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{"key": "interest-accrued", "type": "clause", "offset": [785, 801]}, {"key": "sum-of", "type": "clause", "offset": [853, 859]}, {"key": "expense-fee", "type": "clause", "offset": [868, 879]}, {"key": "amounts-payable", "type": "definition", "offset": [888, 903]}, {"key": "by-the-trust", "type": "clause", "offset": [904, 916]}, {"key": "the-counterparty", "type": "definition", "offset": [920, 936]}, {"key": "in-respect-of", "type": "clause", "offset": [937, 950]}, {"key": "net-swap-payments", "type": "definition", "offset": [951, 968]}, {"key": "swap-termination-payments", "type": "clause", "offset": [973, 998]}, {"key": "resulting-from", "type": "definition", "offset": [1037, 1051]}, {"key": "counterparty-trigger-event", "type": "definition", "offset": [1054, 1080]}, {"key": "the-product", "type": "clause", "offset": [1146, 1157]}, {"key": "aggregate-collateral-balance", "type": "definition", "offset": [1169, 1197]}, {"key": "in-the-case", "type": "clause", "offset": [1270, 1281]}, {"key": "first-distribution-date", "type": "definition", "offset": [1289, 1312]}, {"key": "the-class", "type": "clause", "offset": [1352, 1361]}, {"key": "class-p-certificates", "type": "definition", "offset": [1420, 1440]}, {"key": "class-a-1a", "type": "definition", "offset": [1474, 1484]}, {"key": "class-m-2", "type": "definition", "offset": [1509, 1518]}, {"key": "class-b-1-certificates", "type": "definition", "offset": [1600, 1622]}, {"key": "days-in", "type": "definition", "offset": [1658, 1665]}, {"key": "federal-income-tax-purposes", "type": "clause", "offset": [1722, 1749]}, {"key": "the-equivalent-of", "type": "definition", "offset": [1796, 1813]}, {"key": "the-foregoing", "type": "definition", "offset": [1814, 1827]}, {"key": "remic-3-regular-interests", "type": "definition", "offset": [1937, 1962]}], "samples": [{"hash": "eY3ghri2vQp", "uri": "/contracts/eY3ghri2vQp#net-excess-spread", "label": "Pooling and Servicing Agreement (Home Equity Mortgage Trust 2005-5)", "score": 21.0, "published": true}, {"hash": "d7n06bG0mR4", "uri": "/contracts/d7n06bG0mR4#net-excess-spread", "label": "Pooling and Servicing Agreement (Home Equity Mortgage Trust 2005-5)", "score": 21.0, "published": true}], "size": 8, "snippet": "With respect to any Distribution Date and Loan, a fraction, expressed as a percentage, the numerator of which is equal to the excess of (x) the aggregate Stated Principal Balance for such Distribution Date of the Mortgage Loans, multiplied by the weighted average Net Mortgage Rate of such Mortgage Loans over (y) the Interest Remittance Amount for such Distribution Date, and the denominator of which is an amount equal to the aggregate Stated Principal Balance for such Distribution Date of the Mortgage Loans, multiplied by the actual number of days elapsed in the related Interest Accrual Period divided by 360. Net Funds Cap: As to any Distribution Date, will be a per annum rate equal to (a) a fraction, expressed as a percentage, (a) the numerator of which is (1) the amount of interest accrued on the Mortgage Loans for such date, minus (2) the sum of (x) the Expense Fee and (y) amounts payable by the Trust to the Counterparty in respect of Net Swap Payments and Swap Termination Payments (other than Swap Termination Payments resulting from a Counterparty Trigger Event) for such Distribution Date, and (b) the denominator of which is the product of (i) the Aggregate Collateral Balance immediately preceding such Distribution Date (or as of the Cut-off Date in the case of the first Distribution Date), multiplied by (ii)(x) in the case of the Class A-1F1, Class A-1F2, Class A-2F, Class A-R, Class A-RL and Class P Certificates, 1/12 and (y) in the case of the Class A-1A, Class A-2A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class B-1 Certificates Certificates, the actual number of days in the related Interest Accrual Period divided by 360. For federal income tax purposes, however, as to any Distribution Date will be the equivalent of the foregoing, expressed as a per annum rate equal to the weighted average of the Uncertificated Pass-Through Rates on the REMIC 3 Regular Interests (other than the REMIC 3 Regular Interest MTII-P and the REMIC 3 Regular Interest MTII-R) multiplied by (in the case of the Class A-1A, Class A-2A, Class M-1, Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8, Class M-9 and Class B-1 Certificates) 30 divided by the actual number of days in the related Interest Accrual