Common use of Interest Distribution Amount Clause in Contracts

Interest Distribution Amount. For each Class of Certificates on any Distribution Date, the Current Interest for such Class as reduced by such Class’s share of Net Prepayment Interest Shortfalls and Relief Act Shortfalls, which shall be allocated to each Class on a pro rata basis based on the amount of Current Interest payable to each such Class.

Appears in 2 contracts

Sources: Pooling and Servicing Agreement (Sequoia Mortgage Trust 2012-3), Pooling and Servicing Agreement (Sequoia Mortgage Trust 2013-4)