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.
Net Excess Spread. With respect to any Distribution Date, a fraction, expressed as a percentage, the numerator of which is equal to the excess of (i) the aggregate Stated Principal Balance for such Distribution Date of the Mortgage Loans, multiplied by the product of (a) the Net WAC Rate and (b) the actual number of days elapsed in the related Accrual Period divided by 360, over (ii) the aggregate Current Interest for such Distribution Date, and the denominator of which is an amount equal to the Aggregate Collateral Balance for such Distribution Date of the Mortgage Loans, multiplied by the actual number of days elapsed in the related Accrual Period divided by 360.
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 aggregate 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 minus (C) the product, expressed as a percentage, of (i) the amount of any Net Swap Payment owed to the Swap Counterparty for such Distribution Date divided by the Aggregate Pool Balance as of the beginning of the related Collection Period and (ii) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date, plus (D) the product, expressed as a percentage, of (i) the sum of (a) the amount of any Net Swap Payment and (b) any Interest Rate Cap Payment received by the Supplemental Interest Trust for such Distribution Date divided by the Aggregate Pool Balance as of the beginning of the related Collection Period and (ii) a fraction, the numerator of which is 360 and the denominator of which is the actual number of days in the Accrual Period related to such Distribution Date.
Examples of Net Excess Spread in a sentence
With respect to any Distribution Date on which the Net Excess Spread is equal to or greater than 0.25%, the excess of (i) $5,000 over (ii) the amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.
With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the excess of (i) the greater of (a) $5,000 and (b) the product of 0.50% and the Aggregate Loan Group Balance for Loan Group V for such Distribution Date over (ii) the amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.
With respect to any Distribution Date on which the Net Excess Spread is less than 0.25%, the excess of (i) the greater of (a) $5,000 and (b) the product of 0.50% and the Aggregate Loan Group Balance for Loan Group III for such Distribution Date over (ii) the amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.
SAFEGUARDS TECHNICAL MAN—U.ALAND SAFEGUARDS IMPLEMENTATION PROCEDURE—S The Safeguards Technical Manual (STM).
Net Excess Spread Trigger Event Occurrence----Yes Invested Amount----549,450,550.00 Current One Month Excess Spread (%)----2.76% Current Three Month Average Excess Spread (%)----5.51% Required Spread Account Deposit (%)----1.00% Spread Account Maximum ($)----5,494,506 Spread Account Balance ($)----4,440,076*The December 2005 Metris Master Trust results include the impact from higher defaults due to increased bankruptcies slightly offset by collection policy changes.
More Definitions of Net Excess Spread
Net Excess Spread. With respect to any Distribution Date and Loan Group IV, a fraction, expressed as a percentage, the numerator of which is equal to the excess of (x) the Aggregate Loan Group Balance for the immediately preceding Distribution Date for that Loan Group, multiplied by the product of (A) the Net WAC Rate for such Loan Group and (B) the actual number of days elapsed in the related Accrual Period divided by 360 over (y) the aggregate Current Interest for such Loan Group for such Distribution Date, and the denominator of which is an amount equal to the Aggregate Loan Group Balance for the immediately preceding Distribution Date for that Loan Group, multiplied by the actual number of days elapsed in the related Accrual Period divided by 360.
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 Amount for such Distribution Date exceeds (b) the Current Interest payable with respect to the Certificates for such date and (ii) twelve, and the denominator of which is the Pool Balance for such Distribution Date.
Net Excess Spread means, with respect to any Distribution Date on or prior to the Distribution Date on which the amount on deposit in the Reserve Account equals the Specified Reserve Account Balance, the Total Available Amount reduced by (i) the Servicing Fee and all unpaid Servicing Fees from prior Collection Periods, (ii) the Administration Fee and all unpaid Administration Fees from prior Collection Periods, (iii) the Class A Noteholders' Interest Distributable Amount, (iv) the Class B Noteholders' Interest Distributable Amount, and (v) the difference between (A) the Note Value at the end of the second preceding Collection Period, or in the case of the initial Distribution Date, the Initial Note Value, and (B) the Note Value at the end of the preceding Collection Period.
Net Excess Spread. With respect to any Distribution Date and Loan Group 7, a fraction, expressed as a percentage, the numerator of which is equal to the excess of (x) the Aggregate Group 7 Collateral Balance for the immediately preceding Distribution Date for that Loan Group, multiplied by the product of (A) the Net WAC Rate for Loan Group 7A and Loan Group 7B and (B) the actual number of days elapsed in the related Accrual Period divided by 360 over (y) the aggregate Current Interest for Loan Group 7 for such Distribution Date, and the denominator of which is an amount equal to the Aggregate Group 7 Collateral Balance for the immediately preceding Distribution Date, multiplied by the actual number of days elapsed in the related Accrual Period divided by 360.
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 Interest Remittance Amount for such Distribution Date exceeds (b) the Current Interest payable with respect to the Certificates for such date and (ii) 12, and the denominator of which is the Pool Balance for such Distribution Date, multiplied by (B) a fraction, the numerator of which is 30 and the denominator of which is the greater of 30 and the actual number of days in the immediately preceding calendar month.
Net Excess Spread. With respect to any Distribution Date and Loan, a fraction, expressed as a percentage, the numerator of which is equal to the excess of (x) the aggregate Stated Principal Balance for such Distribution Date of the Mortgage Loans, multiplied by the weighted average Net Mortgage Rate of such Mortgage Loans over (y) the Interest Remittance Amount for such Distribution Date, and the denominator of which is an amount equal to the aggregate Stated Principal Balance for such Distribution Date of the Mortgage Loans, multiplied by the actual number of days elapsed in the related Interest Accrual Period divided by 360. Net Funds Cap: As to any Distribution Date, will be a per annum rate equal to (a) a fraction, expressed as a percentage, (a) the numerator of which is (1) the amount of interest accrued on the Mortgage Loans for such date, minus (2) the sum of (x) the Expense Fee and (y) amounts payable by the Trust to the Counterparty in respect of Net Swap Payments and Swap Termination Payments (other than Swap Termination Payments resulting from a Counterparty Trigger Event) for such Distribution Date, and (b) the denominator of which is the product of (i) the Aggregate Collateral Balance immediately preceding such Distribution Date (or as of the Cut-off Date in the case of the first Distribution Date), multiplied by (ii)(x) in the case of the Class A-1F1, Class A-1F2, Class A-2F, Class A-R, Class A-RL and Class P Certificates, 1/12 and (y) in the case of the Class A-1A, Class A-2A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class B-1 Certificates Certificates, the actual number of days in the related Interest Accrual Period divided by 360. For federal income tax purposes, however, as to any Distribution Date will be the equivalent of the foregoing, expressed as a per annum rate equal to the weighted average of the Uncertificated Pass-Through Rates on the REMIC 3 Regular Interests (other than the REMIC 3 Regular Interest MTII-P and the REMIC 3 Regular Interest MTII-R) multiplied by (in the case of the Class A-1A, Class A-2A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class B-1 Certificates) 30 divided by the actual number of days in the related Interest Accrual Period.
Net Excess Spread. With respect to any Distribution Date, a fraction, expressed as a percentage, the numerator of which is equal to the excess of (x) the aggregate Stated Principal Balance for such Distribution Date of the Mortgage Loans, multiplied by the Net WAC Rate over (y) the Interest Remittance Amount for such Distribution Date, and the denominator of which is an amount equal to the Aggregate Balance for such Distribution Date of the Mortgage Loans, multiplied by the actual number of days elapsed in the related Accrual Period divided by 360.