Excess Spread Ratio definition
Excess Spread Ratio. “ means, on any date of determination, a percentage (which may be a negative percentage) computed as follows: (a) the product of (i) 12 and (ii) a fraction, the numerator of which is the aggregate Finance Charge Collections during the immediately preceding Accounting Period and the denominator of which is the Outstanding Loan Amount at such time, minus (b) the Servicer Fee Rate, minus (c) the weighted average Interest Rate for the immediately preceding Accounting Period.
Excess Spread Ratio means, on any date of determination, a percentage (which may be a negative percentage) computed as follows: (a) the product of (i) 12 and (ii) a fraction, the numerator of which is the aggregate Finance Charge Collections during the immediately preceding Accounting Period and the denominator of which is the product of the monthly average of the aggregate Principal Balance of all Pledged Contracts at such time and 0.7, minus (b) the Servicer Fee Rate divided by 0.7, minus (c) the weighted average Interest Rate for the immediately preceding Accounting Period.
Excess Spread Ratio means (a) 12 multiplied by (b) the percentage equivalent of a fraction (computed as of the last day of each Monthly Period), (i) the numerator of which is the Excess Spread, as calculated for such Monthly Period, and (ii) the denominator of which is the Outstanding Eligible Balance as of the first day of such Monthly Period.
Examples of Excess Spread Ratio in a sentence
If the Borrower fails to purchase an Interest Rate Hedge Agreement that adequately protects the Lenders, the Program Agent may reduce the Advance Rate to compensate for the potential reduction in the Excess Spread Ratio and continued exposure to additional interest rate risk.
If the Borrower fails to purchase an Interest Rate Hedge Agreement that adequately protects the Lenders, the Program Agent may increase the Reserve Percentage to compensate for the potential reduction in the Excess Spread Ratio and continued exposure to additional interest rate risk.
If the Borrower fails to purchase an Interest Rate Hedge Agreement that adequately protects the Lenders, the Program Agent may, in the exercise of its reasonable judgment, increase the Reserve Percentage to compensate for the potential reduction in the Excess Spread Ratio and continued exposure to additional interest rate risk.
As of the end of each Calendar Month, ▇▇▇▇▇▇▇▇'s Excess Spread Ratio shall be at least 8.0%.
More Definitions of Excess Spread Ratio
Excess Spread Ratio means, with respect to any calendar month, a fraction, expressed as a percentage (which may be a negative percentage), the numerator of which is the excess of (A) the aggregate Finance Collections received during such calendar month over (B) the sum of (x) the Principal Balance of all Collateral Receivables that became or are designated Defaulted Receivables during such calendar month (in each case, determined immediately prior to such Receivables becoming or being designated Defaulted Receivables) and (y) the aggregate amount payable pursuant to clauses (i) and (ii) of Section 9.01 on the Payment Date following such calendar month, and the denominator of which is the Aggregate Principal Balance of all Eligible Receivables as of the first day of such calendar month.
Excess Spread Ratio means, with respect to any Monthly Period, the Portfolio Yield, minus the Principal Default Ratio, minus the Receivables Base Rate.
Excess Spread Ratio means with respect to any date of determination a percentage (which may be a negative percentage) computed as follows:
Excess Spread Ratio means, with respect to any calendar month, the result of (i) a fraction, expressed as a percentage (which may be a negative percentage), the numerator of which is the excess of (A) the aggregate Finance Collections received during such calendar month over (B) the sum of (x) the Principal Balance of all Collateral Receivables that became or are designated Defaulted Receivables during such calendar month (in each case, determined immediately prior to such Receivables becoming or being designated Defaulted Receivables) and (y) the aggregate amount payable pursuant to clauses (i) and (ii) of Section 9.01 on the Payment Date following such calendar month, and the denominator of which is the Aggregate Principal Balance of all Eligible Receivables as of the first day of such calendar month multiplied by (ii) 12.
Excess Spread Ratio means, as of any date of determination, the ratio equal to (a) the aggregate amount of cash Collections received in the Collection Account with respect to Eligible Receivables during the calendar month ending on such date to (b) the aggregate amount of the Servicing Fee plus all interest, fees, expenses, premiums, principal (including with respect to any Borrowing Base Deficiency) and other Obligations paid on the Interest Payment Date immediately preceding such date. For the avoidance of doubt, to the extent there is any Negative True-Up Amount (as defined in the Redirection Agreement) for any month, clause (a) of this definition will be calculated to reflect such Negative True-Up Amount (and the actual aggregate amount of cash Collections received during such month).
Excess Spread Ratio means, with respect to any Interest Payment Date and the related Calendar Month, the prior three month average, inclusive of the related Calendar Month, of the product of (i) twelve (12) and (ii) a fraction, (a) the numerator of which is equal to all interest collections related to the Receivables during such Calendar Month, less (1) all servicing fees payable to Servicer related to such Calendar Month, and (2) all interest payable to Lender under this Agreement, less any payments received by Borrower related to any interest rate hedge during the Calendar Month and (b) the denominator of which is equal to the Principal Receivables balance, exclusive of interest and fees, as of the last day of the related Calendar Month.
Excess Spread Ratio for any date of determination means the positive difference between (a) the weighted average annualized annual percentage rate of the Renewable Loans owned by the Borrower or a Funding Entity in effect on the last day of the preceding Collection Period weighted by unpaid principal balance and (b) the product of (i) a fraction (A) the numerator of which is the Credit Facility Cost of Funds during the immediately preceding Collection Period, divided by (B) the average outstanding balance of the Revolving Loans during the immediately preceding calendar month and (ii) 12.