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 Lower-Tier Interest in the same relative proportions as interest is allocated to such Uncertificated Lower-Tier Interest, except that the Class 1-LSES Interest, the Class 2-LSES Interest, the Class 3-LSES Interest and the Class 4-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.

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 in the Series Supplement.

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 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 Excess Interest Amount With respect to any Distribution Date, the Monthly Excess Cashflow Amount remaining after giving effect to the distributions set forth in clauses (i) through (xxxiv) of Section 4.02(d) for that Distribution Date.

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 70478 Sequoia 2003-1 Pooling and Servicing Agreement calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note.

Relief Act Reductions as defined in each Underlying Agreement.