Series Excess Spread means, for any Distribution Date, an amount equal to (a) the sum of Series Finance Charge Collections, Series Yield Collections, Series Additional Investor Funds and any Class Investment Income for any Class of the Series established hereby minus (b) the sum of (i) with respect to each Class, the product of (A) the Class Invested Amount for such Class for such Distribution Date and (B) a fraction, the numerator of which is the Certificate Rate for that Class, and the denominator of which is (x) if the relevant Certificate Rate is to be calculated on the basis of the actual number of days elapsed and a 360-day year, (A) if each Interest Payment Date is also a Distribution Date, 360 divided by the actual number of days from and including the immediately preceding Distribution Date (or in the case of the first Distribution Date, from and including the Series Closing Date) to but excluding the current Distribution Date or (B) if each Interest Payment Date is not also a Distribution Date, 360 divided by the actual number of days from and including the immediately preceding Interest Calculation Date (or, in the case of the first Distribution Date, from and including the Series Closing Date) to but excluding the Interest Calculation Date following the current Distribution Date or (y) if the relevant Certificate Rate is to be calculated on the basis of a 360-day year of twelve 30-day months, twelve (or in the case of the first Distribution Date, 360 divided by the number of days from and including the Series Closing Date to but excluding the current Distribution Date (if each Interest Payment Date is also a Distribution Date) or the Interest Calculation Date following the current Distribution Date (if each Interest Payment Date is not also a Distribution Date), assuming 30-day months), (ii) the Investor Servicing Fee, (iii) the product of the Series Percentage with respect to the Charged-Off Amount and the Charged-Off Amount, and (iv) the Credit Enhancement Fee, in each case for such Distribution Date.
Series Excess Spread means, for any Distribution Date, an amount equal to (a) the sum of Series Finance Charge Collections, Series Interchange and any Class Investment Income for any Class of the Series established hereby minus (b) the sum of (i) with respect to each Class, the product of (A) the Class Invested Amount for such Class for such Distribution Date and (B) a fraction, the numerator of which is the Certificate Rate for that Class, and the denominator of which is (x) if the relevant Certificate Rate is to be calculated on the basis of the actual number of days elapsed and a 360-day year, 360 divided by the actual number of days from and including the immediately preceding Distribution Date (or in the case of the first Distribution Date, from and including the Series Closing Date) to but excluding the current Distribution Date or (y) if the relevant Certificate Rate is to be calculated on the basis of a 360-day year of twelve 30-day months, twelve (or in the case of the first Distribution Date, 360 divided by the number of days from and including the Series Closing Date to but excluding the current Distribution Date, assuming 30-day months), (ii) the Investor Servicing Fee, (iii) the product of the Series Percentage with respect to the Charged-Off Amount and the Charged-Off Amount, and (iv) the Credit Enhancement Fee, in each case for such Distribution Date; provided, however, that solely for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage for this Series or any other Series, Series Excess Spread shall be the amount determined as set forth above minus (i) any amount paid or deposited on such date by the Trust under the Class Interest Rate Swap and (ii) for so long as any Series that is not an Interchange Series is outstanding and the Series Excess Spread for such series is positive without giving effect to clause (ii) of this proviso, the lesser of Series Interchange or the amount determined as the Series Excess Spread without giving effect to this proviso; provided, that Series Excess Spread, for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage, shall not be reduced below zero as a result of this proviso, if any, for such Distribution Date; and provided, that if an increase in the Series Investor Interest has been made pursuant to Section 31 on or prior to such Distribution Date but during the calendar month in which such Distribution Date occurred,...
Series Excess Spread means, generally, for any Distribution Date with respect to this Series:
Examples of Series Excess Spread in a sentence
The Series Excess Spread Percentage is equal to the Series Excess Spread, multiplied by twelve, divided by the Series Investor Interest for this Series.
The Series Excess Spread Percentage is equal to the Series Excess Spread, multiplied by twelve, divided by the Series Investor Interest for this Series at the beginning of the period.
An amortization event occurs if the 3-month rolling average Group, Interchange Subgroup, and Series Excess Spread are all less than zero.
The Series Excess Spread Percentage is equal to the Series Excess Spread, multiplied by twelve, divided by the Series Investor Interest for this Subseries at the beginning of the period.
Vice President ------------------------------------------------- (1) For series in Group One, investors should refer only to the higher of the Group Excess Spread Percentage (Item 16(a)) and the Series Excess Spread Percentage (Item 16(c)) in assessing the current performance of the Trust and the Receivables.
