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Meaning / Definition of

Excess Spread

Categories: Credit and Debt, Bonds and Treasuries,

Surplus income from an asset-based security (such as a bond). It is the difference between the interest received by the security-issuer on the mortgages sold and the interest paid to the security holders. For example, alt-a and subprime mortgages are sold at interest rates higher than those for prime mortgages and therefore generate extra cash flow for the mortgagee. This excess is usually deposited into a reserve account and serves as a first line of protection for the security holders against losses. It is a type of internal credit enhancement. also called excess interest cash flow.

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Definition / Meaning of

Filing Basis

Categories: Patent,

The legal basis for filing an application for registration of a mark. The trademark act sets out five filing bases, and an applicant must specify and meet the requirements of one or more bases before the mark will be approved for publication for opposition or registration on the supplemental register. The five bases are: (1) use of a mark in commerce under §1(a) of the Act; (2) bona fide intention to use a mark in commerce under §1(b) of the Act; (3) a claim of priority, based on an earlier-filed foreign application under §44(d) of the Act; (4) registration of a mark in the applicant’s country of origin under §44(e) of the Act; and (5) extension of protection of an international registration to the United States, under §66(a) of the Act and the madrid protocol. The requirements for the bases are set forth in Trademark Rule 2.34. -- seeTMEP §806. If no basis is set forth in the original application for registration, the examining attorney will issue an office action requiring the applicant to specify a basis and meet al. requirements for the basis. In applications under §§1 and 44, the applicant may claim more than one basis, and/or may add or substitute a basis after filing the application.

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