Required Spread Account Percentage definition

Required Spread Account Percentage means, as of any date of determination, if the most recent Three-Month Average Excess Spread Percentage for the related Determination Date is greater than or equal to the percentage set forth in the first left-hand column of the table below, and less than the percentage set forth in the second column from the left of the table below, an amount equal to the percentage set forth next to such percentages in the third column from the left of the table below:
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Required Spread Account Percentage means, as of any date of determination, if the most recent three-month average (calculated as of the Determination Date immediately preceding such date, unless such date is a Determination Date, in which case calculated as of such Determination Date) of the Net Yield for such date is greater than or equal to the percentage set forth in the left-hand column of the table below, and less than the percentage set forth in the middle column of the table below, an amount equal to the percentage set forth next to such percentages in the right-hand column of the table below: provided, however, that for the purpose of determining the Required Spread Account Percentage for the first two Distribution Dates following the Closing Date, the three-month average of the Net Yield for the March 2004 Distribution Date will be deemed to be the average of 12.57%, 11.91% and the Net Yield for the Monthly Period immediately preceding the March 2004 Distribution Date (such average computed by totaling the three rates and dividing by three), and the three-month average of the Net Yield for the April 2004 Distribution Date will be deemed to be the average of 11.91% and the Net Yield for the two Monthly Periods immediately preceding the April 2004 Distribution Date (such average computed by totaling the three rates and dividing by three); provided, further, however, the Required Spread Account Percentage with respect to any Distribution Date will not be reduced from a higher Required Spread Account Percentage applicable to the immediately preceding Distribution Date unless the Net Yield calculated for such current Distribution Date and the two immediately preceding Distribution Dates each would have otherwise permitted at least such a reduction in the Required Spread Account Percentage (assuming that references to the three-month average Net Yield in the table above are deemed to refer to Net Yield), and may only be reduced by a single step increment from the Required Spread Account Percentage applicable to the immediately preceding Distribution Date.
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Required Spread Account Percentage means, with respect to any ---------------------------------- Distribution Date, 1.0%; provided, however, that with respect to any -------- ------- Distribution Date (i) if the Average Default Ratio relating to any such Distribution Date exceeds 2.0%, then the Required Spread Account Percentage for such Distribution Date will equal 1.5%; (ii) if the Average Default Ratio relating to any such Distribution Date exceeds 3.0%, then the Required Spread Account Percentage for such Distribution Date will equal 2.0%; (iii) if the Average Delinquency Ratio relating to any such Distribution Date exceeds 4.0%, then the Required Spread Account Percentage for such Distribution Date will equal 1.5%; and (iv) if the Average Delinquency Ratio relating to any such Distribution Date exceeds 5.0%, then the Required Spread Account Percentage for such Distribution Date will equal 2.0%; provided further, however, that, -------- ------- ------- notwithstanding anything to the contrary contained within this Agreement, the definition of Required Spread Account Percentage may be modified at the Transferor's option at any time if the Rating Agency Condition is satisfied with respect to such modification.
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Examples of Required Spread Account Percentage in a sentence

  • Required Spread Account Percentage % 1.50% ------------------ ------------------ 95.

  • Required Spread Account Percentage % 1.50% ------------------ ------------------ 92.

  • Required Spread Account Percentage % 1.50% -------------------- -------------------- 92.

  • Required Spread Account Percentage % 1.50% ----------------- ----------------- 96.

  • On December 12, 1997, the notes payable issued in connection with the 1994 acquisition of Cambridge Diagnostics to individual investors were exchanged for new promissory notes (the New Cambridge Diagnostic Notes).


