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%.
Spread Account Percentage means, for any Distribution Date, (i) 0.00% if the Quarterly Excess Spread Percentage on such Distribution Date is greater than or equal to 6.5%, (ii) 0.50% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 6.5% and greater than or equal to 6.0%, (iii) 1.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 6.0% and greater than or equal to 5.5%, (iv) 2.25% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 5.5% and greater than or equal to 5.0%, (v) 2.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 5.0% and greater than or equal to 4.5%, (vi) 3.25% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.5% and greater than or equal to 4.0%, (vii) 3.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.0% and greater than or equal to 3.0%, (viii) 4.25% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 3.0% and greater than or equal to 2.5%, and (ix) 4.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 2.5%; provided, that:
Spread Account Percentage means, for any Distribution Date, (i) [•]% if the Quarterly Excess Spread Percentage on such Distribution Date is greater than or equal to [•]%, (ii) [•]% if the Quarterly Excess Spread Percentage on such Distribution Date is less than [•]% and greater than or equal to [•]%, (iii) [•]% if the Quarterly Excess Spread Percentage on such Distribution Date is less than [•]% and greater than or equal to [•]%, (iv) [•]% if the Quarterly Excess Spread Percentage on such Distribution Date is less than [•]% and greater than or equal to [•]%, (v) [•]% if the Quarterly Excess Spread Percentage on such Distribution Date is less than [•]% and greater than or equal to [•]%, (vi) [•]% if the Quarterly Excess Spread Percentage on such Distribution Date is less than [•]% and greater than or equal to [•]%, (vii) [•]% if the Quarterly Excess Spread Percentage on such Distribution Date is less than [•]% and greater than or equal to [•]%, (viii) [•]% if the Quarterly Excess Spread Percentage on such Distribution Date is less than [•]% and greater than or equal to [•]%, and (ix) [•]% if the Quarterly Excess Spread Percentage on such Distribution Date is less than [•]%; provided, that:
Examples of Spread Account Percentage in a sentence
For example, if the Spread Account Percentage on one Distribution Date were 2.25%, then the Spread Account Percentage for the next Distribution Date could not be less than 1.75%, even if the Quarterly Excess Spread Percentage on such next Distribution Date were greater than or equal to 6.0%.
Notwithstanding the foregoing, if a Spread Account Surplus exists as a result of a reduction in the Required Spread Account Percentage or the Supplemental Percentage, no amounts may be withdrawn from the Spread Account unless an auditor reasonably selected by Merrill performs an audit of Servicer reporting and Trust accounting.
Required Spread Account Percentage % 1.50% ----------------- ----------------- 96.
The President shall be responsible for making the final determination concerning the application of sanctions.
Required Spread Account Percentage (a) Adjusted Portfolio Yield 9.74% (b) Three-Month Average Excess Spread Percentage 4.60% (c) Required Spread Account Percentage 8.25% 63.
More Definitions of Spread Account Percentage
Spread Account Percentage means, as of any Transfer Date, 1.50%; provided, that, if as of any Transfer Date, the average Monthly Payment Rate for the three preceding Due Periods is less than the Monthly Payment Rate Enhancement Trigger, then the Spread Account Percentage shall be 3.00%.
