Net Spread Deficiency

Net Spread Deficiency. Means, as of any Borrowing Base Determination Date, the positive difference, if any, of (i) the sum of (A) 8.75% plus (B) the Servicing Fee, expressed as a percentage of the Net Receivables Balance plus (C) the lesser of (x) one-month LIBOR plus (I) from the Closing Date up to and including the thirty-sixth (36th) Remittance Date, 0.7500% and (II) after the thirty-sixth (36th) Remittance Date, 1.8750% and (y) the weighted average strike price under the Hedging... Arrangements then in effect, minus (ii) the weighted average APR of all Eligible Receivables then held as Collateral. View More