More Definitions of Series Excess Spread
Series Excess Spread shall, with respect to the Series established hereby, for any Distribution Date (x) so long as the only collateral certificate owned by the Note Issuance Trust is the Series 2007-CC Collateral Certificate, mean the sum of the Excess Spread Amounts for the DiscoverSeries and each additional series of Notes issued under the Indenture; provided, however, that solely for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage for this Series and any other Series in the Group to which this Series belongs, Series Excess Spread shall be the amount determined as set forth above minus for so long as any Series that is not an Interchange Series is outstanding and the Series Excess Spread is positive, the lesser of Series Interchange or the amount determined as the Series Excess Spread without giving effect to this proviso; provided, that Series Excess Spread, for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage, shall not be reduced below zero as a result of this proviso, if any, for such Distribution Date or (y) during any period when Additional Collateral Certificates are owned by the Note Issuance Trust, have the meaning set forth in the documents relating to such addition (provided that such documents are accepted and agreed to by the parties hereto); and with respect to each other Series of Investor Certificates then outstanding, shall have the meaning set forth in the applicable Series Supplement.
Series Excess Spread means, for any Distribution Date, an amount equal to the sum of (a) the positive difference, if any, between (x) the sum of the Series Finance Charge Collections and Series Interchange for this Series minus (y) the sum of (i) the Investor Servicing Fee, and (ii) the product of the Series Percentage with respect to the Charged-Off Amount and the Charged-Off Amount, and (b) the Series Principal Collections for this Series, in each case for such Distribution Date, minus an amount equal to (x) the Series Principal Collections multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of Series 2007-CC and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the Series Investor Interest from this Series.
Series Excess Spread means, with respect to any Series, (a) the average of the Portfolio Yields for each of the three Monthly Periods in the relevant Test Period minus (b) the weighted average Base Rates for such three Monthly Periods.
Series Excess Spread means, for any Distribution Date, an amount equal to (a) the sum of Series Finance Charge Collections, Series Yield Collections, Series Additional Investor Funds and any Class Investment Income for any Class of the Series established hereby minus (b) the sum of (i) with respect to each Class, the product of (A) the Class Invested Amount for such Class for such Distribution Date and (B) a fraction, the numerator of which is the Certificate Rate for that Class, and the denominator of which is (x) if the relevant Certificate Rate is to be calculated on the basis of the actual number of days elapsed and a 360-day year, (A) if each Interest Payment Date is also a Distribution Date, 360 divided by the actual number of days from and including the immediately preceding Distribution Date (or in the case of the first Distribution Date, from and including the Series Closing Date) to but excluding the current Distribution Date or (B) if each Interest Payment Date is not also a Distribution Date, 360 divided by the actual number of days from and including the immediately preceding Interest Calculation Date (or, in the case of the first Distribution Date, from and including the Series Closing Date) to but excluding
Series Excess Spread means, for any Distribution Date, an amount equal to (a) the sum of Series Finance Charge Collections and Series Interchange for the Subordinated Class of the Series established hereby minus (b) the sum of (i) the Investor Servicing Fee and (ii) the product of the Series Percentage with respect to the Charged-Off Amount and the Charged-Off Amount, in each case for such Distribution Date; and provided, that if an increase in the Series Investor Interest has been made pursuant to Section 31 on or prior to such Distribution Date but during the calendar month in which such Distribution Date occurred, the Class Invested Amount for the Subordinated Class for such Distribution Date shall be deemed to exclude the portion of the Class Invested Amount represented by Investor Certificates issued in connection with such increase; provided, however, if an increase in the Series Investor Interest has been made pursuant to Section 31 during the prior calendar month on a day other than the Distribution Date in such prior calendar month, the amount in clause (i) above shall be deemed to include the portion of the Class Invested Amount represented by Investor Certificates issued as part of such increase as if such increase had taken effect on such prior Distribution Date.
Series Excess Spread shall, for any Distribution Date (i) so long as the only collateral certificate owned by the Note Issuance Trust is the Series 2007-CC Collateral Certificate, mean the sum of the Excess Spread Amounts for the DiscoverSeries and each additional series of Notes issued under the Indenture or (ii) during any period when Additional Collateral Certificates are owned by the Note Issuance Trust, have the meaning set forth in the documents relating to such addition (provided that such documents are accepted and agreed to by the parties hereto).
Series Excess Spread means, for any Distribution Date, an amount equal to (a) the sum of Series Finance Charge Collections, Series Interchange and any Class Investment Income for any Class of the Series established hereby minus (b) the sum of (i) the sum of the amount of Certificate Interest for each Class of the Series established hereby, (ii) the Investor Servicing Fee, (iii) the product of the Series Percentage with respect to the Charged-Off Amount and the Charged-Off Amount, and (iv) the Credit Enhancement Fee, in each case for such Distribution Date; provided, however, that solely for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage for this Series or any other Series, Series Excess Spread shall be the amount determined as set forth above minus for so long as any Series that is not an Interchange Series is outstanding and the Series Excess Spread for such Series is positive without giving effect to this proviso, the lesser of Series Interchange or the amount determined as the Series Excess Spread without giving effect to this proviso; provided, that Series Excess Spread, for purposes of determining the Group Excess Spread and the Interchange Subgroup Shortfall Allocation Percentage, shall not be reduced below zero as a result of this proviso, if any, for such Distribution Date. For the avoidance of doubt, after giving effect to the amendment and restatement of the Series Supplements for Series 1996-4, Series 2003-3 and Series 2003-4, Series Excess Spread shall be determined without giving effect to the first proviso above.