Definition of Term Excess Spread


Term Excess Spread means, with respect to any Monthly Period, the product of (a) 12 times (b) the percentage equivalent of a fraction (i) the numerator of which is the excess, if any, of (x) the Adjusted Term Interest Collections of all Eligible Receivables that are Term Receivables for such Monthly Period over (y) the aggregate Outstanding Principal Balance of all Pledged Receivables that are Term Receivables that became Defaulted Receivables during such Monthly Period and (ii) the denominator of which is the average daily Outstanding Principal Balance of all Pledged Receivables that are Term Receivables for such Monthly Period.
Sample 1