheduled Payments are paid on a timely basis after such date or (B) if the APR of such Receivable is equal to or greater than the Required Rate, the Principal Balance of such Receivable as of such date."