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  • Acquired Fund Fees and Expenses
    fees and expenses charged by other investment companies in which the Fund invests a portion of its assets.
    Financial Term
  • Acquisition
    A business acquisition. The acquiring company records at its cost the acquired assets less liabilities assumed. The reported income of an acquiring company includes the operations of the acquired company from the date of acquisition.
    Financial Term
  • Acquisition Proposal
    means any merger, amalgamation, take-over bid, tender offer, arrangement, recapitalization, liquidation, dissolution, share exchange, material sale of assets (or any lease, long term supply agreement or other arrangement having the same economic effect as a material sale of assets) representing greater than 20% of the fair market value of the Arrangement, any sale of more than 20% of any class of
    Financial Term
  • Adjusted Average Cardmember Loans
    Represents average cardmember loans on an owned or managed basis, as applicable, excluding the impact of deferred card fees, net of deferred direct acquisition costs of cardmember loans on an owned or managed basis, as applicable.
    Financial Term
  • ADR American Depositary Receipt
    represents ownership in the shares of a non-U.S. company that trades in U.S. financial markets. ADRs enable U.S. investors to buy shares in foreign companies without the inconveniences of cross-border & cross-currency transactions. ADRs carry prices in US dollars, pay dividends in US dollars, and can be traded like the shares of US-based companies.
    Financial Term
  • ADS American Depositary Share
    represents ownership in the shares of a non-U.S. company that trades in U.S. financial markets. American Depositary Share representing one underlying Ordinary Share. ADS enable U.S. investors to buy shares in foreign companies without the inconveniences of cross-border & cross-currency transactions. ADS carry prices in US dollars, pay dividends in US dollars, and can be traded like the shares of U
    Financial Term
  • Advised Lines of Credit
    An authorization which specifies the maximum amount of a credit facility the Firm has made available to an obligor on a revolving but non-binding basis. The borrower receives written or oral advice of this facility. The Firm may cancel this facility at any time.
    Financial Term
  • AICPA
    American Institute of Certified Public Accountants
    Financial Term
  • Allowance For Credit Losses
    includes the allowance for loan and lease losses and the reserve for unfunded lending commitments, represents managements estimate of probable losses inherent in the Corporations lending activities. The allowance for loan and lease losses and the reserve for unfunded lending commitments exclude amounts for loans and unfunded lending commitments accounted for under the fair value option as the fair
    Financial Term
  • Allowance For Loan and Lease Losses
    The allowance for loan and lease losses represents the estimated probable credit losses in funded consumer and commercial loans and leases while the reserve for unfunded lending commitments, including standby letters of credit (SBLCs) and binding unfunded loan commitments, represents estimated probable credit losses on these unfunded credit instruments based on utilization assumptions. Credit expo
    Financial Term
  • Alt-A Mortgage Loans
    Alt-A loans are generally higher in credit quality than subprime loans but have characteristics that would disqualify the borrower from a traditional prime loan. Alt-A lending characteristics may include one or more of the following: (I) limited documentation; (II) high combined-loan-to-value ("CLTV") ratio; (III) loans secured by non-owner occupied properties; or (IV) debt-to-income ratio above n
    Financial Term
  • Amortization
    A charge against the companys earnings that represents the write off of intangible assets over the projected life of the assets. Cash Flow
    Financial Term
  • Arbitrage
    Matching positions to secure a profit by exploiting price difference on the same good sold in different markets.
    Financial Term
  • Asset Allocation
    The practice of dividing a portfolio among different asset classes, Stocks, bonds and cash, with each asset class assigned a particular percentage. Asset allocation is often used to minimize investment risk to the certain asset class. For example the decline in Stocks can be offset by the gain in Bonds. Investment Services Industry
    Financial Term
  • Asset Class
    A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes. Investment Services Industry
    Financial Term
  • Asset Securitizations
    Asset securitization involves the transfer and sale of receivables or loans to a special purpose entity created for the securitization activity, typically a trust. The trust, in turn, issues securities, commonly referred to as asset-backed securities that are secured by the transferred receivables or loans. The trust uses the proceeds from the sale of such securities to pay the purchase price for
    Financial Term
  • Assets Under Management AUM
    Represent assets actively managed by Asset Management on behalf of Institutional, Retail, Private Banking, Private Wealth Management. Includes Committed Capital not Called, with different asset classes, Stocks, bonds and cash, on which Bank earns fees. Investment Services Industry
    Financial Term
  • Assets Under Supervision
    Represent assets under management as well as custody, brokerage, administration and deposit accounts. Investment Services Industry
    Financial Term
  • Assignment Mortgage
    A duly executed assignment to Buyer in recordable form of a Purchased Mortgage Loan, of the indebtedness secured thereby and of all documents and rights related to such Purchased Mortgage Loan.
    Financial Term
  • Auction Rate Bond
    An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed", with current holders receiving a formula-based interest rate until the next scheduled auction.
    Financial Term
  • Average Annual Total Return
    This is a commonly used method to express an investments performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investments actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
    Financial Term
  • Average Cardmember Spending
    Represents average dollar amount of (charge or credit card) cardmember spending per Card in certain period (quarter or a year).
    Financial Term
  • Average Commission per Trade
    Total trading commissions revenue divided by total number of trades.
    Financial Term
  • Average Discount Rate
    This calculation is designed to approximate merchant pricing. It represents the percentage of billed business (both proprietary and GNS) retained by the Company from merchants it acquires, prior to payments to third parties unrelated to merchant acceptance.
    Financial Term
  • Average Effective Maturity
    The average of the number of years to maturity of the bonds in a Funds portfolio, computed by weighting each bonds time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value
    Financial Term
  • Balance Sheet
    A summary statement that reflects the companys assets, liabilities and equity at a particular point in time. Balance Sheet
    Financial Term
  • Basic Cards-In-Force
    Proprietary basic consumer cards-in-force includes basic cards issued to the primary account owner and does not include additional supplemental cards issued on that account. Proprietary basic small business and corporate cards-in-force include basic and supplemental cards issued to employee cardmembers. Non-proprietary basic cards-in-force includes all cards that are issued and outstanding under n
    Financial Term
  • Basic Net EPS
    The companys earnings divided by the average number of shares outstanding for the period. Statement of Income
    Financial Term
  • Basis
    The difference between a reference or benchmark commodity price and the corresponding sales price at various regional sales points.
    Financial Term
  • Basis Point
    One one-hundredth of a percentage point.
    Financial Term
  • Basis-Only Swap
    A derivative that "swaps" the basis between two sales points from a floating price to a fixed price for a specified commodity volume over a specified time period. Typically used to fix the price relationship between a geographic sales point and a NYMEX reference price.
    Financial Term
  • Beneficial Interest
    Represents the interest of third-party holders of debt/equity securities, or other obligations, issued by VIEs that Bank consolidates. The underlying obligations of the VIEs consist of short-term borrowings, commercial paper and long-term debt. The related assets consist of trading assets, available-for-sale securities, loans and other assets.
    Financial Term
  • Billed Business Credit Card
    Represents the dollar amount of charges on all credit cards; also referred to as spend or charge volume. Proprietary billed business includes charges made on the Companys proprietary cards-in-force, cash advances on proprietary cards and certain insurance fees charged on proprietary cards. Non-proprietary billed business represents the charges through the Companys global network on cards issued by
    Financial Term
  • Bond
    A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the "coupon rate") until a specified date (the "maturity date"), at which time the issuer returns the money borrowed ("principal" or "face value") to the bondholder. Because of their structure, bonds are sometimes called "fixed income securities" or "debt securities." An individual bond
    Financial Term
  • Bond Fund
    A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond funds net asset value will fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.
    Financial Term
  • Borrowing
    Financial liability (short or long-term) that obligates borrower to repay cash or another financial asset to another entity.
    Financial Term
  • Business Segment
    A components of operations of an entity or a geographical area of operations of the entity that can be separately distinguished, operationally and for financial reporting purposes.
    Financial Term
  • Call Option
    An option that provides the right, but not the obligation, to buy an underlying futures contract at a specified strike price for a specified time.
