Examples of Total Monthly Excess Spread in a sentence
The application of Total Monthly Excess Spread to the payment of Extra Principal Distribution Amount and, to the extent available, the application of the Net Swap Amounts payable to the Supplemental Interest Trust by the Swap Provider under the Interest Rate Swap Agreement to make payments of principal on the Offered Certificates will have the effect of accelerating the amortization of the certificates relative to the amortization of the mortgage loans.
On each distribution date, the Trustee, on behalf of the Supplemental Interest Trust, may receive certain net amounts from the Swap Provider, from which distributions to the trust will be made as described in this prospectus supplement in respect of Unpaid Interest Amounts, Net WAC Cap Carry Forward Amount and amounts necessary to maintain the required level of overcollateralization and to cover Realized Losses, in each case to the extent not covered by Total Monthly Excess Spread .
The pooling and servicing agreement will require that a portion of the Total Monthly Excess Spread be applied as an accelerated payment of principal on the certificates then entitled to receive distributions of principal to the extent that the Overcollateralization Target Amount exceeds the Overcollateralization Amount as of that distribution date (the excess is referred to as an Overcollateralization Deficiency).
Any amount of Total Monthly Excess Spread actually applied as an accelerated payment of principal will be an Extra Principal Distribution Amount for that distribution date.
The pooling and servicing agreement will require that the Total Monthly Excess Spread, if any, on each distribution date and, to the extent available, Net Swap Amounts payable to the Supplemental Interest Trust by the Swap Provider under the Interest Rate Swap Agreement be applied as an accelerated payment of principal of the certificates, but only to the limited extent hereafter described.