Interest Reserve Amount has the meaning set forth in Section 5.1(d).
Interest Reserve Amount. With respect to each Mortgage Loan that is an Interest Reserve Loan (or the related successor REO Mortgage Loan), for any Distribution Date that occurs during February of any year or during January of any year that is not a leap year, an amount equal to one day’s interest accrued at the related Net Mortgage Rate on the related Stated Principal Balance as of the end of the Collection Period related to such Distribution Date, but prior to giving effect to the application of any amounts due on the Due Date occurring in such Collection Period, to the extent that a Monthly Payment is Received by the Trust with respect to such Interest Reserve Loan for the related Due Date in the same month as such Distribution Date on or before the related Master Servicer Remittance Date or a P&I Advance is made under this Agreement with respect to such Interest Reserve Loan by such Distribution Date. For purposes of calculating Interest Reserve Amounts, the Net Mortgage Rate for each Interest Reserve Loan shall be the Net Mortgage Rate in effect (including as a result of any step-up provision) under the original terms of such Interest Reserve Loan in effect as of the Closing Date, without regard to any modifications, extensions, waivers or amendments of such Interest Reserve Loan subsequent to the Closing Date (whether entered into by the applicable Master Servicer, the applicable Special Servicer, the Non-Trust Master Servicer or the Non-Trust Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding involving the related Borrower).
Interest Reserve Amount has the meaning set forth in Section 5.3(b).
Examples of Interest Reserve Amount in a sentence
Such Interest Reserve Amount shall be transferred to the Collection Account as Interest Proceeds on the Determination Date relating to the first Payment Date unless the Collateral Manager, in its discretion, provides written notice to the Trustee that such Interest Reserve Amount shall not be so transferred and should instead be held in the Interest Reserve Account for application in accordance with this Section 10.3(e).
More Definitions of Interest Reserve Amount
Interest Reserve Amount. With respect to each Interest Reserve Loan and each Distribution Date that occurs in February of each year and in January of each year that is not a leap year, an amount equal to one day's interest at the related Mortgage Rate (without regard to the second proviso in the definition thereof) on the related Stated Principal Balance as of the Due Date in the month in which such Distribution Date occurs (but prior to the application of any amounts owed on such Due Date), to the extent a Periodic Payment or P&I Advance is made in respect thereof for such Due Date as of the related P&I Advance Date.
Interest Reserve Amount means, as of any date of determination, the amount on deposit in the Interest Reserve Account on such date, and as of the Closing Date shall be $[ ].
Interest Reserve Amount. With respect to each Mortgage Loan that is an Interest Reserve Loan (or the related successor REO Mortgage Loan), for any Distribution Date that occurs during February of any year or during January of any year that is not a leap year, an amount equal to one day’s interest accrued at the related Net Mortgage Rate on the related Stated Principal Balance as of the beginning of the Collection Period related to such Distribution Date, but prior to giving effect to the application of any amounts due on the Due Date occurring in such Collection Period, to the extent that a Monthly Payment is Received by the Trust with respect to such Interest Reserve Loan for the related Due Date in the same month as such Distribution Date on or before the related Master Servicer Remittance Date or a P&I Advance is made under this Agreement with respect to such Interest Reserve Loan by such Distribution Date. For purposes of calculating Interest Reserve Amounts, the Net Mortgage Rate for each Interest Reserve Loan shall be the Net Mortgage Rate in effect (including as a result of any step-up provision) under the original terms of such Interest Reserve Loan in effect as of the Closing Date, without regard to any modifications, extensions, waivers or amendments of such Interest Reserve Loan subsequent to the Closing Date (whether entered into by the Master Servicer, the Special Servicer, the Non-Trust Master Servicer or the Non-Trust Special Servicer or in connection with any bankruptcy, insolvency or other similar proceeding involving the related Borrower).
Interest Reserve Amount means, as of any date of determination, the amount on deposit in the Interest Reserve Account on such date, and as of the Closing Date shall be $[___].
Interest Reserve Amount means, with respect to each Interest Reserve Mortgage Loan and Interest Reserve REO Mortgage Loan, for any Distribution Date that occurs during the calendar month of January (except in a leap year) or during the calendar month of February, an amount equal to one day's interest accrued at the related Mortgage Rate (net of the related Additional Interest Rate, in the case of an ARD Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto after the related Anticipated Repayment Date, and net of the related Outside Servicing Fee Rate (or, if the related Outside Servicing Fee accrues on a 30/360 Basis, the Actual/360 Equivalent of the related Outside Servicing Fee Rate), in the case of an Outside Serviced Trust Mortgage Loan or any successor REO Trust Mortgage Loan with respect thereto) on the related Stated Principal Balance as of the Due Date in the month in which such Distribution Date occurs (but prior to the application of any amounts due on such Due Date), to the extent that a Monthly Payment or an Assumed Monthly Payment, as applicable, is Received by the Trust in respect thereof for such Due Date as of the related Determination Date or a P&I Advance is made under this Agreement in respect thereof for such Due Date by such Distribution Date; provided that any Supplemental Interest Reserve Amounts delivered by the Depositor or any Mortgage Loan Seller to the Trustee shall also be deemed to be Interest Reserve Amounts. Any Interest Reserve Amount with respect to either a Split Trust Mortgage Loan that is an Interest Reserve Mortgage Loan or a Split REO Trust Mortgage Loan that is an Interest Reserve REO Mortgage Loan, for any Distribution Date that occurs during the calendar month of January (except in a leap year) or during the calendar month of February, shall be allocated: first, to the related STML Group A REMIC I Regular Interest, up to an amount equal to one day's interest at the related Deemed Fixed Gross Rate on the related Uncertificated Principal Balance immediately prior to such Distribution Date; and second, to the related to the related STML Group B REMIC I Regular Interest, up to the remaining portion of such Interest Reserve Amount; provided that any Supplemental Interest Reserve Amount with respect to any Split Trust Mortgage Loan shall be allocated entirely to the related STML Group A REMIC I Regular Interest.
Interest Reserve Amount. With respect to each February Interest Accrual Period consisting of 28 days and each Mortgage Loan for which interest is calculated on an actual/360 basis, a single day’s interest received for each of the immediately preceding December and January Interest Accrual Periods; and with respect to each February Interest Accrual Period consisting of 29 days and each Mortgage Loan for which interest is calculated on an actual/360 basis, a single day’s interest received for the immediately preceding January Interest Accrual Period.
Interest Reserve Amount means the Class A Interest Reserve Amount and the Class B Interest Reserve Amount, as applicable. “Investment Company Act” shall mean the Investment Company Act of 1940, as amended from time to time.