    Financial Term
  • Capital Asset Pricing Model
    Generates an appropriate discount rate using internal and external inputs to value future cash flows based on the time value of money and the price for bearing uncertainty inherent in an investment.
    Financial Term
  • Capital Gain or Capital Loss
    the difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the gain or loss is still "on paper" and is considered unrealized.
    Financial Term
  • Capital Ratios
    Represents the minimum standards established by the regulatory agencies as a measure to determine whether the regulated entity has sufficient capital to absorb on and off-balance sheet losses beyond current loss accrual estimates.
    Financial Term
  • Card Acquisition
    Primarily represents the issuance of new cards to either new or existing cardmembers through marketing and promotion efforts.
    Financial Term
  • Cardmember Loans
    Represents the outstanding amount due from cardmembers for charges made on their credit cards, as well as any interest charges and card-related fees. Cardmember loans also include balances with extended payment terms on certain charge card products and are net of unearned revenue.
    Financial Term
  • Cardmember Receivables
    Represents the outstanding amount due from cardmembers for charges made on their American Express charge cards as well as any card-related fees.
    Financial Term
  • Cash Client Assets
    Customer cash, deposits, customer payables and money market balances, including those held by third parties.
    Financial Term
  • Cash Equivalents
    Highly liquid debt instruments with original maturities of three months or less, such as commercial paper. Typically included with cash for reporting purposes, unless designated as available-for-sale and included with investment securities.
    Financial Term
  • Cash flows Statement
    A financial statement that reflects cash flows from operating, investing and financing activities, providing a comprehensive view of changes in the companys cash and cash equivalents.
    Financial Term
  • Cash-flow Hedge
    A derivative instrument that complies with Statement of Financial Accounting Standards (SFAS) 133, as amended, and is used to reduce the exposure to variability in expected future cash flows attributable to a particular risk whereby the gains (losses) on the derivative transaction are anticipated to offset the losses (gains) on the future cash flows.
    Financial Term
  • CDOs
    Collateralized debt obligations.
    Financial Term
  • CDS Credit Default Swap
    Credit default swap, which is a swap designed to transfer credit exposure between parties.
    Financial Term
  • Charge Cards
    Represents cards that carry no pre-set spending limits and are primarily designed as a method of payment and not as a means of financing purchases. Cardmembers generally must pay the full amount billed each month. No finance charges are assessed on charge cards.
    Financial Term
  • Closing Agent
    The Person designated by Seller and approved by Buyer to receive Purchase Prices from Buyer, for the account of Seller, for the purpose of funding a Purchased Mortgage Loan.
    Financial Term
  • CLTV
    Combined loan-to-value.
    Financial Term
  • CMOs
    Collateralized mortgage obligations.
    Financial Term
  • Collars
    Consist of the simultaneous purchase of a put option and the sale of a call option by purchasing an out-of-the-money (OTM) put option while simultaneously writing an OTM call option.
    Financial Term
  • Combined Effective Loan-To-Value Ratio
    For residential real estate loans, an indicator of how much equity a borrower has in a secured borrowing based on current estimates of the value of the collateral and considering all lien positions related to the property.
    Financial Term
  • Combined Ratio
    The sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio. Calculated on a GAAP basis.
    Financial Term
  • COMEX Commodity Exchange
    The exchange market on gold futures contracts operated by Commodity Exchange, Inc., a subsidiary of New York Mercantile Exchange, Inc. Miscellaneous Financial Services Industry
    Financial Term
  • Commercial Paper
    Unsecured, unregistered promise to repay borrowed funds in a specified period ranging from overnight to 270 days. Financials
    Financial Term
  • Commercial Paper Rate
    Interest rate paid for unsecured, unregistered promise to repay borrowed funds in a specified period ranging from overnight to 270 days. Money market yield = ( (D x 360) / (360 ? (D x M)) ) x 100 where ?D? refers to the applicable annual rate for commercial paper quoted on a bank discount basis and expressed as a decimal, and ?M? refers to the actual number of days in the interest period for which
    Financial Term
  • Commodity Linked Derivatives
    are derivative instruments, the value of which is linked to the price movement of a commodity, commodity index or commodity futures or option contract. Commodities
    Financial Term
  • Commodity Linked Note
    is a derivative instrument that has characteristics of a debt security and of a commodity-linked derivative. It typically provides for interest payments and a principal payment at maturity linked to the price movement of a commodity, commodity index or commodity futures or option contract. Commodities
    Financial Term
  • Commodity Risk
    Commodity risk represents exposures to instruments traded in the petroleum, natural gas, power and metals markets. These instruments consist primarily of futures, forwards, swaps and options. Hedging instruments used to mitigate this risk include options, futures and swaps in the same or similar commodity product, as well as cash positions.
    Financial Term
  • Contractual Credit Card Charge-Off
    In accordance with the Federal Financial Institutions Examination Council policy, credit card loans are charged off by the end of the month in which the account becomes 180 days past due or within 60 days from receiving notification about a specific event (e.g., bankruptcy of the borrower), whichever is earlier.
    Financial Term
  • Credit Card Securitizations
    Through securitization, the Firm transforms a portion of its credit card receivables into securities, which are sold to investors. The credit card receivables are removed from the Consolidated Balance Sheets through the transfer of the receivables to a trust, and through the sale of undivided interests to investors that entitle the investors to specific cash flows generated from the credit card re
    Financial Term
  • Credit Cards
    Represents cards that have a range of revolving payment terms, grace periods, and rate and fee structures. Operating Statistics
    Financial Term
  • Credit Cycle
    A period of time over which credit quality improves, deteriorates and then improves again. The duration of a credit cycle can vary from a couple of years to several years.
    Financial Term
  • Credit Derivatives
    Contractual agreements that provide protection against a credit event on one or more referenced credits. The nature of a credit event is established by the protection buyer and protection seller at the inception of a transaction, and such events include bankruptcy, insolvency or failure to meet payment obligations when due. The buyer of the credit derivative pays a periodic fee in return for a pay
    Financial Term
  • Current Assets
    Cash and other assets that are expected to be converted to cash within one year. Balance Sheet
    Financial Term
  • Current Liabilities
    Amounts owed that will be paid within one year.
    Financial Term
  • Daily Average Revenue Trades DARTs
    Total revenue trades in a period divided by the number of trading days during that period.
    Financial Term
  • Defensive Instruments
    include high quality fixed income securities and money market instruments. Investors will use temporary defensive instruments in response to adverse market, economic, political or other conditions. When investors takes a defensive position, it may miss out on investment opportunities that could have resulted from investing in accordance with its principal investment strategy. As a result, investor
    Financial Term
  • Deposit Margin
    Represents net interest income expressed as a percentage of average deposits.
    Financial Term
  • Depriciation
    A charge against the companys earnings that allocates the cost of property, plant and equipment over the estimated useful lives of the assets. Statement of Income
    Financial Term
  • Derivative
    A financial instrument or other contract, the price of which is directly dependent upon the value of one or more underlying securities, interest rates or any agreed upon pricing index. Derivatives cover a wide assortment of financial contracts, including forward contracts, options and swaps.
    Financial Term
  • Diluted Net EPS
    The companys earnings divided by the average number of shares outstanding for the period, giving effect to assumed dilution from outstanding stock options and restricted stock units. Earnings per Share
    Financial Term
  • Discontinued Operations
    A component of an entity that is classified as held-for-sale or that has been disposed of from ongoing operations in its entirety or piecemeal, and for which the entity will not have any significant, continuing involvement. A discontinued operation may be a separate major business segment, a component of a major business segment or a geographical area of operations of the entity that can be separa
    Financial Term
  • Discount Revenue Credit Card
    Represents revenue earned from fees charged to merchants with whom the Company has entered into a card acceptance agreement for processing cardmember transactions. The discount fee generally is deducted from the Companys payment reimbursing the merchant for cardmember purchases. Such amounts are reduced by contra- revenue such as payments to third-party card issuing partners, cash-back reward cost
    Financial Term
  • Distribution Fees
    fees used to support the Funds marketing and distribution efforts, such as compensating financial professionals and other financial intermediaries, advertising and promotion.
