MONTHLY EXCESS SPREAD PERCENTAGE definition

MONTHLY EXCESS SPREAD PERCENTAGE. As to any Remittance Date, 100%.
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MONTHLY EXCESS SPREAD PERCENTAGE means, as the context may require (i) with respect to any Series under the Metris Master Trust (a) the Portfolio Yield for such Monthly Period less (b) the Base Rate for such Monthly Period and/or, (ii) with respect to the Metris Master Trust as a whole, (a) the weighted average Portfolio Yield for all publicly issued Series under the Metris Master Trust for such Monthly Period less (b) the weighted average Base Rate for all publicly issued Series under the Metris Master Trust. All such amounts shall be as disclosed monthly (on or about the 18th day of each month) in a Form 8-K filing by Metris Receivables, Inc. as the originator under the Metris Master Trust. For purposes of the definition, "Base Rate" and "Portfolio Yield" shall have the respective meanings assigned to such terms in the relevant supplements to the Master Trust Agreement as defined on the Closing Date, provided that with respect to any Series issued after the Closing Date, the Base Rate and Portfolio Yield will be calculated in the manner set forth in the documentation governing such Series so long as such terms (or their equivalent) are defined in such documentation in a manner no less favorable to the Lenders (i.e., that would be expected to increase the reported Series Excess Spread) than the relevant definitions existing on the Closing Date.
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MONTHLY EXCESS SPREAD PERCENTAGE means, with respect to any Monthly Period, the annualized percentage equivalent of a fraction, (A) the numerator of which is equal to (i) Series Finance Charge Collections with respect to such Monthly Period, plus (ii) without duplication of amounts referred to in clause (i) above, the amount of Interchange to be included as Series Finance Charge Collections for such Monthly Period pursuant to subsection 3.01(c), minus (iii) the Series Default Amount for the Distribution Date with respect to such Monthly Period, minus (iv) the Monthly Servicing Fee for the Distribution Date with respect to such Monthly Period, minus (v) the Monthly Supplemental Servicing Fee for the Distribution Date with respect to such Monthly Period, minus (vi) Series 2006-One Monthly Interest with respect to such Monthly Period, and (B) the denominator of which is the average Note Principal Balance with respect to such Monthly Period
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More Definitions of MONTHLY EXCESS SPREAD PERCENTAGE

MONTHLY EXCESS SPREAD PERCENTAGE means, as of the last day of any Collection Period, (i) the weighted average APR with respect to all Eligible Receivables in the Total Receivables Pool for such Collection Period MINUS (ii) the ratio (expressed as a percentage) of (A) 12 times the sum of (I) the aggregate amount of Yield, Fees (to the extent such Fees accrued during any period during such Collection Period while any Advance was outstanding), Custodian Fees, Servicer Fees, Collateral Agent Fees and Backup Servicer Fees incurred by the Borrower under the Transaction Documents during such Collection Period and (II) the aggregate principal amount of Receivables in the Total Receivables Pool which became Liquidated Receivables during such Collection Period (net of any Recoveries) to (B) the average Aggregate Outstanding Principal balance of all Receivables in the Total Receivables Pool during such Collection Period.
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MONTHLY EXCESS SPREAD PERCENTAGE means, as the context may require, (a) with respect to any Series under the Metris Master Trust (i) the Portfolio Yield for such Monthly Period minus (ii) the Base Rate for such Monthly Period or (b) with respect to the Metris Master Trust as a whole, (i) the weighted average Portfolio Yield for all publicly issued Series under the Metris Master Trust for such Monthly Period minus (ii) the weighted average Base Rate for all publicly issued Series under the Metris Master Trust. For purposes of the definition, "Base Rate" and "Portfolio Yield" shall have the respective meanings assigned to such terms in the relevant supplements to the Master Trust Agreement as defined on the Effective Date, provided that with respect to any Series issued after the Effective Date, the Base Rate and Portfolio Yield will be calculated in the manner set forth in the documentation governing such Series so long as such terms (or their equivalent) are defined in such documentation in a manner no less favorable to the Lenders than the relevant definitions existing on the Effective Date.
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MONTHLY EXCESS SPREAD PERCENTAGE means, with respect to any Distribution Date, the remainder (which may be a negative percentage) of the Portfolio Yield for the immediately preceding Due Period, minus the Base Rate for such Distribution Date.
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MONTHLY EXCESS SPREAD PERCENTAGE is hereby amended and restated to read in its entirety as follows:
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MONTHLY EXCESS SPREAD PERCENTAGE means, as the context may require, (i) with respect to any Series under the Metris Master Trust (a) the Portfolio Yield for such Monthly Period less (b) the Base Rate for such Monthly Period and/or, (ii) with respect to the Metris Master Trust as a whole, (a) the weighted average Portfolio Yield for all Series under the Metris Master Trust for such Monthly Period less (b) the weighted average Base Rate for all Series under the Metris Master Trust. For purposes of this definition, "Base Rate" and "Portfolio Yield" shall have the respective meanings assigned to such terms in the relevant supplements to the Master Trust Agreement as defined on the Effective Date, except that with respect to the Metris Master Trust Series 2003-A, the definition of "Base Rate" shall, for purposes of the June Monthly Period and thereafter, be deemed to have the meaning assigned to "Base Rate" as of July 1, 2003 as set forth in the Amended and Restated Metris Master Trust 2003-A Series Supplement, dated as of July 1, 2003 (without giving effect to any amendment, supplement or other modification from and after the date of its execution, the "Series 2003-A Supplement"), to the Master Trust Agreement; provided that with respect to any Series issued after the Effective Date, the Base Rate and the Portfolio Yield will be calculated in the manner set forth in the documentation governing such Series so long as such terms (or their equivalent) are defined in such documentation in a manner no less favorable to the Lenders than the relevant definitions existing on the Effective Date. The parties hereto agree that the amended definition of Monthly Excess Spread Percentage set forth in this Section 1.1 shall be effective as of the Effective Date of the Credit Agreement except that such amended definition shall not cause the Borrower to be obligated to deposit the Required CARS Account Deposit Amount for the July 2003 CARS Account Monitoring Date into the Credit Agreement Reserve Securities Account ("CARS Account"). Such amended definition shall be in effect for purposes of determining Borrower's obligation to deposit the Required CARS Account Deposit Amount into the CARS Account for the August 2003 CARS Account Monitoring Date and each subsequent CARS Account Monitoring Date.
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Related to MONTHLY 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.

