Default Level definition
Default Level means for any Due Period, the aggregate Loan Balance (without regard to recoveries) of Timeshare Loans that became Defaulted Timeshare Loans during such Due Period and not repurchased or substituted by the last day of such Due Period (less the Loan Balances of Defaulted Timeshare Loans that subsequently became current during such Due Period which are still subject to the Lien of the Indenture at such time) divided by the Aggregate Loan Balance on the first day of such Due Period, expressed as a percentage.
Default Level means, for any Due Period, (i) (A) the sum of the Loan Balances of all Timeshare Loans that became Defaulted Timeshare Loans during such Due Period (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) any recoveries or remarketing proceeds received during such Due Period in respect of any 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, divided by (ii) the Aggregate Loan Balance on the first day of such Due Period (expressed as a percentage).
Default Level means, for any Collection Period, the quotient (expressed as a percentage) of (i) the sum of the Solar Loan Balances of all Solar Loans in the Borrower’s Portfolio that became Defaulted Solar Loans during such Collection Period and that did not repay all past due portions of a contractual payment due under the related Solar Loan Contract by the end of the Collection Period, divided by (ii) the sum of the Solar Loan Balances of all Solar Loans in the Borrower’s Portfolio on the first day of such Collection Period.
Examples of Default Level in a sentence
Servicer shall pay a penalty to Bank if: (i) Servicer fails to meet the Servicer’s Default Level with respect to any Super Service Level; and (ii) Bank is obligated to pay a penalty to Wal-Mart under Section 9.4(b) of the Triparty Agreement because of a Super Service Level Failure.
As of any date of determination the excess (if any) of (i) the Aggregate Note Principal Balance, over (ii) an amount equal to the sum of (1) the product of (i) Default Level Advance Rate and (ii) the sum of (A) the then Aggregate Net Book Value and (B) the then Aggregate Finance Lease Value, plus (2) 100% of all cash and Eligible Investments then on deposit in the Restricted Cash Account.
Servicer missed Servicer’s Default Level by [*]% and Bank missed Bank’s Default Level by [*]%.
As of any date of determination the excess (if any) of (i) the Aggregate Class A Note Principal Balance, over (ii) an amount equal to the sum of (1) the product of (i) Class A Default Level Advance Rate and (ii) the sum of (A) the then Aggregate Net Book Value and (B) the then Aggregate Finance Lease Value, plus (2) 100% of all cash and Eligible Investments then on deposit in the Restricted Cash Account.
A Class A Default Level Asset Base Deficiency will be deemed to exist as of any Payment Date on which the foregoing amount exceeds zero.
More Definitions of Default Level
Default Level means, for any Collection Period, the quotient (expressed as a percentage) of (i) the excess (if any) of (a) the sum of the Discounted Solar Asset Balances of all Eligible Solar Assets that became Defaulted Solar Assets during such Collection Period and that did not repay all past due portions of a contractual payment due under the related Solar Service Agreement by the end of such Collection Period, over (b) (x) for the purposes of clause (v) of the definition of Amortization Event, the sum of the Discounted Solar Asset Balances of all Eligible Solar Assets that became Defaulted Solar Assets during the three immediately preceding Collection Periods and that repaid all past due portions of a contractual payment due under the related Solar Service Agreement during the Collection Period in which the “Default Level” is being calculated, or (y) otherwise, zero, divided by (ii) the aggregate Discounted Solar Asset Balances for the Managing Member Interests (other than any amounts attributable to New Construction Solar Asset (Non-Identified Customer)), the SAP Solar Assets and any Hedged SREC Solar Assets on the first day of such Collection Period. For the avoidance of doubt, the receipt of any Liquidated Damages Amounts by the Borrower shall not constitute payments of past due amounts pursuant to clause (i).
Default Level means for any Due Period, the product of (i) 12 and (ii) the sum of the Loan Balances of Timeshare Loans that became Defaulted Timeshare Loans during such Due Period less the Loan Balances of Defaulted Timeshare Loans that subsequently became current during such Due Period divided by the Aggregate Loan Balance on the first day of such Due Period (expressed as a percentage).
Default Level for any Due Period is equal to the sum of the Loan Balances of all Timeshare Loans that meet the definition of “Defaulted Timeshare Loan” herein divided by the Aggregate Loan Balance of all Timeshare Loans calculated as of the last day of such Due Period.
Default Level for any due period is equal to the sum of the loan balances of all Timeshare Loans in the Securitized Portfolio or Warehouse Portfolio, as the case may be, that are 181 days or more delinquent and otherwise meets the definition of “60-day Plus Delinquent Loan” herein (other than, in the case of the Warehouse Portfolio, 60-day Plus Delinquent Loans for which DFHC has exercised its option to repurchase or substitute pursuant to Section 6(b) of the Sale Agreement) divided by the aggregate loan balance of all Timeshare Loans in the Securitized Portfolio or Warehouse Portfolio, as applicable.
Default Level means for any Due Period, the aggregate Loan Balance (without regard to recoveries) of Timeshare Loans that became Defaulted Timeshare Loans during such Due Period and not repurchased or substituted by the last day of such Due Period (less the Loan Balances of Defaulted Timeshare Loans that subsequently became current during
Default Level means for any Due Period, the aggregate Loan Balance (without regard to recoveries) of Timeshare Loans that became Defaulted Timeshare Loans during such Due Period and not repurchased or substituted by the last day of such Due Period (less the Loan Balances of Defaulted Timeshare Loans that subsequently became current during such Due Period which are still subject to the Lien of the Note Purchase Agreement at such time) divided by the Aggregate Loan Balance on the first day of such Due Period, expressed as a percentage.
Default Level means for any Due Period, the aggregate Loan Balance (without regard to recoveries) of Timeshare Loans that became Defaulted Timeshare Loans during such Due Period and not repurchased or substituted by the last day of such Due Period