Interest Reduction definition

Interest Reduction is defined in the definition of Permitted Encumbrances.
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Interest Reduction. = (Principal Reduction) x (1.065)3
Sample 1
Interest Reduction. With respect to any Cross-Collateralization Date ------------------ and any Class of Certificates or Component in an Undercollateralized Group, an amount equal to the excess, if any, of (i) the product of (x) the applicable Undercollateralization Percentage (multiplied, if there are two Overcollateralized Mortgage Pools, by the applicable Proportionate Percentage), (y) the Pool Rate applicable to the Mortgage Pool relating to such Undercollateralized Group and (z) the Class Certificate Principal Amount or Aggregate Notional Amount of such Class or the Component Principal Amount of such Component, over (ii) the product of (x) the applicable Undercollateralization Percentage (multiplied, if there are two Overcollateralized Mortgage Pools, by the applicable Proportionate Percentage), (y) as to each Overcollateralized Mortgage Pool, the lesser of the related Pool Rate and the Pool Rate applicable to the Mortgage Pool relating to such Undercollateralized Group and (z) the Class Certificate Principal Amount or Aggregate Notional Amount of such Class or the Component Principal Amount of such Component. Any Interest Reductions shall be allocated to reduce Accrued Certificate Interest for each Class of Certificates other than the Class 1-A3 Certificates as provided in Section 5.02(e).
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Examples of Interest Reduction in a sentence

  • HUD uses the information to ensure that owners, mortgagees and or public entities enter into binding agreements for the continuation of Interest Reduction Payments (IRP) after refinancing eligible Section 236 projects.

  • Where Interest Reduction Payment subsidies are sought to be redirected, pursuant to paragraph (b)(7) of this section, the lender may not unreasonably withhold its consent to such redirection.

  • Disbursements reported under the Interest Reduction Payments program (CFDA #14.103) fall under one of two project categories: those insured under Section 223(f) of the General Housing Act and those that are uninsured under General Housing subsidiary projects.

  • Under the Floor Plan Interest Reduction Arrangement, the Floor Plan Borrowers may, at their election, deliver cash, checks or other good funds instruments to the Administrative Agent (“Equity Transaction”) to be held as Collateral and security for the Obligations for the pro-rata benefit of the Floor Plan Lenders, and the Administrative Agent agrees to account to the Floor Plan Borrowers for the total of such deliveries (such deliveries, the “Equity Balance”).

  • The Floor Plan Interest Reduction Arrangement does not constitute a deposit account.

  • The Interest Reduction Payment (IRP) must be decoupled from the Section 236 agreement if housing credits are awarded (exceptions may be permitted on a case-by-case basis).

  • A Mortgage Loan sized with Interest Reduction Payments (“IRP”) that include the IRP payment in other income, must include the IRP supplemental debt service payment in the respective B or C Note Debt Service fields.

  • In the event that any Pre-Installment Conversion Shares are delivered by the Company pursuant to the preceding sentence, the amount of Interest to be paid on the applicable Installment Date shall be reduced by the Installment Interest Reduction Amount.

  • The Interest Reduction Payment (IRP) must be decoupled from the Section 236 agreement if housing credits are awarded (exceptions permitted on case-by-case basis).

  • This Floor Plan Interest Reduction Arrangement, the Equity Balances and Equity Offset, and funds therein shall not, in any event, affect curtailments or other principal payments due on account of the Floor Plan Loans or reduce the outstanding amount of the Floor Plan Loans for purposes of determining availability under the Floor Plan Line of Credit.