    Financial Term
  • Dry Mortgage Loan
    A Mortgage Loan for which Buyer or its Custodian has possession of the related Mortgage Loan Documents, in a form and condition acceptable to Buyer, prior to the payment of the Purchase Price.
    Financial Term
  • Due Diligence
    A research conducted prior business transaction (investment, a corporate acquisition or merger). This includes analysing financial records, assets for sale and evaluation all of risks affecting that business transaction. The process of research are done by buyer, seller or third party (as an accounting or law firm) on behalf of buyer or seller. Seller could also conduct investigation of buyers abi
    Financial Term
  • Earnings per Share basic
    The companys earnings divided by the average number of shares outstanding for the period. Statement of Income
    Financial Term
  • Earnings per Share diluted
    The companys earnings divided by the average number of shares outstanding for the period, giving effect to assumed dilution from outstanding stock options and restricted stock units. Earnings per Share
    Financial Term
  • Effective Tax Rate
    Provision for income taxes as a percentage of earnings from continuing operations before income taxes and accounting changes. Does not represent cash paid for income taxes in the current accounting period. Also referred to as "actual tax rate" or "tax rate."
    Financial Term
  • EITF
    Emerging Issues Task Force
    Financial Term
  • Eligible Bank
    A bank selected by Seller and approved by Buyer in writing and authorized to conduct trust and other banking business in any state in which Seller conducts operations.
    Financial Term
  • Eligible Swap Counterparty
    means an entity, which may be an affiliate of a remarketing agent, engaged in the business of entering into derivative instrument contracts that satisfies the Rating Agency Condition.
    Financial Term
  • Embedded Derivative
    A host contract that contains a pricing mechanism, which is an option. The option is inseparable from the host contract and, therefore, cannot be traded separately.
    Financial Term
  • Equity Earnings from Investments
    For those investments which are 50% or less owned by the company, an income or loss entry is recorded in the Statements of Income representing the companys ownership share of the operating results of the investee company. Statement of Income
    Financial Term
  • Equity Market Risk
    Equity market risk represents exposures to securities that represent an ownership interest in a corporation in the form of domestic and foreign common stock or other equity-linked instruments. Instruments that would lead to this exposure include, but are not limited to, the following: common stock, exchange traded funds, American Depositary Receipts, convertible bonds, listed equity options (puts
    Financial Term
  • ETFs Exchange Traded Funds
    A fund that invests in a group of securities and trades like an individual stock on an exchange. ETFs are typically designed to represent a fixed portfolio of securities designed to track a particular market index.
    Financial Term
  • ETNs Exchange Traded Notes
    are senior, unsecured notes linked to an index. Like ETFs, they may be bought and sold like shares of stock on an exchange. However, ETNs have a different underlying structure. While ETF shares represent an interest in a portfolio of securities, ETNs are structured products that are an obligation of the issuing bank whereby the bank agrees to pay a return based on the target index less any fees. E
    Financial Term
  • EURIBOR
    Euro Interbank Offered Rate. The benchmark rate at which euro interbank term deposits within the eurozone are offered by one prime bank to another prime bank.
    Financial Term
  • Euroclear
    means the Euroclear System in Europe.
    Financial Term
  • Euronext
    Euronext, the first integrated cross-border exchange, combines the stock exchanges of Amsterdam, Brussels, Lisbon and Paris into a single market. Issuers who meet European Union ("EU") regulatory standards are qualified for listing on the regulated markets operated by Euronext. Euronexts exchanges list a wide variety of securities, including domestic and international equity securities, convertibl
    Financial Term
  • Exchange Forward Curve
    A pattern of currency exchange rates at varying points in the future.
    Financial Term
  • Expanded Criteria Mortgage Loan
    a first lien mortgage loan underwritten to the same high credit standards as a Conventional Conforming Mortgage Loan except with respect to loan programs and parameters that may have broader specifications of eligibility.
    Financial Term
  • Expense Ratio
    The amount that is taken from a mutual funds assets each year to cover the funds operating expenses. An expense ratio of 0.50% means that a funds expenses amount to half of one percent of its average net assets a year.
    Financial Term
  • Extension Rate
    means, for each distribution date following a Failed Remarketing with respect to the class A-5 notes if such notes are then in foreign exchange mode, the rate of interest payable to the related currency Swap Counterparty, generally not to exceed three-month LIBOR plus 0.75%, unless the remarketing agents, in consultation with the administrator, determine that market conditions or some other benefi
    Financial Term
  • Fair Value
    The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
    Financial Term
  • Fair Value Hedge
    A derivative instrument designated in a hedging relationship that mitigates exposure to changes in the fair value of a recognized asset or liability or a firm commitment.
    Financial Term
  • Fannie Mae
    Federal National Mortgage Association
    Financial Term
  • FASB
    Financial Accounting Standards Board.
    Financial Term
  • FDIC
    Federal Deposit Insurance Corporation
    Financial Term
  • Federal Funds Rate
    The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight. Federal Funds Rate
    Financial Term
  • FHLB
    Federal Home Loan Bank.
    Financial Term
  • FICO
    Fair Isaac Credit Organization.
    Financial Term
  • Financing Receivables
    Investment in contractual loans and leases due from customers (not investment securities).
    Financial Term
  • FINRA
    Financial Industry Regulatory Authority.
    Financial Term
  • Fintech
    F
    Financial Term
  • Firm Commitment
    An agreement with a third party, which is binding on both parties and usually legally enforceable and includes (I) all significant terms, including the quantity, fixed price and timing of the transaction and (II) a disincentive for nonperformance that is sufficiently large to make performance probable.
    Financial Term
  • Fixed Charge Coverage Ratio
    Net loss/income before taxes, depreciation and amortization and corporate interest expense divided by corporate interest expense. This ratio indicates the Companys ability to satisfy fixed financing expenses.
    Financial Term
  • Fixed Income Securities
    provide consistent interest or dividend payments. They include U.S. government securities. The fixed income securities in which the Fund may invest include corporate bonds and notes issued by U.S. and foreign issuers, U.S. and foreign government securities, mortgage-backed securities and asset-backed securities. The issuer of a senior fixed income security is obligated to make payments on this sec
    Financial Term
  • Foreign Exchange Risk
    Foreign exchange risk represents exposures to changes in the values of current holdings and future cash flows denominated in other currencies. The types of instruments exposed to this risk include investments in foreign subsidiaries, foreign currency-denominated loans and securities, future cash flows in foreign currencies arising from foreign exchange transactions, foreign currency-denominated de
    Financial Term
  • Foreign Securities
    are issued by companies located outside of the United States, including emerging markets. Foreign securities may include American Depositary Receipts (ADRs) or other similar securities that convert into foreign securities, such as European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs).
    Financial Term
  • Forward Contract
    Fixed price contract for purchase or sale of a specified quantity of a commodity, security, currency or other financial instrument with delivery and settlement at a specified future date. Commonly used as a hedging tool.
    Financial Term
  • Forward Exchange Contract
    Agreement to exchange a predetermined amount of currency, commodity or other financial instrument at a specified future date at a predetermined rate.
    Financial Term
  • Forward Points
    Represents the interest rate differential between two currencies, which is either added to or subtracted from the current exchange rate (i.e., "spot rate") to determine the forward exchange rate.
    Financial Term
  • Forward Price
    A predetermined delivery price for an underlying commodity, currency or financial asset to be paid at a predetermined date in the future.
    Financial Term
  • Forward Rate
    A rate of interest or currency exchange to be paid, or received, on an obligation beginning at a predetermined time in the future.
    Financial Term
  • Freddie Mac
    Federal Home Loan Mortgage Corporation.
    Financial Term
  • Futures Contract
    An exchange-traded contract to buy or sell a standard quantity and quality of a commodity at a specified future date and price.
    Financial Term
  • GAAP
    Generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession and that are appl
    Financial Term
  • Ginnie Mae
    Government National Mortgage Association.
