Relief Act Reductions definition
Relief Act Reductions. With respect to any Distribution Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended calendar month as a result of the application of the Relief Act, the amount, if any, by which (i) interest collectible on such Mortgage Loan for the most recently ended calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note.
Relief Act Reductions. With respect to any Distribution Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Due Period as a result of the application of the Relief Act, the amount, if any, by which (i) interest collectible on that Mortgage Loan during such Due Period is less than (ii) one month's interest on the Principal Balance of such Mortgage Loan at the Loan Rate for such Mortgage Loan before giving effect to the application of the Relief Act.
Relief Act Reductions. With respect to any Distribution Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended calendar month that may be attributable to a prior month, if applicable, as a result of the application of the Relief Act, the amount, if any, by which (i) interest collected on such Mortgage Loan during the most recently ended calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note. REMIC: A "real estate mortgage investment conduit," within the meaning of Section 860D of the Code. Reference herein to REMIC refers to each REMIC created by the Preliminary Statement.
Examples of Relief Act Reductions in a sentence
Any Non-Supported Interest Shortfalls and Relief Act Reductions will be allocated to each Uncertificated Lower-Tier Interest in the same relative proportions as interest is allocated to such Uncertificated Lower-Tier Interest.
Any Non-Supported Interest Shortfalls and Relief Act Reductions will be allocated to each Uncertificated Lower-Tier Interest in the same relative proportions as interest is allocated to such Uncertificated Lower-Tier Interest, except that the Class 1-LWIO Interest, the Class 2-LWIO Interest, the Class 3-LWIO Interest, the Class 1-LSES Interest, the Class 2-LSES Interest and the Class 3-LSES Interest will not be allocated any Non-Supported Interest Shortfalls and Relief Act Reductions.
Any Non-Supported Interest Shortfalls and Relief Act Reductions will be allocated to each Uncertificated Middle-Tier Interest in the same relative proportions as interest is allocated to such Uncertificated Middle-Tier Interest.
The Trustee will make withdrawals of amounts on deposit in the Reserve Fund (each, a "Reserve Fund Withdrawal"), to the extent funds are available in the Reserve Fund, on each Distribution Date to cover any Net Interest Shortfalls (other than any interest shortfalls resulting from Relief Act Reductions) allocated to the Insured Retail Certificates.
For purposes of calculating the interest distributable in respect of each Uncertificated Lower-Tier Interest and any Distribution Date, Non-Supported Interest Shortfalls and Relief Act Reductions related to a Loan Group shall be allocated to the related Uncertificated Lower-Tier Interests pro rata based on, and to the extent of, one month's interest at the then applicable pass-through rate on such Uncertificated Lower-Tier Interest.
More Definitions of Relief Act Reductions
Relief Act Reductions. With respect to any Distribution Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended calendar month as a result of the application of the Relief Act, the amount, if any, by which (i) interest collectible on such Mortgage Loan for the most recently ended calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note. REMIC: A "real estate mortgage investment conduit," within the meaning of Section 860D of the Code. Reference herein to REMIC refers to each REMIC created by the Preliminary Statement.
Relief Act Reductions. With respect to any Payment Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended Due Period as a result of the application of the Relief Act or similar state or local law, the amount, if any, by which (i) interest collectible on that Mortgage Loan during such Due Period is less than (ii) one month’s interest on the Scheduled Principal Balance of such Mortgage Loan at the Loan Rate for such Mortgage Loan before giving effect to the application of the Relief Act or similar state or local law.
Relief Act Reductions means, with respect to any Payment Date and any Pledged Mortgage as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended calendar month as a result of the application of the Relief Act, the amount, if any, by which (i) interest collectible on such Pledged Mortgage for the most recently ended calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note.
Relief Act Reductions means interest shortfalls resulting from the application of the Servicemembers Relief Act, as amended, or any similar state law.
Relief Act Reductions. With respect to any Distribution Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended calendar month as a result of the application of the Civil Relief Act, the amount, if any, by which (i) interest collectible on such Mortgage Loan for the most recently ended calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note. 63963 SEQUOIA 12 Pooling and Servicing Agreement 24
Relief Act Reductions. With respect to any Distribution Date and any Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended calendar month as a result of the application of the Relief Act, the amount, if any, by which (a) interest collectible on such Loan for the most recently ended calendar month is less than (b) interest accrued thereon for such month pursuant to the Mortgage Note without taking into account the application of the Relief Act. Remaining Interest Remittance Amount With respect to any Distribution Date, an amount equal to the Interest Remittance Amount remaining after giving effect to the distributions set forth in clause (i) of Section 4.02(a).
Relief Act Reductions. Required Distributions," "Scheduled Principal Distribution Amount," "Senior Percentage," "Senior Prepayment Percentage," "Senior Principal Distribution Amount," "Senior Step Down Conditions," Special Hazard Coverage Termination Date," "Special Hazard Loss," "Special Hazard Loss Coverage Amount," "Subsequent Recoveries" and "Voting Rights" in Article I, and (b) Section 2.03, Section 2.04, Section 3.08, ▇▇▇▇▇▇▇ ▇.▇▇, ▇▇▇▇▇▇▇▇ ▇.▇▇(▇), (▇), (▇), (▇) and (g), Section 4.04, Section 4.05, the second sentence of the second paragraph of Section 5.01, Section 7.01, Section 7.03, Section 9.01, Section 9.02, Section 10.01, Section 10.04, Section 10.09 and Section 10.14. Notwithstanding any contrary provision of this Agreement, the Trustee shall not consent to any amendment to this Agreement unless (i) it shall have first received an Opinion of Counsel, which opinion shall not be an expense of the Trustee or the Trust Fund, to the effect that such amendment will not cause the imposition of any tax on any REMIC created under this Agreement, the Certificateholders or the Class A-6 Insurer or cause any REMIC created hereunder to fail to qualify as a REMIC at any time that any Certificates are outstanding and (ii) because the Trust Fund is required to be a Qualifying Special Purpose Entity (as that term is defined in Statement of Financial Accounting Standards No. 140 ("SFAS 140"), in order for the Seller to continue to account for the transfer of the Mortgage Loans under this Agreement as a sale under SFAS 140, prior to the parties hereto entering into such an amendment, the Trustee shall receive an Officer's Certificate, which shall not be an expense of the Trustee or the Trust Fund, to the effect that such amendment would not "significantly change" (within the meaning of SFAS 140) the permitted activities of the Trust Fund so as to cause the Trust Fund to fail to qualify as a Qualifying Special Purpose Entity. Promptly after the execution of any amendment to this Agreement requiring the consent of Certificateholders, the Trustee shall furnish written notification of the substance or a copy of such amendment to each Certificateholder, the Class A-6 Insurer and each Rating Agency. It shall not be necessary for the consent of Certificateholders under this Section 10.01 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the