Definition of Portfolio Excess Spread


Portfolio Excess Spread means, any Portfolio Excess Spread as defined in, and acquired by, the Borrower under the applicable Participation Agreement from time to time.

Examples of Portfolio Excess Spread in a sentence

On the Transaction Settlement Date for each Primary Portfolio, the Purchaser shall pay the Transaction Purchase Price to the Seller, the Seller shall convey the Primary Portfolio Excess Spread to the Purchaser and the Seller shall commence servicing or subservicing the Primary Portfolio Mortgage Loans in accordance with the applicable Servicing Agreements and Guides if such servicing or subservicing has not already commenced.
If the conveyance of the Primary Portfolio Excess Spread is characterized by a court or governmental authority as security for a loan rather than an absolute transfer or sale, the Seller will be deemed to have granted to Purchaser, and Seller hereby grants to Purchaser, a security interest in all of its right, title and interest in, to and under the Primary Portfolio Excess Spread and all proceeds thereof as security for a loan in an amount equal to the Transaction Purchase Price.
The Seller and the Purchaser intend that each Transaction constitute a valid sale of the Primary Portfolio Excess Spread for the related Primary Portfolio by the Seller to the Purchaser, free and clear of any Lien.
The parties intend that each transfer made by the Seller under Section 4.01 constitute a valid absolute transfer or sale of the related Secondary Portfolio Excess Spread for the related Replacement Portfolio by the Seller to the Purchaser, free and clear of any Lien.
On the Transaction Settlement Date for each Primary Portfolio, the Purchaser shall pay the Transaction Purchase Price to the Seller, the Seller shall convey the Primary Portfolio Excess Spread to the Purchaser and the Seller shall commence servicing or subservicing the Primary Portfolio Mortgage Loans in accordance with the Servicing Agreement and the Freddie Mac Guide if such servicing or subservicing has not already commenced.