    Financial Term
  • Goodwill
    The premium paid for acquisition of a business. Calculated as the purchase price less the fair value of net assets acquired (net assets are identified tangible and intangible assets, less liabilities assumed).
    Financial Term
  • Goodwill Impairment
    A goodwill impairment charge is a specific reduction of value in companys assets, that changes the value of its Goodwill and Intangible assets.
    Financial Term
  • Government Mortgage Loan
    Unless defined otherwise in the Transactions Terms Letter, a first lien mortgage loan, other than a Nonperforming/Subperforming Mortgage Loan, that is (a) eligible for insurance by FHA and is so insured or is subject to a current binding and enforceable commitment for such insurance pursuant to the provisions of the National Housing Act, as amended, and is otherwise eligible for inclusion in a Gin
    Financial Term
  • Growth of Capital
    is growth of the value of an instrument.
    Financial Term
  • Guarantee
    A guarantee signed by a Guarantor, in a form acceptable to Buyer.
    Financial Term
  • Guaranteed Investment Contracts GICs
    Deposit-type products that guarantee a minimum rate of return, which may be fixed or floating.
    Financial Term
  • Haircut
    With respect to each Transaction, if the Purchase Price is less than par, an amount equal to the difference between par and the Purchase Price, which shall be considered a ?settlement payment? as defined in Bankruptcy Code Section 741(8).
    Financial Term
  • Headcount-Related Expense
    Includes salary and benefits (excluding performance-based incentives), and other noncompensation costs related to employees.
    Financial Term
  • Hedge
    Establishing an opposite exposure position in a futures or OTC market by means of an option, swap or futures contract from that held and priced in a physical commodity or financial market. Without hedging, the physical or financial exposure would be at risk to price or rate fluctuations.
    Financial Term
  • Hedge Fund-Linked Derivatives
    are derivative instruments, the value of which is primarily linked to the price movement of a hedge fund, hedge fund index or hedge fund futures or option contract.
    Financial Term
  • Hedging
    The use of derivative commodity and interest-rate instruments to reduce financial exposure to commodity price and interest-rate volatility.
    Financial Term
  • HFRX Indexes
    are a series of benchmarks of hedge fund industry performance which are engineered to achieve representative performance of a large universe of hedge fund strategies. Hedge Fund Research, Inc. ("HFR, Inc.") employs the HFRX Methodology, a proprietary and highly quantitative process by which hedge funds are selected as constituents for the HFRX Indexes. This methodology includes robust classificati
    Financial Term
  • Illiquid Securities
    are securities that cannot easily be sold within seven days by virtue of the absence of a readily available market or legal or contractual restriction on resale. Certain restricted securities (such as Rule 144A securities) are not generally considered illiquid because of their established trading market.
    Financial Term
  • Income Statement
    A financial statement that reflects the companys profit by measuring revenues and expenses. Statement of Income
    Financial Term
  • Income Tax
    means any tax on or measured by the net income of a Party (including taxes on capital or net worth that are imposed as an alternative to a tax based on net or gross income), or tax which is in the nature of an excess profits tax, minimum tax on tax preferences, alternative minimum tax, accumulated earnings tax, personal holding company tax, capital gains tax or franchise tax for the privilege of d
    Financial Term
  • Initial Pool Balance
    means the sum of the Pool Balance of the initial trust loans as of the closing date and all amounts deposited into the supplemental purchase account and the add-on consolidation loan account on the closing date.
    Financial Term
  • Insolvency Event
    The occurrence of any of the following events: (a) such Person shall become insolvent or generally fail to pay, or admit in writing its inability to pay, its debts as they become due, or shall voluntarily commence any proceeding or file any petition under any bankruptcy, insolvency or similar law or seeking dissolution, liquidation or reorganization or the appointment of a receiver, trustee, custo
    Financial Term
  • Intangible Asset
    A non-financial asset lacking physical substance, such as goodwill, patents, licenses, trademarks and customer relationships.
    Financial Term
  • Interchange Income
    A fee that is paid to a credit card issuer in the clearing and settlement of a sales or cash advance transaction.
    Financial Term
  • Interest Bearing Liabilities
    Liabilities such as customer deposits, repurchase agreements and other borrowings, FHLB advances, certain customer credit balances and stock loan programs on which the Company pays interest; excludes customer money market balances held by third parties.
    Financial Term
  • Interest Earning Assets
    Consists of the primary interest-earning assets of the Company and includes: loans, available-for-sale mortgage-backed and investment securities, margin receivables, trading securities, stock borrow balances and cash required to be segregated under regulatory guidelines that earn interest for the Company.
    Financial Term
  • Interest Expense
    Interest expense is divided principally into three categories (I) deposits, which primarily relates to interest expense on deposits taken from customers and institutions, (II) short-term borrowings, which primarily relates to interest expense on commercial paper, federal funds purchased, bank overdrafts and other short-term borrowings, and (III) long-term debt, which primarily relates to interest
    Financial Term
  • Interest Income
    Interest and dividends on investment securities primarily relates to the Companys performing fixed-income securities. Interest income is accrued as earned using the effective interest method, which adjusts the yield for security premiums and discounts, fees and other payments, so that the related investment security recognizes a constant rate of return on the outstanding balance throughout its ter
    Financial Term
  • Interest Margin
    the difference between the yield a Bank earns on its assets and the interest rate it pays for deposits and other sources of funding - which could in turn affect its net interest income and earnings. Operating Statistics
    Financial Term
  • Interest Rate Cap
    An options contract that puts an upper limit on a floating exchange rate. The writer of the cap has to pay the holder of the cap the difference between the floating rate and the upper limit when that upper limit is breached. There is usually a premium paid by the buyer of such a contract.
    Financial Term
  • Interest Rate Floor
    An options contract that puts a lower limit on a floating exchange rate. The writer of the floor has to pay the holder of the floor the difference between the floating rate and the lower limit when that lower limit is breached. There is usually a premium paid by the buyer of such a contract.
    Financial Term
  • Interest Rate Risk
    Interest rate risk represents exposures to instruments whose values vary with the level or volatility of interest rates. These instruments include, but are not limited to, loans, debt securities, certain trading-related assets and liabilities, deposits, borrowings and derivative instruments. Hedging instruments used to mitigate these risks include related derivatives such as options, futures, forw
    Financial Term
  • Interest Rate Spread
    interest rate spreads, meaning the difference between interest rates earned on loans and investments and the interest rates paid on deposits and borrowings Operating Statistics
    Financial Term
  • Interest Rate Swap
    Contracts that are entered into primarily as an asset/liability management strategy to reduce interest rate risk. Agreement under which two counterparties agree to exchange one type of interest rate cash flow for another. In a typical arrangement, one party periodically will pay a fixed amount of interest, in exchange for which that party will receive variable payments computed using a published i
    Financial Term
  • Interest-Only Strip
    Interest-only strips are generated from USCS securitization activity and are a form of retained interest held by the Company in the securitization. This financial instrument represents the present value of estimated future positive "excess spread" expected to be generated by the securitized assets over the estimated life of those assets. Excess spread is the net cash flow from interest and fee col
    Financial Term
  • Interests In Purchased Receivables
    Represents an ownership interest in cash flows of an underlying pool of receivables transferred by a third-party seller into a bankruptcy-remote entity, generally a trust.
    Financial Term
  • Intrinsic Value
    The actual value of a security. Intrinsic value is the difference between the strike price of an in-the-money option and the market price of the hedged item. In the case of a swap or futures contract, intrinsic value is the difference between the market price of the hedged item and the swap or futures price.
    Financial Term
  • Inverse Floaters
    Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bonds par amou
    Financial Term
  • Investment Grade
    An indication of credit quality based on independent rating agencies risk assessment system. "Investment grade" generally represents a rating risk profile of a "BBB-"/"Baa3" or better.
    Financial Term
  • Investment Securities
    Generally, an instrument that provides an ownership position in a corporation (a stock), a creditor relationship with a corporation or governmental body (a bond), rights to contractual cash flows backed by pools of financial assets or rights to ownership such as those represented by options, subscription rights and subscription warrants.