Period.", "hash": "f275d347e385cea84fac774ddd6f86dc", "id": 10}], "next_curs": "Cl4SWGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjoLEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIabmV0LWV4Y2Vzcy1zcHJlYWQjMDAwMDAwMGEMogECZW4YACAA", "definition": {"title": "Net Excess Spread", "size": 359, "snippet": "With respect to any Distribution Date, (A) the fraction, expressed as a percentage, the numerator of which is equal to the product of (i) the amount, if any, by which (a) the aggregate of the Interest Remittance Amounts for each Mortgage Pool for such Distribution Date (as reduced by the Credit Risk Manager\u2019s Fee) exceeds (b) the Current Interest payable with respect to the Certificates for such date and (ii) twelve, and the denominator of which is the Aggregate Pool Balance for such Distribution Date, multiplied by (B) a fraction, the numerator of which is thirty and the denominator of which is the greater of thirty and the actual number of days in the immediately preceding calendar month.", "id": "net-excess-spread", "examples": ["With respect to any Distribution Date on which the <strong>Net Excess Spread</strong> is equal to or greater than 0.25%, the excess of (i) $5,000 over (ii) the amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.", "With respect to any Distribution Date on which the <strong>Net Excess Spread</strong> is less than 0.25%, the excess of (i) the greater of (a) $5,000 and (b) the product of 0.50% and the Aggregate Loan Group Balance for Loan Group V for such Distribution Date over (ii) the amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.", "With respect to any Distribution Date on which the <strong>Net Excess Spread</strong> is less than 0.25%, the excess of (i) the greater of (a) $5,000 and (b) the product of 0.50% and the Aggregate Loan Group Balance for Loan Group III for such Distribution Date over (ii) the amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.", "With respect to any Distribution Date on which the <strong>Net Excess Spread</strong> is equal to or greater than 0.25%, the excess of (i) $5,000 over (ii) the amount of funds on deposit in the Group 9 Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.", "Upon the occurrence and continuance of a breach of the <strong>Net Excess Spread</strong> Test at any time, the Borrower shall either (i) enter into an Interest Rate Hedge, in a form reasonably acceptable to the Agent, within 30 days of such violation upon terms and with Eligible Hedge Counterparties reasonably acceptable to the Agent or (ii) accept a Type I Advance Rate Reduction.", "With respect to any Distribution Date on which the <strong>Net Excess Spread</strong> is equal to or greater than 0.25%, the excess of (i) $5,000 over (ii) the amount of funds on deposit in the Group 8 Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.", "With respect to any Distribution Date on which the <strong>Net Excess Spread</strong> is less than 0.25%, the excess of (i) the greater of (a) $5,000 and (b) the product of 0.50% and the Aggregate Loan Group V Balance for such Distribution Date over (ii) the amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.", "With respect to any Distribution Date on which the <strong>Net Excess Spread</strong> is less than 0.25%, the excess of (i) the greater of (a) $5,000 and (b) the product of 0.50% and the Aggregate Loan Group 11 Balance for such Distribution Date over (ii) the amount of funds on deposit in the Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date.", "Borrower shall maintain a <strong>Net Excess Spread</strong> of three percent (3%) or greater.", "With respect to any Distribution Date on which the <strong>Net Excess Spread</strong> is less than 0.25%, the excess of (i) the greater of (a) $5,000 and (b) the product of 0.50% and the Aggregate Collateral Balance for such Distribution Date over (ii) the amount of funds on deposit in the Group 9 Basis Risk Reserve Fund prior to deposits thereto on such Distribution Date."], "related": [["excess-spread", "Excess Spread", "Excess Spread"], ["total-monthly-excess-spread", "Total Monthly Excess Spread", "Total Monthly Excess Spread"], ["remaining-excess-spread", "Remaining Excess Spread", "Remaining Excess Spread"], ["excess-spread-percentage", "Excess Spread Percentage", "Excess Spread Percentage"], ["quarterly-excess-spread-percentage", "Quarterly Excess Spread Percentage", "Quarterly Excess Spread Percentage"]], "related_snippets": [], "updated": "2025-07-06T21:58:29+00:00"}, "json": true, "cursor": ""}}