More Definitions of Required Spread Account Percentage

Required Spread Account Percentage means, as of any ---------------------------------- Distribution Date, the respective percentages specified above under the definition of "Required Spread Account Amount" that are applied to the Investor Amount as of the end of the preceding Monthly Period. Any reduction in the Required Spread Account Percentage resulting from an increase in the Average Excess Spread Percentage will not take effect until the amount on deposit in the Spread Account is greater than or equal to the Required Spread Account Amount for three consecutive Distribution Dates (in which case such reduction will take effect on the third of such Distribution Dates).
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Required Spread Account Percentage means, as of any date of determination, if the most recent Three-Month Excess Spread Percentage (calculated as of the Determination Date immediately preceding such date, unless such date is a Determination Date, in which case calculated as of such Determination Date) is greater than or equal to the percentage set forth in the left-hand column of the table below, and less than the percentage set forth in the middle column of the table below, an amount equal to the percentage set forth next to such percentages in the right-hand column of the table below:
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Required Spread Account Percentage means, (i) 0.00%, if the Quarterly Excess Spread Percentage on such Payment Date is greater than or equal to 4.50%, (ii) 1.00%, if the Quarterly Excess Spread Percentage on such Payment Date is less than 4.50% and greater than or equal to 4.00%, (iii) 2.00%, if the Quarterly Excess Spread Percentage on such Payment Date is less than 4.00% and greater than or equal to 3.50%; (iv) 2.50%, if the Quarterly Excess Spread Percentage on such Payment Date is less than 3.50% and greater than or equal to 3.00%, (v) 3.00%, if the Quarterly Excess Spread Percentage on such Payment Date is less than 3.00% and greater than or equal to 2.00%, (vi) 4.00%, if the Quarterly Excess Spread Percentage is less than 2.00% and greater than 0.00%, and (vii) 17.75%, if the Quarterly Excess Spread Percentage is 0% or less; provided, however, if the Required Spread Account Percentage for any Payment Date is higher than the Required Spread Account Percentage for the immediately preceding Payment Date, the Required Spread Account Percentage shall not be subsequently decreased to a lower percentage until the first Payment Date on which the Quarterly Excess Spread Percentage for each of the three immediately preceding Monthly Periods has increased to a level above the then-current Required Spread Account Percentage, in which case the Spread Account Percentage shall be decreased to the appropriate percentage specified in clauses (i) through (vii) of the definition thereof; and provided further, that if a Pay Out Event with respect to all Notes has occurred (other than a Pay Out Event described in Section 6.01(d)), the Required Spread Account Percentage shall be 17.75% and shall no longer be subject to reduction; and, provided, further, that the Required Spread Account Percentage may be a lower amount designated by the Transferor, provided, that the Transferor shall provide the Servicer and the Indenture Trustee with evidence that the Rating Agency Condition with respect to such designation shall have been satisfied.
Sample 1
Required Spread Account Percentage means, as of any date of determination, if the most recent Three-Month Average Excess Spread Percentage for the related Determination Date is greater than or equal to the percentage set forth in the first left-hand column of the table below, and less than the percentage set forth in the second column from the left of the table below, an amount equal to the percentage set forth next to such percentages in the third column from the left of the table below: provided, however, that the Required Spread Account Percentage for the related Determination Date shall not be decreased unless the Three-Month Average Excess Spread Percentage for such Determination Date and for each of the two preceding Determination Dates exceeds the Three-Month Average Excess Spread Percentage required to support such decrease (in which case the Required Spread Account Percentage for such Determination Date shall be determined in accordance with the table above based upon the Three-Month Average Excess Spread Percentage required to support such decrease).
Sample 1
Required Spread Account Percentage means, as of any date of determination, the sum of (i) the Initial Required Spread Account Percentage plus (ii) each applicable Spread Account Increase Percentage as of such date.
Sample 1
Required Spread Account Percentage means, for any Distribution Date, a percentage determined in accordance with the following table based upon the Three-Month Average Excess Spread Percentage for such Distribution Date:
Sample 1
Required Spread Account Percentage means, as of any ---------------------------------- Distribution Date, (a) if the Average Excess Spread Percentage as of such Distribution Date is greater than or equal to 5.00%, 0.00%, (b) if the Average Excess Spread Percentage as of such Distribution Date is less than 5.00% but greater than or equal to 4.50%, 1.25%, (c) if the Average Excess Spread Percentage as of such Distribution Date is less than 4.50% but greater than or equal to 4.00%, 1.50%, (d) if the Average Excess Spread Percentage as of such Distribution Date is less than 4.00% but greater than or equal to 3.00%, 2.00%, (e) if the Average Excess Spread Percentage as of such Distribution Date is less than 3.00% but greater than or equal to 2.00%, 3.00%, and (f) if the Average Excess Spread Percentage as of such Distribution Date is less than 2.00%, 5.00%; provided, however, that (a) the Required Spread Account Percentage as of any -------- ------- Distribution Date will be reduced to 3.00% only if the Spread Account Funding Condition is satisfied as of such Distribution Date, the Average Excess Spread Percentage is greater than or equal to 2.00% as of such Distribution Date, the Average Excess Spread Percentage was greater than or equal to 2.00% as of each of the two preceding Distribution Dates and a further reduction in the Required Spread Account Percentage is not otherwise permitted by this proviso, (b) the Required Spread Account Percentage as of any Distribution Date will be reduced to 2.00% only if the Spread Account Funding Condition is satisfied as of such Distribution Date, the Average Excess Spread Percentage is greater than or equal to 3.00% as of such Distribution Date, the Average Excess Spread Percentage was greater than or equal to 3.00% as of each of the two preceding Distribution Dates and a further reduction in the Required Spread Account Percentage is not otherwise permitted by this proviso,
Sample 1