Net Spread means the annualized percentage equivalent of a fraction (computed as of the last day of each calendar month), the numerator of which is the excess of (x) all Finance Charge and Floorplan Fee Collections received and applied during such calendar month (including recoveries) over (y) the sum of, without duplication, (i) the Carry Costs for such calendar month, (ii) the aggregate amount of Receivables that became Defaulted Receivables during such calendar month, and (iii) the aggregate amount of non-cash adjustments that reduced the Outstanding Balance of any Pool Receivable during such calendar month (but excluding any Receivable that was included in the calculation of Net Spread pursuant to clause (ii) above in any previous calendar month); and the denominator of which is the average aggregate Outstanding Balances of the Pool Receivables during such calendar month.
Net Spread means, in respect of a Collection Period, the annualized percentage equivalent of a fraction, the numerator of which is the excess of (x) all Finance Charge and Floorplan Fee Collections received and applied during such Collection Period (including recoveries and Collections received in respect of Defaulted Receivables) over (y) the sum of, without duplication, (i) the Carry Costs for such Collection Period, (ii) the aggregate amount of Receivables that became Defaulted Receivables during such Collection Period, and (iii) the aggregate amount of non-cash adjustments that reduced the Principal Balance of any Pool Receivable during such Collection Period (but excluding any Receivable that was included in the calculation of Net Spread pursuant to clause (ii) above in any previous Collection Period); and the denominator of which is the average Pool Balance during such Collection Period;
Net Spread shall have the meaning set forth in Section 2.4.6.2 with respect to any Base Rate Borrowing Tranche hereunder.
Examples of Net Spread in a sentence
Aggregation of the comparison between the assumed Net Market Spread from each asset and the Investment Grade Net Spread Benchmark shall be done at a level of granularity that is consistent with or more granular than how the assets are grouped, i.e., compressed, in the asset adequacy analysis model.
For the purposes of limiting the Net Market Spreads at the Investment Grade Net Spread Benchmark, Projected High Net Yield Assets may be aggregated together but shall not include any assets that are not Projected High Net Yield Assets.
Also, where judgment is applied, provide supporting rationale of how the expected return in excess of the Investment Grade Net Spread Benchmark is estimated.
For purposes of the comparison between the assumed Net Market Spread from each asset and the Investment Grade Net Spread Benchmark, investment expenses shall be excluded.
For reinvestment assets other than Equity-like Instruments, assume the Net Market Spreads (before deduction of investment expenses) for Projected High Net Yield Assets do not exceed the Investment Grade Net Spread Benchmark and apply the test to a baseline of a level Treasury rate scenario.
More Definitions of Net Spread
Net Spread means (A) the gross spread of all Investments originated for all Berkley Entities (measured as of the date of origination or acquisition of any Investment) pursuant to the Berkley Agreements less (B) the sum of all Management Fees, servicing fees and Transaction Expenses (as defined herein) paid or incurred under all Berkley Agreements. For purposes hereof, “Transaction Expenses” means all out-of-pocket costs and expenses incurred in developing, negotiating and structuring Investments and acquiring, disposing of or otherwise dealing with Investments pursuant to all Berkley Agreements. In calculating Net Spread, Transaction Expenses will be amortized over a period of two years. **** Material omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Exchange Act of 1934. Material filed separately with the Securities and Exchange Commission.
Net Spread means the annualized percentage equivalent of a fraction (computed as of the last day of each calendar month), the numerator of which is the excess of (x) all Finance Charge and Floor Plan Fee Collections received and applied during such calendar month (including recoveries) over (y) the sum of, without duplication, (i) the Carry Costs for such calendar month, (ii) the aggregate amount of Receivables that became Defaulted Receivables during such calendar month, and (iii) the aggregate amount of non-cash adjustments that reduced the Outstanding Balance of any Pool Receivable during such calendar month (but excluding any Receivable that was included in the calculation of Net Spread pursuant to CLAUSE (ii) above in any previous calendar month); and the denominator of which is the average aggregate Outstanding Balances of the Pool Receivables during such calendar month. "NORMAL CONCENTRATION PERCENTAGE" for any Obligor (other than a Special Obligor) means at any time [*].
Net Spread has the meaning set forth on Schedule 2 of the Note Purchase Agreement.
Net Spread. For any Collection Period, the percentage, calculated as of the last day of such Collection Period, equal to the three-month average of Collection Period Net Spread for such Collection Period and each of the two (2) immediately preceding Collection Periods; provided, however, that for the first Collection Period, the Net Spread shall be equal to the Collection Period Net Spread for such Collection Period and for the second Collection Period, the Net Spread shall be equal to the two month average of the Collection Period Net Spread for such Collection Period and the preceding Collection Period; provided, further, if the Net Investment was zero on each day during any one or more Collection Periods that would otherwise be included in the calculation of “Net Spread” for a particular period, the Collection Period Net Spread for such Collection Period or Collection Periods during which such Net Investment was zero shall be excluded from this calculation and the Collection Period Net Spread for the most recent preceding Collection Period or Collection Periods, as necessary, shall be used instead.
Net Spread shall have the meaning as set forth in Section 4.2.3 with respect to a Borrowing Advance Tranche hereunder.
Net Spread means, in respect of a Collection Period, the annualized percentage equivalent of a fraction, the numerator of which is the excess of (x) all Finance Charge and Floorplan Fee Collections received and applied during such Collection Period over (y) the Carry Costs for such Collection Period; and the denominator of which is the average Pool Balance during such Collection Period;
Net Spread means on any date a rate per annum equal to the difference of the (x) weighted average Timeshare Loan Rate of the Eligible Timeshare Loans minus (y) the sum of (i) the Servicing Fee, (ii) the Backup Servicing Fee, (iii) the Trustee Fee, (iv) the Hedge Counterparty Scheduled Fees, (v) the Cap Rate and (vi) 1.50%.