  • Quarterly Excess Spread Percentage means, with respect to the August 2008 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the immediately preceding three Monthly Periods and the denominator of which is three.

  • Total Monthly Excess Spread As to any Distribution Date, an amount equal to the excess if any, of (i) the interest on the Mortgage Loans received by the Servicer on or prior to the related Determination Date or advanced by the Servicer for the related Remittance Date (net of Expense Fees) over (ii) the sum of the amounts payable to the Certificates pursuant to Section 4.02(a)(i) on such Distribution Date.

  • Net Excess Spread With respect to any Distribution Date, (A) the fraction, expressed as a percentage, the numerator of which is equal to the product of (i) the amount, if any, by which (a) the aggregate of the Interest Remittance Amounts for each Mortgage Pool for such Distribution Date (as reduced by the Credit Risk Manager’s Fee) exceeds (b) the Current Interest payable with respect to the Certificates for such date and (ii) twelve, and the denominator of which is the Aggregate Pool Balance for such Distribution Date, multiplied by (B) a fraction, the numerator of which is thirty and the denominator of which is the greater of thirty and the actual number of days in the immediately preceding calendar month.

  • 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.

  • Remaining Excess Spread With respect to any Distribution Date, the Excess Spread less any Extra Principal Distribution Amount, in each case for such Distribution Date.

  • Aggregate Funded Spread means, as of any date, the sum of:

  • Excess Overcollateralization Amount With respect to any Distribution Date, the excess, if any, of (a) the Overcollateralization Amount on such Distribution Date over (b) the Required Overcollateralization Amount for such Distribution Date.

  • Specified Overcollateralization Amount means for any Distribution Date, the greater of:

  • Available Spread Account Amount means, for any Transfer Date, an amount equal to the lesser of (a) the amount on deposit in the Spread Account (exclusive of Investment Earnings on such date and before giving effect to any deposit to, or withdrawal from, the Spread Account made or to be made with respect to such date) and (b) the Required Spread Account Amount, in each case on such Transfer Date.

