Designated Excess Spread definition
Examples of Designated Excess Spread in a sentence
No such compensation, however, that is payable from a Trust with respect to any Mortgage Loan will exceed the related Spread minus the sum of any related (i) Securitized Excess Spread, (ii) Designated Excess Spread, (iii) Servicing Fee, (iv) LPMI Charges and (v) Guaranty Fee.
The terms of the transfer of servicing to a successor Direct Servicer will determine whether the successor Direct Servicer will have any right to any Designated Excess Spread designated by the transferring Direct Servicer.
To the extent permitted in the Servicing Contract, the Primary Servicer may (i) transfer all or any portion of the Excess Spread with respect to the Mortgage Loans serviced by that Primary Servicer to the Issuer for deposit to an Other ▇▇▇▇▇▇ ▇▇▇ Trust or pursuant to Subsection 5.1(7) or (ii) designate all or any portion of the Excess Spread with respect to the Mortgage Loans serviced by that Primary Servicer as Designated Excess Spread.
The terms of the transfer of servicing to a successor Primary Servicer will determine whether the successor Primary Servicer will have any right to any Designated Excess Spread designated by the transferring Primary Servicer.
Subject to the related Servicing Contract, the Direct Servicer may retain such Excess Spread (together with any Designated Excess Spread prior to the effective date of any termination of the Direct Servicer that made the Designated Excess Spread designation), at the same time and in the same manner as the Servicing Fee.
If certain fees, Excess Spread, Designated Excess Spread and expenses are not retained by the Direct Servicer prior to deposit to a Custodial Account or withdrawn from such Custodial Account and paid to the Direct Servicer pursuant to clause (iii) of Section 6.2, those fees, Excess Spread, Designated Excess Spread and expenses also may be transferred to a Certificate Account by the Master Servicer or the Trustee.
Subject to the related Servicing Contract, the Primary Servicer may retain such Excess Spread, together with any Designated Excess Spread prior to the effective date of any termination of the Primary Servicer that made the Designated Excess Spread designation, at the same time and in the same manner as the Servicing Fee.
The transfer of any portion of Excess Spread that has become Securitized Excess Spread is irrevocable; and the designation of any portion of Excess Spread as Designated Excess Spread is also irrevocable, except that Designated Excess Spread may subsequently be transferred to an Other ▇▇▇▇▇▇ Mae Trust and by such transfer become Securitized Excess Spread.
Furthermore, if the related Servicing Contract so provides, a terminated Direct Servicer, within 60 days (or such other period as may be specified in the related Servicing Contract) after the effective date of the servicing termination, will transfer all of the Designated Excess Spread, if any, with respect to the Mortgage Loans serviced by that Direct Servicer, at its option, either (x) to the Issuer for deposit to an Other ▇▇▇▇▇▇ ▇▇▇ Trust or (y) to the Issuer for the Issuer’s own account.
Furthermore, if the related Servicing Contract so provides, a terminated Primary Servicer, within 60 days (or such other period as may be specified in the related Servicing Contract) after the effective date of the servicing termination, will transfer all of the Designated Excess Spread, if any, with respect to the Mortgage Loans serviced by that Primary Servicer, at its option, either (x) to the Issuer for deposit to an Other ▇▇▇▇▇▇ Mae Trust or (y) to the Issuer for the Issuer’s own account.