Dilution Horizon Ratio

Dilution Horizon Ratio. Means, as of the last day of any calendar month, a percentage equal to (i) the aggregate gross sales of the Originators during the calendar month then most recently ended divided by (ii) the Net Receivables Balance as of the last day of the most recently ended calendar month.

Dilution Horizon Ratio. The definition of "Dilution Horizon Ratio" in Section 1.1 of the Transfer and Administration Agreement is hereby amended and restated in its entirety as follows: ""Dilution Horizon Ratio" means, for any Calculation Period, the greater of (a) 100% and (b) the ratio (expressed as a percentage) computed as of the most recent Month End Date by dividing (i) the aggregate initial Unpaid Balance of sales by the Originators 1 The rating of an Obligor... will be the lower of any public unsecured debt rating of such Obligor as issued by either S&P or Moody's. If such Obligor has only one rating from either S&P or Moody's, that rating shall be used." View More