    Financial Term
  • Issuer Credit Risk
    Issuer credit risk represents exposures to changes in the creditworthiness of individual issuers or groups of issuers. Banks portfolio is exposed to issuer credit risk where the value of an asset may be adversely impacted by changes in the levels of credit spreads, by credit migration, or by defaults. Hedging instruments used to mitigate this risk include bonds, CDS and other credit fixed income i
    Financial Term
  • Jumbo Mortgage Loan
    a first lien mortgage loan underwritten to the same high standards as a Conventional Conforming Mortgage Loan except with respect to the original principal balance, which is greater than that permitted by the Agencies but less than one million ($1,000,000) dollars.
    Financial Term
  • Leverage Adjusted Duration
    Duration is a measure of the expected period over which a bonds principal and interest will be paid, and consequently is a measure of the sensitivity of a bonds or bond Funds value to changes when market interest rates change. Generally, the longer a bonds or Funds duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account t
    Financial Term
  • LIBOR
    London Interbank Offered Rate. LIBOR is the interest rate at which banks borrow funds from other banks in the London wholesale money market (or interbank market).
    Financial Term
  • Life Underwriting Income
    Net premiums earned and net investment income in Life Insurance Segment, less policy benefits, acquisition costs, and administrative expenses.
    Financial Term
  • Long-Term Total Return
    refers to the change in value of an investment over time resulting from both growth of capital and income.
    Financial Term
  • Losses
    means all losses, liabilities, damages, fines, penalties, interest and claims (including taxes), and all related costs and expenses (including reasonable legal fees and disbursements and costs of investigation, litigation, experts, and settlement).
    Financial Term
  • Managed Credit Card Receivables
    Refers to credit card receivables on the Firms Consolidated Balance Sheets plus credit card receivables that have been securitized and removed from the Firms Consolidated Balance Sheets.
    Financial Term
  • Managed Receivables
    Total receivable amounts on which the company continues to perform billing and collection activities, including receivables that have been sold with and without credit recourse and are no longer reported on their Statement of Financial Position.
    Financial Term
  • Mark To Market
    The valuation at fair value, using prevailing market prices, at a specified point in time.
    Financial Term
  • Mark To Market Exposure
    A measure, at a point in time, of the value of a derivative or foreign exchange contract in the open market. When the mark-to-market value is positive, it indicates the counterparty owes the Firm and, therefore, creates a repayment risk for the Firm. When the mark-to-market value is negative, the Firm owes the counterparty; in this situation, the Firm does not have repayment risk.
    Financial Term
  • Market Cap, Market Capitalization
    The value of a company as determined by the total value of all shares of its stock outstanding. Total Market
    Financial Term
  • Market Liquidity Risk
    Market liquidity risk represents the risk that expected market activity changes dramatically and, in certain cases, may even cease to exist. This exposes market participants to the risk that they will not be able to transact in an orderly manner and may impact their results. This impact could further be exacerbated if expected hedging or pricing correlations are impacted by the disproportionate de
    Financial Term
  • Master Netting Agreement
    An agreement between two counterparties that have multiple derivative contracts with each other that provides for the net settlement of all contracts through a single payment, in a single currency, in the event of default on or termination of any one contract.
    Financial Term
  • Match Funding
    A risk control policy that provides funding for a particular financial asset having the same currency, maturity and interest rate characteristics as that asset. Match funding is executed directly, by issuing debt, or synthetically, through a combination of debt and derivative financial instruments. For example, when company lends at a fixed interest rate in the U.S., it can borrow those U.S. dolla
    Financial Term
  • Material Adverse Effect
    means, when used in connection with a person, any change, effect, event, occurrence or state of facts (or any effect, development, occurrence or state of facts involving a prospective change) that, individually or in the aggregate, is, or could reasonably be expected to be, material and adverse to the business, 48 assets (including intangible assets), rights, liabilities (contingent or otherwise),
    Financial Term
  • Maximum Dwell Time
    The maximum number of days a Purchased Mortgage Loan can be not repurchased by Seller before such Purchased Mortgage Loan may be deemed to be a Noncompliant Mortgage Loan and with respect to a Noncompliant Mortgage Loan, the maximum number of days that a Purchased Mortgage Loan can be deemed to be a Noncompliant Mortgage Loan before such Noncompliant Mortgage Loan may be deemed to be a Defective M
    Financial Term
  • MBS Mortgage Backed Securities
    Any security, including, without limitation, a participation certificate, that is (a) guaranteed by Ginnie Mae that represents an interest in a pool of mortgages, deeds of trusts or other instruments creating a lien on real property; (b) issued by Fannie Mae or Freddie Mac that represents interests in such a pool; or (c) privately placed and represents undivided interests in or otherwise supported
    Financial Term
  • Median Market Cap
    The midpoint of the range of market caps of the stocks held by a fund. There are different ways of calculating median market cap. With a simple median, half of the stocks in the funds portfolio would be larger than the median, and half would be smaller. With a weighted median (the type that is calculated for these funds), half of the funds assets are invested in stocks that are larger than the med
    Financial Term
  • Merchant Acquisition Credit Card
    Represents the signing of merchants to accept (Credit or Charge) cards.
    Financial Term
  • Minority Interest
    Portion of shareowners equity in a subsidiary that is not attributable to Company. In prior financial statements, this was labeled minority interest and was presented outside of shareowners equity.
    Financial Term
  • Monetization
    Sale of financial assets to a third party for cash. For example, company sells certain loans, credit card receivables and trade receivables to third-party financial buyers, typically providing at least some credit protection and often agreeing to provide collection and processing services for a fee. Monetization normally results in gains on interest-bearing assets and losses on non-interest bearin
    Financial Term
  • Money Market Instruments
    include high-quality, short-term securities, such as obligations of the U.S. government and its agencies, and certain short-term demand and time deposits, certificates of deposit and bankers acceptances issued by certain U.S. depository institutions or trust companies, and certain commercial paper, which are short-term, negotiable promissory notes of companies.
    Financial Term
  • Mortgage
    A first-lien or second-lien mortgage, deed of trust, security deed or similar instrument on improved real property.
    Financial Term
  • Mortgage Loan Documents
    With respect to each Purchased Mortgage Loan: (a) the original Mortgage Note evidencing the Mortgage Loan, endorsed by Seller in blank, with a complete chain from the originator to Seller; (b) except if such Mortgage Loan is registered with MERS, an original Assignment in blank, executed by Seller, a certified or true copy of the Mortgage securing the Mortgage Note, in recordable form but unrecord
    Financial Term
  • Mortgage Note
    A promissory note secured by a Mortgage and evidencing a Mortgage Loan.
    Financial Term
  • Mortgage Servicing Rights MSR
    MSRs are nonfinancial assets that are created when a mortgage loan is sold and Bank retains the right to service the loan. Bank accounts for consumer MSRs at fair value with changes in fair value. Commercial-related and residential reverse mortgage MSRs are accounted for using the amortization method (i.e., lower of cost or market) with impairment recognized as a reduction of mortgage banking inco
    Financial Term
  • Mortgage-Backed Securities MBS
    directly or indirectly provide funds for mortgage loans made to residential home buyers. These include securities that represent interests in pools of mortgage loans made by lenders such as commercial banks, savings and loan institutions, mortgage bankers and others. Any security, including, without limitation, a participation certificate, that is (a) guaranteed by Ginnie Mae that represents an in
    Financial Term
  • Mortgaged Property
    The real property securing repayment of the debt evidenced by a Mortgage Note.
    Financial Term
  • Mortgagor
    The obligor of a Mortgage Loan.
    Financial Term
  • MSR Risk Management Revenue
    Includes changes in MSR asset fair value due to inputs or assumptions in model and derivative valuation adjustments.
    Financial Term
  • Net Asset Value NAV
    The value of one share of a mutual fund. NAV is calculated by taking the funds total assets, subtracting liabilities, and dividing by the number of shares outstanding.
    Financial Term
  • Net Card Fees
    Represents the charge card membership fees earned during the period. These fees are recognized as revenue over the covered card membership period (typically one year), net of provision for projected refunds for cancellation of card membership.
