Annualized. INTEREST OF DIRECTORS, EXECUTIVE OFFICERS AND CERTAIN RELATED PERSONS. Information, as of particular dates, concerning the Fund's directors and executive officers, their remuneration, any material interest of such persons in transactions with the Fund and other matters is required to be disclosed in proxy statements distributed to the Fund's shareholders in proxy statements distributed to the Fund's shareholders and filed with the Securities and Exchange Commission (the "SEC"). Neither the Fund nor, to the best of the Fund's knowledge, any of the Fund's directors or executive officers, has effected any transaction in Shares during the 60 days before the date hereof. Except as set forth in this Offer, neither the Fund, nor, to the best of the Fund's knowledge, any of the Fund's directors or executive officers, is a party to any contract, arrangement, understanding or relationship with any other person relating, directly or indirectly to the Offer with respect to any securities of the Fund, including, but not limited to, any contract, arrangement, understanding or relationship concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guaranties of loans, guaranties against loss or the giving or withholding of proxies, consents or authorizations. Based upon information provided or available to the Fund, no director or officer of the Fund intends to tender Shares pursuant to the Offer. The Offer does not, however, restrict the purchase of shares pursuant to the Offer from any such person.
Annualized. The increase in portfolio yield for the fiscal year ended June 30, 1996 and for the nine months ended March 31, 1997 reflects changes in the overall pricing distribution of the Bank Portfolio. The decline in portfolio yield for fiscal year 1995 is primarily the result of the Bank's focus on the direct solicitation of low-rate, no annual fee credit cards which on average had a lower introductory rate and which had the effect of lowering finance charge income and annual fee income. The accounts in the Bank Portfolio that are not included in the Trust Portfolio are primarily newly originated accounts with a greater proportion of Receivables arising under accounts generated under this type of solicitation than the average accounts in the Trust Portfolio, which are more seasoned. Therefore, the actual portfolio yield with respect to the Receivables in the Trust Portfolio may be different from that set forth above. THE RECEIVABLES The Receivables in the Accounts selected from the Bank Portfolio included and to be included in the Trust on the basis of criteria set forth in the Pooling and Servicing Agreement (the "Trust Portfolio") (including the additional Accounts added to the Trust on May 8, 1997 and certain additional Accounts designated to be added to the Trust on the Closing Date), as of the close of business on April 30, 1997, consisted of $21,588,400,896 of principal Receivables and $609,405,512 of finance charge Receivables. On March 25, 1997 and April 23, 1997 (the "Relevant Cut Off Dates"), the Transferor designated additional Accounts, which included approximately $1,277,397,526 of principal Receivables as of the close of business on April 30, 1997, and will transfer the Receivables arising therein to the Trust on the Closing Date. In addition, on the Closing Date, the Transferor will deposit $1,200,000 into the finance charge account, which will be applied as collections of finance charge Receivables received during the initial monthly period and allocated to Series 1997-4. The additional Accounts to be added to the Trust on the Closing Date were, as of the Relevant Cut Off Dates, Eligible Accounts. The Accounts, including such additional Accounts, had an average principal Receivable balance of $2,078 (including accounts with a zero balance) and an average credit limit of $8,557. The percentage of the aggregate total Receivable balance to the aggregate total credit limit was 25.0%. As of April 30, 1997, cardholders whose Accounts are included in the ...
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Annualized. Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.
Annualized. All salaries will be annualized.
Annualized. The data presented in the foregoing tables are for illustrative purposes only and there is no assurance that the delinquency, loan loss or repossession experience of the Assets will be similar to that set forth above. The delinquency, loan loss and repossession experience of manufactured housing contracts historically has been sharply affected by a downturn in regional or local economic conditions. These regional or local economic conditions are often volatile, and no predictions can be made regarding future economic conditions in any particular area. These downturns have tended to increase the severity of loss on repossession because of the increased supply of used manufactured homes, which in turn may affect the supply in other regions. Whenever reference is made herein to a percentage of the Assets (or to a percentage of the Scheduled Principal Balance of the Assets), the percentage is calculated based on the Scheduled Principal Balances ("SPB") of the Assets as of the Cut-off date. In addition, numbers in any columns in the tables below may not sum exactly to the total number at the bottom of the column due to rounding.