Spread Account Percentage shall be determined as follows: (i) if the Quarterly Excess Spread Percentage on such Determination Date is greater than 4.5 per cent. the Spread Account Percentage for such Determination Date shall be 0.0 per cent.; (ii) if the Quarterly Excess Spread Percentage on such Determination Date is greater than 4.0 per cent. but less than or equal to 4.5 per cent., the Spread Account Percentage on such Determination Date shall be 1.0 per cent.; (iii) if the Quarterly Excess Spread Percentage on such Determination Date is greater than 3.5 per cent. but less than or equal to 4.0 per cent., the Spread Account Percentage on such Determination Date shall be 1.5 per cent.; (iv) if the Quarterly Excess Spread Percentage on such Determination Date is greater than 3.0 per cent. but less than or equal to 3.5 per cent., the Spread Account Percentage on such Distribution Date shall be 2.0 per cent.; and (v) if the Quarterly Excess Spread Percentage on such Determination Date is equal to or less than 3.0 per cent., the Spread Account Percentage for such Determination Date shall be 2.5 per cent.;
Spread Account Percentage means, for any Distribution Date, (i) 0.00% if the Quarterly Excess Spread Percentage on such Distribution Date is greater than or equal to 6.0%, (ii) 1.25% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 6.0% and greater than or equal to 5.5%, (iii) 1.50% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 5.5% and greater than or equal 5.0%, (iv) 2.25% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 5.0% and greater than or equal to 4.5%, (v) 2.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.5% and greater than or equal to 4.0%, (vi) 3.25% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 4.0% and greater than or equal to 3.0%, (vii) 3.75% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 3.0% and greater than or equal to 2.5%, and (viii) 4.25% if the Quarterly Excess Spread Percentage on such Distribution Date is less than 2.5%; provided, that:
Spread Account Percentage means (i) 0.0% if the Quarterly Excess Finance Charge Percentage on such Payment Date is greater than or equal to 4.75%, (ii) 1.25% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 4.75% and greater than or equal to 4.50%, (iii) 1.75% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 4.50% and greater than or equal to 4.00%, (iv) 2.75% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 4.00% and greater than or equal to 3.50%, (v) 4.00% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 3.50% and greater than or equal to 3.00%, (vi) 5.00% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 3.00% and greater than or equal to 2.00% and (vii) 6.00% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 2.00%; provided, however, that after the Spread Account Percentage has been increased to a percentage above 0.00% pursuant to any of clauses (ii) through (vii) above, the Spread Account Percentage shall remain at that percentage until (a) further increased to a higher required percentage specified in clauses (iii) through (vii) above or (b) the Distribution Date on which the Quarterly Excess Finance Charge Percentage has increased to a level above that for the then current Spread Account Percentage, in which case the Spread Account Percentage shall be decreased to the appropriate percentage in clauses (i) through (vi) of the definition thereof; provided further, however, that no such decrease in the Spread Account Percentage shall be made until the Quarterly Excess Finance Charge Percentage has increased to a level above that for the then current Spread Account Percentage for three (3) consecutive Distribution Dates. Notwithstanding the foregoing, if an Early Redemption Event with respect to Series 2006-1 has occurred and is continuing, the Spread Account Percentage shall no longer be subject to reduction.
Spread Account Percentage means, for any Distribution Date, the applicable percentage specified in the Class C Note Purchase Agreement.
Spread Account Percentage means (i) 0.0% if the Quarterly Excess Finance Charge Percentage on such Payment Date is greater than or equal to 4.75%, (ii) 1.25% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 4.75% and greater than or equal to 4.50%, (iii) 1.75% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 4.50% and greater than or equal to 4.00%, (iv) 2.75% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 4.00% and greater than or equal to 3.50%, (v) 4.00% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 3.50% and greater than or equal to 3.00%, (vi) 5.00% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 3.00% and greater than or equal to 2.00% and (vii) 6.00% if the Quarterly Excess Finance Charge Percentage on such Payment Date is less than 2.00%; provided, however, that after the Spread Account Percentage has been increased to a percentage above 0.00% pursuant to any of clauses (ii) through (vii) above, the Spread Account Percentage shall remain at that percentage until (a) further increased to a higher required percentage specified in clauses (iii) through (vii) above or (b) the Distribution Date on which the Quarterly Excess Finance Charge Percentage has increased to a level above that for the then current Spread Account Percentage, in which case the Spread Account Percentage shall be decreased to the appropriate percentage in clauses (i) through (vi) of the definition thereof; provided further, however, that no such decrease in the Spread Account Percentage shall be made until the Quarterly Excess Finance Charge Percentage has increased to a level above that for the then current Spread Account Percentage for three (3) consecutive Distribution Dates. Notwithstanding the foregoing, if an Early Redemption Event with respect to Series 2007-1 has occurred and is continuing, the Spread Account Percentage shall no longer be subject to reduction.
Spread Account Percentage is defined in the applicable Class B Note Purchase Agreement.