Gross Excess Spread Percentage definition

Gross Excess Spread Percentage means for any Due Period the percentage equivalent of a fraction:
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Gross Excess Spread Percentage means, with respect to any Collection Period, commencing with the Collection Period in which the initial Funding Date occurs, the excess of (1) the weighted average APR of the Eligible Pool Balance as of the last day of such Collection Period, over (2) the annualized fraction (expressed as a percentage) the numerator of which is the excess (if any) of (i) the sum of the following amounts for the related Payment Date: (A) the Servicing Fee, (B) the Backup Servicing Fee, (C) the aggregate amount of Interest payable by the Borrower on all Loans Outstanding during the related Collection Period and any Interest with respect to any prior Payment Date to the extent not paid on a prior Payment Date, and (D) the aggregate amount payable by the Borrower pursuant to a Hedging Agreement or Hedge Transaction on the related Payment Date (excluding termination payments and any upfront cap premiums), over (ii) the aggregate amount received by the Borrower pursuant to a Hedging Agreement or Hedge Transaction during such Collection Period (excluding termination payments), and the denominator of which is the aggregate Principal Balance of all of the Receivables as of the first day of such Collection Period (or, in the case of the first Collection Period, the period from the initial Cutoff Date through and including the last day of the calendar month immediately preceding the first Payment Date).
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Gross Excess Spread Percentage means for any Due Period the percentage equivalent of a fraction, the numerator of which is the product of (x) the Interest Collections for such Due Period, minus the sum of (i) the aggregate amount of Senior Notes Interest due on the Payment Date immediately following such Due Period and (ii) the Monthly Servicer Fee for such Due Period and (y) 360 divided by the actual number of days in such Due Period, and the denominator of which is the average daily Aggregate Loan Balance for such Due Period.
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Examples of Gross Excess Spread Percentage in a sentence

  • A Hedge Event shall occur if, for any Accrual Period, the Gross Excess Spread Percentage shall be less than 5.00%.

  • At any time that the Gross Excess Spread Percentage is less than or equal to five percent (5.0%) and at all times following the Commitment Expiration Date, the Borrower shall maintain in place, for the benefit of the Secured Parties, Hedge Agreements which satisfy the Hedge Requirements.

  • A Hedge Event shall occur if, for any Accrual Period, the Gross Excess Spread Percentage shall be less than 4.75%.


More Definitions of Gross Excess Spread Percentage

Gross Excess Spread Percentage means, for any Accrual Period, the percentage equivalent of a fraction, the numerator of which is the product of twelve and the Gross Excess Spread for such Accrual Period, and the denominator of which is the average daily Outstanding Balance of all Receivables during such Accrual Period.
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Gross Excess Spread Percentage means for any Due Period a percentage equal to (A) the weighted average interest rate of all Borrowing Base Loans as of the close of business on the last day of such Due Period (weighted based on Loan Balances on such date) minus (B) 0.50%, minus (C) the Usage Rate, minus (D) (i) if a Hedge Trigger Event shall not have occurred as of the Hedge Determination Date occurring during such Due Period, the weighted average of the CP Rate and the LIBOR Rate (weighted based on the Purchaser Invested Amount accruing interest at the CP Rate or the LIBOR Rate, as applicable) for the Interest Accrual Period for the next succeeding Payment Date and (ii) if a Hedge Trigger Event shall have occurred as of the Hedge Determination Date occurring during such Due Period, the weighted average fixed rate or strike rate under any Hedge Agreements on such date, based on the notional amounts of such Hedge Agreements.”
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Gross Excess Spread Percentage means for any Due Period the percentage equivalent of a fraction, the numerator of which is the product of (x) the Interest Collections for such Due Period, minus the sum of (i) the aggregate amount of Senior Notes Interest due on the Payment Date immediately following such Due Period and
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Related to Gross Excess Spread Percentage

  • Excess Spread Percentage for any Distribution Date means a fraction, the numerator of which is the Excess Spread Amount for such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period.

  • Excess Spread means, with respect to any Distribution Date, the sum of the amounts, if any, specified pursuant to subsections 4.05(a)(iv), 4.05(b)(iii) and 4.05(c)(ii) with respect to such Distribution Date.

  • Aggregate Funded Spread As of any Measurement Date, the sum of: (a) in the case of each Floating Rate Obligation (other than a Defaulted Obligation) that bears interest at a spread over a London interbank offered rate based index (including, for any Permitted Deferrable Obligation, only the excess of the required current cash pay interest required by the Underlying Documents thereon over the applicable index and excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation), (i) the stated interest rate spread paid in Cash on such Collateral Obligation above such index multiplied by (ii) the Principal Balance of such Collateral Obligation; provided that (i) with respect to any Reference Rate Floor Obligation, the stated interest rate spread paid in Cash on such Collateral Obligation over the applicable index shall be deemed to be equal to the sum of (x) the stated interest rate spread paid in Cash over the applicable index and (y) the excess, if any, of the specified “floor” rate relating to such Collateral Obligation over the applicable index and (ii) the interest rate of each Step-Up Obligation will be deemed to be its current rate of interest and the interest rate of each Step-Down Obligation will be deemed to be the lowest rate of interest that such Collateral Obligation will by its terms pay in the future solely as a function of the passage of time; and (b) in the case of each Floating Rate Obligation (including, for any Permitted Deferrable Obligation, only the required current cash pay interest required by the Underlying Documents thereon and excluding the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at a spread over an index other than a London interbank offered rate based index, (i) the excess of the sum of such spread and such index paid in Cash over the Reference Rate as of the immediately preceding Interest Determination Date (which spread or excess may be expressed as a negative percentage) multiplied by (ii) the Principal Balance of each such Collateral Obligation. Notwithstanding the foregoing, if a Reference Rate Amendment or an Alternative Reference Rate has been adopted, and the replacement Benchmark is the same benchmark rate currently in effect for determining interest on a Floating Rate Obligation, references to “London interbank offered rate based index” in this definition of Aggregate Funded Spread with respect to such Floating Rate Obligation shall be deemed to be a reference to such benchmark rate that is the same as the Benchmark.

  • Delinquency Percentage means, for any Payment Date and the related Collection Period, an amount equal to the ratio (expressed as a percentage) of (i) the aggregate Principal Balance of all 60-Day Delinquent Receivables as of the last day of such Collection Period to (ii) the Pool Balance as of the last day of such Collection Period.