    Financial Term
  • Net income -loss of other equity
    For those investments which are 50% or less owned by the company, an income or loss entry is recorded in the Statements of Income representing the companys ownership share of the operating results of the investee company.
    Financial Term
  • Net Income Attributable to Minority Interest
    The portion of equity and net earnings in consolidated subsidiaries that is owned by others.
    Financial Term
  • Net Income Attributable to Noncontrolling Interest
    The portion of equity and net earnings in consolidated subsidiaries that is owned by others.
    Financial Term
  • Net Interest Margin
    the difference between the yield a Bank earns on its assets and the interest rate it pays for deposits and other sources of funding - which could in turn affect its net interest income and earnings. Operating Statistics
    Financial Term
  • Net Interest Yield On Cardmember Loans
    Represents the net spread earned on cardmember loans. Net interest yield on cardmember loans (both on an owned and managed basis) is computed by dividing adjusted net interest income by adjusted average loans, computed on an annualized basis. The calculation of net interest yield on cardmember loans (both on an owned and managed basis) includes interest that is deemed uncollectible. For the owned
    Financial Term
  • Net Loss Ratio Credit Card
    Represents the ratio of charge card write-offs consisting of principal (resulting from authorized and unauthorized transactions) and fee components, less recoveries, on cardmember receivables expressed as a percentage of gross amounts billed to cardmembers.
    Financial Term
  • Net Write-Off Rate Credit Card
    Represents the amount of cardmember loans or USCS cardmember receivables written off consisting of principal (resulting from authorized transactions), less recoveries, as a percentage of the average loan balance or USCS average receivables during the period.
    Financial Term
  • Net yield on interest-earning assets
    The average rate for interest-earning assets less the average rate paid for all sources of funds.
    Financial Term
  • Noncompliant Mortgage Loan
    a Purchased Mortgage Loan that has been: A-8 (a) not repurchased within the Maximum Dwell Time permitted, given the type of Purchased Mortgage Loan, but less than the Maximum Dwell Time for Noncompliant Mortgage Loans; (b) rejected by the Approved Investor set forth in the related Purchase Commitment; or (c) determined to be ineligible for sale as a Purchased Mortgage Loan of the type originally s
    Financial Term
  • Nonconforming Mortgage Loans
    Mortgage loans that do not meet the requirements for sale to U.S. government agencies and U.S. government sponsored enterprises. These requirements include limits on loan-to-value ratios, loan terms, loan amounts, down payments, borrower credit worthiness and other requirements.
    Financial Term
  • Noncontrolling Interest
    Portion of shareowners equity in a subsidiary that is not attributable to Company. In prior financial statements, this was labeled minority interest and was presented outside of shareowners equity.
    Financial Term
  • Nonperforming Asset Ratio
    Interest-earning assets on which interest income is not being accrued, real estate properties acquired through foreclosure and repossessed assets, as a percentage of total assets. Operating Statistics
    Financial Term
  • Nonperforming Assets
    Interest-earning assets on which interest income is not being accrued, real estate properties acquired through foreclosure and repossessed assets.
    Financial Term
  • NYSE New York Stock Exchange
    the New York Stock Exchange, or NYSE, is the worlds premier listing venue and the leading and most liquid cash equities exchange in the world, based on aggregate market capitalization of listed operating companies and average daily value of Tape A trading. The NYSE, one of the most recognized brand names in the world, is registered as a national securities exchange under the Exchange Act. In addit
    Financial Term
  • Option
    The right, not the obligation, to execute a transaction at a designated price, generally involving equity interests, interest rates, currencies or commodities.
    Financial Term
  • Option ARMs Mortgage Loans
    The option ARM residential real estate loan product is an adjustable-rate mortgage loan that provides the borrower with the option each month to make a fully amortizing, interest-only, or minimum payment. The minimum payment on an option ARM loan is based on the interest rate charged during the introductory period. This introductory rate has usually been significantly below the fully indexed rate.
    Financial Term
  • Origination Fees
    A fee charged to the borrower by the lender to originate a loan. Usually stated as a percentage of the face value of the loan.
    Financial Term
  • Out of The Money Option
    An option for which the future price is below the strike price for a call or above the strike price for a put.
    Financial Term
  • Overhead Ratio
    Noninterest expense as a percentage of total net revenue.
    Financial Term
  • Person
    Includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and governments and agencies and political subdivisions thereof.
    Financial Term
  • Personal Bankers
    Retail branch office personnel who acquire, retain and expand new and existing customer relationships by assessing customer needs and recommending and selling appropriate banking products and services.
    Financial Term
  • Pool Balance
    means, for any date, the aggregate principal balance of the trust loans on that date, including accrued interest that is expected to be capitalized.
    Financial Term
  • Portfolio Activity
    Describes changes to the risk profile of existing lending-related exposures and their impact on the allowance for credit losses from changes in customer profiles and inputs used to estimate the allowances.
    Financial Term
  • Pre Refunding
    Pre-refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding gene
    Financial Term
  • Premium Option
    In relation to an option, it is the market price. Its two components are time value and intrinsic value.
    Financial Term
  • Prime Mortgage Loans
    Prime mortgage loans generally have low default risk and are made to borrowers with good credit records and a monthly income that is at least three to four times greater than their monthly housing expense (mortgage payments plus taxes and other debt payments). These borrowers provide full documentation and generally have reliable payment histories.
    Financial Term
  • Principal Distribution Amount
    as to the initial distribution date, the amount by which the aggregate outstanding principal amount of the notes exceeds the Adjusted Pool Balance for that distribution date, and as to each subsequent distribution date, the amount by which the Adjusted Pool Balance for the preceding distribution date exceeds the Adjusted Pool Balance for that distribution date.
    Financial Term
  • Principal Transactions
    Realized and unrealized gains and losses from trading activities (including physical commodities inventories that are accounted for at the lower of cost or fair value) and changes in fair value associated with financial instruments held by the Investment Bank for which the fair value option was elected. Principal transactions revenue also include private equity gains and losses.
    Financial Term
  • PRO FORMA
    A non-GAAP manner of presentation intended to provide improved comparability of financial results; it assumes business purchases/dispositions were completed at the beginning of the earliest period discussed (i.e., results are compared for all periods but only for businesses presently owned).
    Financial Term
  • Progress Collections
    Payments received from customers as deposits before the associated work is performed or product is delivered.
    Financial Term
  • Provision for Loan Losses
    The periodic charge to earnings for inherent losses in the loan portfolio. Statement of Income
    Financial Term
  • Purchase Obligation
    An agreement to purchase goods or services that is enforceable and legally binding and that specifies all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction.
    Financial Term
  • Purchased Credit-Impaired Loans
    Acquired loans deemed to be credit-impaired under the FASB guidance for purchased credit-impaired loans. The guidance allows purchasers to aggregate credit-impaired loans acquired in the same fiscal quarter into one or more pools, provided that the loans have common risk characteristics (e.g., FICO score, geographic location). A pool is then accounted for as a single asset with a single composite
    Financial Term
  • Purchased Funds
    The combination of certificates of deposit greater than $100,000, federal funds purchased, securities sold under agreement to repurchase, commercial paper, and other short-term borrowings.
    Financial Term
  • Purchased Mortgage Loan
    A Mortgage Loan that has been purchased by Buyer from Seller in connection with a Transaction and which has not been repurchased by Seller hereunder.
    Financial Term
  • Put Option
    An option that provides the right, but not the obligation, to sell an underlying futures contract at a specified strike price for a specified time.
    Financial Term
  • Qualifying SPEs QSPEs
    These entities are a specific type of Variable Interest Entity defined in ASC 860, Transfers and Servicing. The activities of QSPEs are significantly limited and entirely specified in the legal documents that established the entity. There also are significant limitations on the types of assets and derivative instruments they may hold and the types and extent of activities and decision-making they
    Financial Term
  • Quarterly Required Amount
    means, for the reset rate notes, (1) on any reset date, the Reset Period Target Amount or (2) on a distribution date that is one year or less before the next reset date (x) the Reset Period Target Amount multiplied by (y) 5 minus the number of distribution dates remaining until the next reset date for the reset rate notes (excluding the current distribution date and including the next reset date),
    Financial Term
  • Rating Agency Condition
    means the written confirmation or reaffirmation, as the case may be, from each rating agency then rating the notes that any intended action will not result in the downgrading of its then-current rating of any class of notes.
