Excess Proceeds definition

Excess Proceeds. With respect to any Liquidated Mortgage Loan, the amount, if any, by which the sum of any Liquidation Proceeds of such Mortgage Loan received in the calendar month in which such Mortgage Loan became a Liquidated Mortgage Loan, net of any amounts previously reimbursed to the Servicer as Nonrecoverable Advance(s) with respect to such Mortgage Loan pursuant to Section 3.11(a)(iii), exceeds (i) the unpaid principal balance of such Liquidated Mortgage Loan as of the Due Date in the month in which such Mortgage Loan became a Liquidated Mortgage Loan plus (ii) accrued interest at the Mortgage Interest Rate from the Due Date as to which interest was last paid or for which a Periodic Advance was made (and not reimbursed) up to the Due Date applicable to the Distribution Date immediately following the calendar month during which such liquidation occurred.

Excess Proceeds. For any Liquidated Mortgage Loan, the excess of

Excess Proceeds. With respect to any Liquidated Mortgage Loan, the amount, if any, by which the sum of any Liquidation Proceeds received with respect to such Mortgage Loan during the calendar month in which such Mortgage Loan became a Liquidated Mortgage Loan plus any Subsequent Recoveries received with respect to such Mortgage Loan, net of any amounts previously reimbursed to the Master Servicer as Nonrecoverable Advance(s) with respect to such Mortgage Loan pursuant to Section 3.08(a)(iii), exceeds (i) the unpaid principal balance of such Liquidated Mortgage Loan as of the Due Date in the month in which such Mortgage Loan became a Liquidated Mortgage Loan plus (ii) accrued interest at the Mortgage Rate from the Due Date as to which interest was last paid or advanced (and not reimbursed) to Certificateholders up to the Due Date applicable to the Distribution Date immediately following the calendar month during which such liquidation occurred.

Examples of Excess Proceeds in a sentence

• In connection with Owner’s acquisition of the Property, Owner shall execute and deliver to City an Excess Proceeds Note substantially in the form attached hereto as Exhibit B (“Excess Proceeds Note”) and shall execute a Performance Deed of Trust substantially in the form attached hereto as Exhibit C (“Performance Deed of Trust”) which shall be recorded against the Property concurrently with the recordation of this Agreement.

• Upon the occurrence of a Default, City may declare all sums due under the Excess Proceeds Note immediately due and payable and City may invoke the power of sale under the Performance Deed of Trust.

• This amount shall be a debt of Owner to City, further evidenced by the Excess Proceeds Note and secured by the Performance Deed of Trust.

• Any previous representations, warranties, agreements, and understandings among the Parties regarding the subject matter of this Agreement, the Excess Proceeds Note and the Performance Deed of Trust whether written or oral, are superseded by the terms of this Agreement, the Excess Proceeds Note and the Performance Deed of Trust.

• This Agreement, the Excess Proceeds Note and the Performance Deed of Trust set forth the entire understanding between Owner and City.

More Definitions of Excess Proceeds

Excess Proceeds. With respect to any Liquidated Loan, any Liquidation Proceeds that are in excess of the sum of (1) the unpaid principal balance of such Liquidated Loan as of the date of such liquidation plus (2) interest at the Mortgage Rate from the Due Date as to which interest was last paid or advanced to Certificateholders (and not reimbursed to the Servicer) up to the Due Date in the month in which such Liquidation Proceeds are required to be distributed on the unpaid principal balance of such Liquidated Loan outstanding during each Due Period as to which such interest was not paid or advanced.

Excess Proceeds has the meaning provided in Section 4.11.

Excess Proceeds has the meaning set forth in Section 4.12(c).

Excess Proceeds has the meaning assigned to such term in Section 4.13.

Excess Proceeds. With respect to any Liquidated Loan, the amount, if any, by which the sum of any Liquidation Proceeds of such Mortgage Loan received in the calendar month in which such Mortgage Loan became a Liquidated Loan, exceeds (i) the Scheduled Principal Balance of such Liquidated Loan as of the Due Date in the month in which such Mortgage Loan became a Liquidated Loan plus (ii) accrued interest at the Mortgage Rate from the Due Date as to which interest was last paid or advanced (and not reimbursed) to Certificateholders up to the Due Date applicable to the Distribution Date immediately following the calendar month during which such liquidation occurred.

Excess Proceeds has the meaning specified in Section 10.14.

Excess Proceeds shall have the meaning assigned to such term in Section 7.6(b).