  • Principal Allocation Percentage means, with respect to any day during a Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of a fraction, the numerator of which is (a) during the Revolving Period, the Series Adjusted Invested Amount for Series 2023-3 as of the last day of the immediately preceding Monthly Period (or, in the case of the first Monthly Period, the Initial Invested Amount) and (b) during the Controlled Accumulation Period, the Early Amortization Period or any Partial Amortization Period, the Series Adjusted Invested Amount for Series 2023-3 as of the close of business on the date on which the Revolving Period shall have terminated and the denominator of which is the product of (x) the sum of (i) the total amount of Principal Receivables in the Trust as of the last day of the immediately preceding Monthly Period (or with respect to the first Monthly Period, the total amount of Principal Receivables in the Trust as of the Closing Date) and (ii) the principal amount on deposit in the Special Funding Account as of such last day (or with respect to the first Monthly Period, the Closing Date) and (y) the Series 2023-3 Allocation Percentage as of the last day of the immediately preceding Monthly Period; provided, however, that with respect to any Monthly Period in which an Addition Date for an Aggregate Addition or a Removal Date occurs the amount in (x)(i) above shall be (1) the aggregate amount of Principal Receivables in the Trust at the end of the day on the last day of the prior Monthly Period for the period from and including the first day of such Monthly Period to but excluding the related Addition Date or Removal Date and (2) the aggregate amount of Principal Receivables in the Trust at the end of the day on the related Addition Date or Removal Date for the period from and including the related Addition Date or Removal Date to and including the last day of such Monthly Period; and provided further, that if after the commencement of the Controlled Accumulation Period a Pay-Out Event occurs with respect to another Series that was designated in the Supplement therefor as a Series that is a “Paired Series” with respect to Series 2023-3, the Transferor may, by written notice delivered to the Trustee and the Servicer, designate a different numerator for the foregoing fraction, provided that (x) such numerator is not less than the Adjusted Invested Amount as of the last day of the revolving period for such Paired Series, (y) the Transferor shall have received written notice from each Rating Agency that the Rating Agency Condition has been satisfied with respect to such designation and shall have delivered copies of each such written notice to the Servicer and the Trustee and (z) the Transferor shall have delivered to the Trustee an Officer’s Certificate of such Transferor to the effect that, based on the facts known to such officer at such time, in the reasonable belief of such Transferor, such designation will not cause a Pay-Out Event or an event that, after the giving of notice or the lapse of time, would constitute a Pay-Out Event, to occur with respect to Series 2023-3.

  • Excess Overcollateralized Amount With respect to the Class A Certificates and the Mezzanine Certificates and any Distribution Date, the excess, if any, of (i) the Overcollateralized Amount for such Distribution Date (calculated for this purpose only after assuming that 100% of the Principal Remittance Amount on such Distribution Date has been distributed) over (ii) the Overcollateralization Target Amount for such Distribution Date.

  • Spread Account Percentage means, (i) 0% if the Quarterly Excess Spread Percentage on such Payment Date is greater than or equal to 5.00%, (ii) 2.00% if the Quarterly Excess Spread Percentage on such Payment Date is less than 5.00% and greater than or equal to 4.50%, (iii) 2.50% if the Quarterly Excess Spread Percentage on such Payment Date is less than 4.50% and greater than or equal to 4.00%, (iv) 3.50% if the Quarterly Excess Spread Percentage on such Payment Date is less than 4.00% and greater than or equal to 3.50%, (v) 4.50% if the Quarterly Excess Spread Percentage on such Payment Date is less than 3.50% and greater than or equal to 3.00%, (vi) 5.50% if the Quarterly Excess Spread Percentage on such Payment Date is less than 3.00% and greater than or equal to 2.50%, (vii) 6.50% if the Quarterly Excess Spread Percentage on such Payment Date is less than 2.50% and greater than or equal to 1.50%, (viii) 7.50% if the Quarterly Excess Spread Percentage on such Payment Date is less than 1.50% and greater than or equal to 0.50% and (ix) 8.50% if the Quarterly Excess Spread Percentage on such Payment Date is less than 0.50%.

  • Net Monthly Excess Cashflow With respect to each Distribution Date, the sum of (a) any Overcollateralization Release Amount for such Distribution Date and (b) the excess of (x) Available Funds for such Distribution Date over (y) the sum for such Distribution Date of (A) the Monthly Interest Distributable Amounts for the Class A Certificates and the Mezzanine Certificates, (B) the Unpaid Interest Shortfall Amounts for the Class A Certificates and (C) the Principal Remittance Amount.