(1) Percentage of Aggregate Scheduled Asset Pool Geographic Location Number of Assets Principal Balance by SPB ------------------- ---------------- ----------------- ------ Alabama.............................. 392 $ 12,507,153 7.01% Arizona.............................. 123 4,850,326 2.72 Arkansas............................. 74 2,361,888 1.32 California........................... 33 1,578,940 0.88 Colorado............................. 42 1,930,846 1.08 Delaware............................. 54 1,513,673 0.85 Florida.............................. 150 5,886,386 3.30 Georgia.............................. 196 6,907,600 3.87 Idaho................................ 38 2,010,600 1.13 Illinois............................. 6 187,838 0.11 Indiana.............................. 13 386,478 0.22 Kansas............................... 23 880,225 0.49 Kentucky............................. 216 6,461,092 3.62 Louisiana............................ 98 3,066,604 1.72 Maryland............................. 8 242,589 0.14 Massachusetts........................ 1 28,118 0.02 Michigan............................. 1 30,394 0.02 Mississippi.......................... 99 3,455,276 1.94 Missouri............................. 59 1,782,457 1.00 Nevada............................... 3 134,506 0.08 New Jersey........................... 4 165,772 0.09 New Mexico.................
Annualized. All salaries of Administrative Assistants and Aides will be annualized. Those employees have the following payment options:
1. A ten-month (10) basis with payments bi-weekly.
Annualized. For purposes of this Sublease, “
Annualized. Recoveries are included in the Trust as of July 1, 1996. Net Losses for each of the periods shown are stated on a basis consistent with the Bank's current policy of charging off an account immediately prior to the end of the sixth billing cycle after having become contractually past due. Its prior policy, which applied during the periods shown above, was to charge off accounts immediately prior to the end of the seventh billing cycle after having become contractually past due. SUMMARY OF MONTHLY PAYMENT RATES The following table sets forth the highest and lowest cardholder monthly payment rates for the Bank Portfolio during any month in the periods shown and the average cardholder monthly payment rates for all months during the periods shown, in each case calculated as a percentage of total opening monthly account balances during the periods shown. Payment rates shown in the table are based on amounts which would be deemed payments of principal Receivables and finance charge Receivables with respect to the Accounts. CARDHOLDER MONTHLY PAYMENT RATES BANK PORTFOLIO SIX MONTHS YEAR ENDED DECEMBER 31, ENDED ------------------------- JUNE 30, 1997 1996 1995 1994 ------------- ------- ------- ------- Lowest Month........................... 11.73% 10.16% 9.86% 10.46% Highest Month.......................... 13.51 11.86 11.73 12.14 Monthly Average........................ 12.62 11.18 10.90 11.17 RECEIVABLE YIELD CONSIDERATIONS The portfolio yield on the Bank Portfolio for each of the three years contained in the period ended December 31, 1996 and for the six months ended June 30, 1997 is set forth in the table on the following page. The portfolio yields in the table are calculated on an accrual basis. The portfolio yield on Receivables included in the Trust is calculated on a cash basis. Portfolio yields calculated on an accrual basis may differ from portfolio yields calculated on a cash basis due to (a) a lag between when finance charges and fees are charged to cardholder accounts and when such finance charges and fees are collected and (b) finance charges and fees that are not ultimately collected from the cardholder. However, during the three years contained in the period ended December 31, 1996 and for the six months ended June 30, 1997, portfolio yield on an accrual basis approximated portfolio yield on a cash basis. Portfolio yield on both an accrual and a cash basis will also be affected by numerous factors, including changes in the monthly periodic rates, va...
Annualized. Recurring Revenue:Borrower shall cause Parent to maintain Annualized Recurring Revenue of not less than the following amounts as of the following dates: [***] Confidential treatment has been requested for the bracketed portions. The confidential redacted portion has been omitted and filed separately with the Securities and Exchange Commission. *For periods after December 31, 2019, the above covenants shall be determined as follows: On or before January 31, 2020, and January 31 in each succeeding year, Parent shall submit to Lender projections for the period the following year, on a quarterly basis, as approved by Parent’s Board of Directors, which shall include projections of Annualized Recurring Revenue for such periods, and Lender and Parent shall attempt to agree in writing on the amount of the minimum Annualized Recurring Revenue which Parent shall be required to maintain for such periods. If for any reason Parent and Lender are not able to agree in writing on the same, prior to February 14, 2020, or February 14 of any subsequent year, then the minimum Annualized Recurring Revenue for the quarters in the following year shall be determined by Lender, based on said projections, in Lender’s Good Faith Business Judgment. As used herein, [***].
