Net Excess Spread definition

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 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 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.

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.

  • Net Excess Spread Trigger Event Occurrence--------No Invested Amount--------632,970,000.00 Current One Month Excess Spread (%)--------12.57% Current Three Month Average Excess Spread (%)--------11.00% Note Reserve (%)--------0.00% Note Reserve Maximum ($)--------0 Note Reserve Balance ($)--------0_________________________________________________________________________________________________HSBC FINANCE CORPORATION ("HSBC FINANCE")METRIS RECEIVABLES, INC.

  • Net Excess Spread Trigger Event Occurrence------Yes Invested Amount------828,729,282.00 Current One Month Excess Spread (%)------2.67% Current Three Month Average Excess Spread (%)------5.42% Note Reserve (%)------1.00% Note Reserve Maximum ($)------8,287,293 Note Reserve Balance ($)------6,824,677*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 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, the fraction, expressed as a percentage, the numerator of which is equal to the amount, if any, by which (a) the product of (i) the Aggregate Loan Balance as of the end of the related Collection Period and (ii) the weighted average (by Scheduled Principal Balance) of the Net Mortgage Rates exceeds (b) the Interest Remittance Amount for such Distribution Date, and the denominator of which is the product of (x) the Aggregate Loan Balance and (y) the actual number of days in the related Accrual Period divided by 360.
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, 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 Pool 1 for such Distribution Date exceeds (b) the Current Interest payable with respect to the Group 1 Certificates for such Distribution Date and (ii) twelve, and the denominator of which is the Pool Balance of Pool 1 for such Distribution Date.
Net Excess Spread. With respect to any Distribution Date and Loan Group III, a fraction, expressed as a percentage, the numerator of which is equal to the excess of (x) the Aggregate Loan Group III Balance for the immediately preceding Distribution Date, multiplied by the Net WAC Rate over (y) the aggregate Current Interest for the Group III Certificates for such Distribution Date, and the denominator of which is an amount equal to the Aggregate Loan Group III Balance for the immediately preceding Distribution Date, divided by 12.
Net Excess Spread means, for any Accrual Period, the total Collections in respect of Finance Charge Receivables for such Accrual Period, minus the sum of (i) the Carrying and Servicing Costs for such Accrual Period, and (ii) the Accrued Balance of all Receivables which became Charged-Off Receivables during such Accrual Period (determined for each such Receivable immediately prior to the time such Receivable became a Charged-Off Receivable).
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 Liquidation Proceeds: Liquidation Proceeds, net of (1) unreimbursed, reasonable out-of-pocket expenses and (2) unreimbursed Servicing Fees, Servicing Advances and Advances.