Traduction de «marge nette » (Français → Anglais) :

"Excess spread" means finance charge collections and other fee income received in respect of the securitised exposures net of costs and expenses;

29. In Table 3, "Level A" means levels of excess spread less than 133,33% of the trapping level of excess spread but not less than 100% of that trapping level, "Level B" means levels of excess spread less than 100% of the trapping level of excess spread but not less than 75% of that trapping level, "Level C" means levels of excess spread less than 75% of the trapping level of excess spread but not less than 50% of that trapping level, "Level D" means levels of excess spread less than 50% of the trapping level of excess spread but not less than 25% of that trapping level and "Level E" means levels of excess spread less than 25% of the tra ...[+++]pping level of excess spread.

26. In the case of securitisations subject to an early amortisation provision of retail exposures which are uncommitted and unconditionally cancellable without prior notice, where the early amortisation is triggered by the excess spread level falling to a specified level, credit institutions shall compare the three-month average excess spread level with the excess spread levels at which excess spread is required to be trapped.

27. Where the securitisation does not require excess spread to be trapped, the trapping point is deemed to be 4,5 percentage points greater than the excess spread level at which an early amortisation is triggered.

28. The conversion figure to be applied shall be determined by the level of the actual three month average excess spread in accordance with Table 3.

In the case of the association of underwriters known as Lloyd's, the calculation of the solvency margin shall be made on the basis of net premiums, which shall be multiplied by flat-rate percentage fixed annually by the competent authority of the head office Member State.