    Financial Term
  • Receivables From Customers
    Primarily represents loans to customers which are included in accrued interest and accounts receivable on the Consolidated Balance Sheets.
    Financial Term
  • Repurchase Agreement
    A method of short-term financing where one party agrees to buy back, at a future date (generally overnight) and an agreed-upon price, a security it sells to another party.
    Financial Term
  • Reset Period Target Amount
    means for the reset rate notes and for any distribution date that is: (1) more than one year before the next reset date, zero, and (2) one year or less before the next reset date, the highest remarketing fee payable to the remarketing agents for the reset rate notes (not to exceed 0.35% of the maximum principal balance of the reset rate notes that could be remarketed) on the next reset date as det
    Financial Term
  • Residual-Interest Certificates
    Financial assets which represent rights to receive earnings to the extent of excess income generated by the underlying loan collateral of certain mortgage-backed securities, which is not needed to meet contractual obligations of senior security holders.
    Financial Term
  • Restricted Stock
    An award that gives key employees the right to shares of the companys stock, pursuant to a vesting schedule.
    Financial Term
  • Retail Avg. Commission per Trade
    Total trading commissions revenue divided by total number of trades.
    Financial Term
  • Retained Earnings
    The earnings of the company not paid out as dividends to shareholders.
    Financial Term
  • Retained Interest
    A portion of a transferred financial asset retained by the transferor that provides rights to receive portions of the cash inflows from that asset.
    Financial Term
  • Revenues
    Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entitys earning process). For financial services companies also includes investment and interest income, and sales and trading gains. Statement of Income
    Financial Term
  • Revolver Capacity
    Amount of undrawn capacity remaining on corporate and subsidiary revolvers
    Financial Term
  • Risk-Adjusted Assets
    A regulatory risk-based calculation that takes into account the broad differences in risks among a banking organizations assets and off-balance sheet financial instruments.
    Financial Term
  • Risk-Weighted Assets
    Assets are weighted for risk according to a formula used by the Federal Reserve to conform to capital adequacy guidelines. On and off-balance sheet items are weighted for risk, with off-balance sheet items converted to balance sheet equivalents, using risk conversion factors, before being allocated a risk-adjusted weight.
    Financial Term
  • S&P 500 Index
    is the Standard & Poors 500 Composite Stock Price Index, a widely recognized, unmanaged index of common stock prices. You may not invest directly in the S&P 500 Index, and, unlike the Fund, benchmark indices do not incur fees or expenses.   Indices
    Financial Term
  • S&P GSCI Commodity Index
    is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is diversified across the spectrum of commodities. The returns are calculated on a fully-collateralized basis with full reinvestment. The combination of these attributes provides investors with a representative and realistic picture of realizable returns attainable in the c
    Financial Term
  • Securitization
    A process whereby loans or other receivables are packaged, underwritten and sold to investors. In a typical transaction, assets are sold to a special purpose entity, which purchases the assets with cash raised through issuance of beneficial interests (usually debt instruments) to third-party investors. Whether or not credit risk associated with the securitized assets is retained by the seller depe
    Financial Term
  • Securitization Income
    Includes non-credit provision components of the net gains or losses from securitization activities; changes in fair value of the interest-only strip; excess spread related to securitized cardmember loans; and servicing income, net of related discounts or fees. Excess spread, which is recognized as earned, is the net cash flow from interest and fee collections allocated to the third-party investors
    Financial Term
  • Seed Capital
    Initial capital invested in products, such as mutual funds, with the intention of ensuring the fund is of sufficient size to represent a viable offering to clients, enabling pricing of its shares, and allowing the manager to develop a commercially attractive track record. After these goals are achieved, the intent is to remove the Firms capital from the investment.
    Financial Term
  • Segment
    A components of operations of an entity or a geographical area of operations of the entity that can be separately distinguished, operationally and for financial reporting purposes.
    Financial Term
  • Service Fees
    fees used to compensate securities dealers and other financial intermediaries for certain shareholder servicing activities.
    Financial Term
  • Severity Rate
    refers to the percentage of our total loss, which includes the unpaid principal balance of a loan, purchased interest, and selling costs if applicable, that we believe will not be recovered in the event of default.
    Financial Term
  • Shares Outstanding, Outstanding Shares
    When speaking of a company or mutual fund, indicates all shares currently held by investors.
    Financial Term
  • Shelf Registration Statement
    A registration statement that allows an issuer in the United States to offer securities from time to time, provided that the securities have been described in the registration statement and the registration statement has been declared effective by the SEC.
    Financial Term
  • Significant Guarantor
    means any guaranty agency that guarantees trust loans comprising at least 10% of the Pool Balance of the trust loans by outstanding principal balance as of the statistical disclosure date.
    Financial Term
  • Spot Market
    A market in which commodities are bought and sold for cash and delivered immediately.
    Financial Term
  • Spot Price
    The current price at which a commodity can be bought or sold at a specified time and place.
    Financial Term
  • Statement of Cash flows
    A financial statement that reflects cash flows from operating, investing and financing activities, providing a comprehensive view of changes in the companys cash and cash equivalents.
    Financial Term
  • Statement of Equity
    A statement that reflects changes in the companys common stock, retained earnings and other equity accounts.
    Financial Term
  • Statement of Income
    A financial statement that reflects the companys profit by measuring revenues and expenses. Statement of Income
    Financial Term
  • Stepdown Date
    means the earlier to occur of the first date on which no class A notes remain outstanding. For this purpose, the outstanding principal balance of the reset rate notes will be deemed reduced by any amounts (other than investment earnings) on deposit in the accumulation account.
    Financial Term
  • Stock
    A share of ownership, or equity, in the issuing company.
    Financial Term
  • Stock Based Compensation
    The payment to employees for services received with equity instruments such as stock options and restricted stock. Statement of Cash flows
    Financial Term
  • Stock Option
    The right, not the obligation, to execute a stock transaction at a designated price.
    Financial Term
  • Stock Option Award
    An award that gives key employees the right to buy shares of the companys stock, pursuant to a vesting schedule, at the market price of the stock on the date of the award.
    Financial Term
  • Stress Testing
    A scenario that measures market risk under unlikely but plausible events in abnormal markets.
    Financial Term
  • Strike Price
    The price paid or received by the buyer when exercising an option.
    Financial Term
  • Structured Investment
    is a security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying security.  
    Financial Term
  • Subordinated Debt
    Debt of Seller that has been subordinated to Buyer as provided in this Agreement or as otherwise approved by Buyer.
    Financial Term
  • Subpoena
    a writ a government agency (court, SEC) commanding a person designated in it to appear in court under a penalty for failure.
    Financial Term
  • Subprime
    includes consumer finance products like mortgage, auto, cards, sales finance and personal loans to U.S. and global borrowers whose credit score implies a higher probability of default FICO scores less than 620 at the time of origination.
    Financial Term
  • Subprime Mortgage Loans
    Subprime loans are designed for customers with one or more high risk characteristics, including but not limited to: (I) unreliable or poor payment histories; (II) high loan-to-value ("LTV") ratio of greater than 80% (without borrower-paid mortgage insurance); (III) high debt-to-income ratio; (IV) the occupancy type for the loan is other than the borrowers primary residence; or (V) a history of del
    Financial Term
  • Super Jumbo Mortgage Loan
    a first lien mortgage loan underwritten to the same high standards as a Conventional Conforming Mortgage Loan except with respect to the original principal balance, which is greater than one million ($1,000,000) dollars but less than the one million five hundred thousand ($1,500,000) dollars.
    Financial Term
  • Super Jumbo Plus
    a first lien mortgage loan underwritten to the same high standards as a Conventional Conforming Mortgage Loan except with respect to the original principal balance, which is greater that one million five hundred thousand ($1,500,000) dollars.