  • Sixty-Plus Delinquency Percentage With respect to any Distribution Date and the Mortgage Loans, the arithmetic average, for each of the three Distribution Dates ending with such Distribution Date, of the fraction, expressed as a percentage, equal to (x) the aggregate Stated Principal Balance of the Mortgage Loans that are 60 or more days delinquent in payment of principal and interest for that Distribution Date, including Mortgage Loans in foreclosure and REO, over (y) the aggregate Stated Principal Balance of all of the Mortgage Loans immediately preceding that Distribution Date.

  • Monthly Excess Cashflow For any Distribution Date, an amount equal to the sum of the Monthly Excess Interest and Overcollateralization Release Amount, if any, for such date.

  • 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.

  • Allocation Percentage means, with respect to any Monthly Period, the percentage equivalent of a fraction:

  • Targeted Overcollateralization Amount means, for a Payment Date, an amount equal to:

  • Yield Supplement Overcollateralization Amount means, with respect to any calendar month and the related Payment Date, or with respect to the Closing Date, the aggregate amount by which the Principal Balance as of the last day of the related Collection Period or the Cutoff Date, as applicable, of each of the related Receivables with an APR as stated in the related contract of less than the Required Rate, other than Defaulted Receivables, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of each scheduled payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days.

  • Class A Principal Allocation Percentage With respect to any Distribution Date, the percentage equivalent of a fraction, determined as follows: (A) with respect to the Group I Class A Certificates, a fraction, the numerator of which is (x) the portion of the Principal Remittance Amount for such Distribution Date that is attributable to the principal received or advanced on the Group I Mortgage Loans and the denominator of which is (y) the Principal Remittance Amount for such Distribution Date and (B) with respect to the Group II Class A Certificates, a fraction, the numerator of which is (x) the portion of the Principal Remittance Amount for such Distribution Date that is attributable to the principal received or advanced on the Group II Mortgage Loans and the denominator of which is (y) the Principal Remittance Amount for such Distribution Date.

  • Net Monthly Excess Cash Flow For any Distribution Date the amount remaining for distribution pursuant to subsection 4.02(a)(iii) (before giving effect to distributions pursuant to such subsection).

  • Prepayment Distribution Percentage With respect to any Distribution Date and each Class of Subordinate Certificates, under the applicable circumstances set forth below, the respective percentages set forth below:

  • Group II Interest Remittance Amount With respect to any Distribution Date, that portion of the Available Funds for such Distribution Date attributable to interest received or advanced with respect to the Group II Mortgage Loans.

  • Specified Spread Account Balance means on the Closing Date, % of the sum of the Pool Balance as of the [Initial] Cutoff Date and on any Payment Date thereafter the lesser of, (a) % of the [sum of (i) the] Pool Balance as of the [Initial] Cutoff Date [plus (ii) the aggregate Contract Value of all Subsequent Receivables sold to the Trust as of their respective Cutoff Dates] and (b) the outstanding principal amount of the Notes. However, if (A) the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) will be reduced to % on such Payment Date and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Dates as provided in the following clauses (B), (C) or (D); (B) if the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to % on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Date in [Month] 20XX or any Payment Date thereafter and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Date as provided in the following clause (C) or (D); (C) the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to % on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Dates in [Month] 20XX or any Payment Date thereafter or [Month] 20XX or any Payment Date thereafter) and will remain at such percentage for each Payment Date thereafter unless further reduced on the Payment Date as provided in the following clause (D); and (D) the Specified Spread Account Reduction Trigger is met on the Payment Date in [Month] 20XX or any Payment Date thereafter, the percentage in clause (a) of the preceding sentence will be reduced to % on such Payment Date (regardless of whether the Specified Spread Account Reduction Trigger was met on the Payment Dates in [Month] 20XX or any Payment Date thereafter, [Month] 20XX or any Payment Date thereafter or [Month] 20XX or any Payment Date thereafter) and will remain at such percentage for each Payment Date thereafter. In addition to the ability to amend the “Specified Spread Account Balance” definition pursuant to Section 9.1(a) of the Indenture, the Specified Spread Account Balance may also be reduced or modified without the consent of the Holders of the Notes if the Rating Agency Condition is satisfied with respect to such reduction or modification.

  • Investor Percentage means for any Monthly Period, (a) with respect to Finance Charge Receivables and Default Amounts at any time and Principal Receivables during the Revolving Period, the Floating Investor Percentage and (b) with respect to Principal Receivables during the Controlled Accumulation Period or the Rapid Amortization Period, the Fixed Investor Percentage.