    Financial Term
  • Swap Counterparty
    means each Eligible Swap Counterparty with which the trust has entered, or will later enter, into an interest rate or currency swap agreement to hedge in part basis and/or currency risks associated with the reset rate notes.
    Financial Term
  • Swaps
    involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal amount from the seller of the cap or floor to the extent that a specified index exceeds or falls below a predetermined interest rate or amount. The Fund may enter into these transactions to manage its exposure to changing interest rates and other factors.
    Financial Term
  • Tangible Book Value per Common Share
    Ratio consisting of tangible common equity (TCE) over period-end common shares outstanding.
    Financial Term
  • Tangible Capital
    Total capitalization less goodwill and other intangible assets.
    Financial Term
  • Tangible Common Equity to Tangible Assets TCE TA
    A ratio which may be used to evaluate a companys capital position. TCE/TA includes common equity less goodwill and other intangible assets over tangible assets. Tangible assets includes a companys total assets less goodwill and other intangible assets.
    Financial Term
  • Tangible Net Worth
    With respect to any Person at any date, the excess of the total assets over total liabilities of such Person on such date, each to be determined in accordance with GAAP consistent with those applied in the preparation of A-12 Seller?s financial statements less the sum of the following (without duplication): (a) the book value of all investments in non-consolidated subsidiaries, and (b) any other a
    Financial Term
  • Taxable Equivalent Yield
    The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
    Financial Term
  • Tender Offer
    A tender offer is a public offer to all of the stockholders of a company asking those stockholders to sell their stock to the party making the tender offer. Typically, a tender offer is commenced when the offeror places a summary advertisement in a major national newspaper, and the offer to purchase is printed and mailed to the target companys stockholders. A tender offer must comply with the rule
    Financial Term
  • Tier 1 Capital Ratio
    Ratio consisting of shareholders equity adjusted for certain unrealized gains/(losses) on available for sale securities, reduced by goodwill, certain other intangible assets, the disallowable portion of mortgage servicing rights and other disallowed assets divided by risk-adjusted assets. Operating Statistics
    Financial Term
  • Tier 1 Common
    A measure of a companys capital position, which includes Tier 1 capital less preferred stock amounts. Operating Statistics
    Financial Term
  • Tier 1 Leverage Ratio
    1
    Financial Term
  • Time Value
    In relation to an option, it is the premium minus intrinsic value.
    Financial Term
  • Total Capital Ratio
    Ratio consisting of Tier 1 capital plus the allowable portion of the allowance for loan losses and qualifying subordinated debt divided by risk-adjusted assets. Operating Statistics
    Financial Term
  • Total Capitalization
    Short-term debt, long-term debt, trust preferreds, and shareholders equity.
    Financial Term
  • Total Cards In Force
    Represents the number of cards that are issued and outstanding. Total consumer cards-in-force includes basic cards issued to the primary account owner and any supplemental cards, which represent additional cards issued on that account. Total small business and corporate cards-in-force include basic cards issued to employee cardmembers. Proprietary cards-in-force represent card products where the C
    Financial Term
  • Total Debt
    Sum of short-term and long-term debt, notes payable, capital leases, and preferred stock with sinking fund on the balance sheet less non-recourse debt. Balance Sheet
    Financial Term
  • Total Liabilities
    The sum of (a) the total liabilities of Company on any given date of determination, to be determined in accordance with GAAP consistent with those applied in the preparation of Company?s financial statements, plus (b) to the extent not already included under GAAP, the total aggregate outstanding amount owed by Company under any repurchase, refinance or other similar credit arrangements, plus (c) t
    Financial Term
  • Total Return
    The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.
    Financial Term
  • Total Return Swaps
    give the Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset in a total return swap declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty.
    Financial Term
  • Total Risk-based Capital Ratio
    Total risk-based capital ratio is calculated as the sum of Tier 1 capital (as defined above) and Tier 2 capital divided by risk-weighted assets. The Company calculates Tier 2 capital as the sum of the allowance for receivable and loan losses (limited to 1.25 percent of risk-weighted assets) and 45 percent of the unrealized gains on equity securities.
    Financial Term
  • Transaction
    A transaction between Buyer and Seller as contemplated under this Agreement.
    Financial Term
  • Treasury Inflation-Protected Securities or TIPS
    are U.S. Treasury securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on TIPS is fixed at issuance, but over the life of the bond this interest may be paid on an increasing or decreasing principal value that has been adjusted for inflation. Although repayment of the original bond principal upon maturity is guaranteed, the market value of
    Financial Term
  • Treasury Rate
    means the rate for direct obligations of the United States. Financials
    Financial Term
  • Trigger Event
    means, on any distribution date while any of the class A notes are outstanding, that the outstanding principal balance of the notes, less any amounts (exclusive of investment earnings) on deposit in any accumulation account, after giving effect to distributions to be made on that distribution date, would exceed the Adjusted Pool Balance as of the end of the related collection period.
    Financial Term
  • Trust Accounts
    means, collectively, the collection account, the reserve account, the capitalized interest account, the supplemental purchase account, the add-on consolidation loan account, the accumulation account, any supplemental interest account, any investment premium purchase account, any investment reserve account and any currency accounts.
    Financial Term
  • U.S. Government And Federal Agency Obligations
    Obligations of the U.S. government or an instrumentality of the U.S. government whose obligations are fully and explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
    Financial Term
  • U.S. Government Securities
    are issued or guaranteed by the U.S. government, its agencies and instrumentalities. Some U.S. government securities are issued or unconditionally guaranteed by the U.S. Treasury. They are of the highest possible credit quality. While these securities are subject to variations in market value due to fluctuations in interest rates, they will be paid in full if held to maturity. Other U.S. governmen
    Financial Term
  • U.S. Government Sponsored Enterprise Obligations
    Obligations of agencies originally established or chartered by the U.S. government to serve public purposes as specified by the U.S. Congress; these obligations are not explicitly guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.
    Financial Term
  • Underlying
    The product or instrument that an option contract or a futures contract is based upon.
    Financial Term
  • US GAAP
    Accounting principles generally accepted in the United States of America.
    Financial Term
  • Value At Risk VaR
    A measure of the dollar amount of potential loss from adverse market moves in an ordinary market environment.
    Financial Term
  • Variable Interest Entity
    Entity defined by ASC 810, Consolidation, and that must be consolidated by its primary beneficiary. A variable interest entity has one or both of the following characteristics: (1) its equity at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) as a group, the equity investors lack one or more of the f
    Financial Term
  • WACC Weighted Average Cost of Capital
    Weighted Average Cost of Capital. A calculation of a companys cost of capital in which each category of capital is proportionally weighted.
    Financial Term
  • Wet Deficiency Fee
    That fee, as set forth in the Transactions Terms Letter, payable by Seller for each calendar day that Seller fails to deliver to Buyer or its Custodian the Mortgage Loan Documents relating to any Wet Mortgage Loan purchased by Buyer following expiration of the Wet Mortgage Loans Maximum Dwell Time.
    Financial Term
  • Wet Mortgage Loan
    A Mortgage Loan as to which Buyer purchases from Seller by delivering funds to the applicable Closing Agent prior to receipt by Buyer or its Custodian of the related Mortgage Loan Documents, subject to Seller?s obligation to deliver the related Mortgage Loan Documents within the Wet Mortgage Loans Maximum Dwell Time.
    Financial Term
  • Wet Mortgage Loans Maximum Dwell Time
    That period of time, by which Seller must deliver to Buyer or its designee the Mortgage Loan Documents for a Wet Mortgage Loan.
    Financial Term
  • Wet Mortgage Loans Sublimit
    The maximum aggregate principal amount of Purchased Mortgage Loans that may be Wet Mortgage Loans at any time, as set forth in the Transactions Terms Letter.
    Financial Term
  • Yield
    The income paid out by an investment, expressed as a percentage of the investment.
    Financial Term
  • Zero Coupon Bond
    Zero Coupon Bond Untitled Document Zero Coupon Bond A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zer
    Financial Term