Modification Process. (a) If HHSC seeks modifications to the Contract, HHSC’s notice to MCO will specify those modifications to the Scope of Work, the Contract pricing terms, or other Contract terms and conditions.
Modification Process. The lender shall undertake a review of its mortgage loan portfolio to identify Qualifying Loans. For each Qualifying Loan, the lender shall determine the net present value of the modified loan and, if it will exceed the net present value of the foreclosed collateral upon disposition, then the Qualifying Loan shall be modified so as to reduce the borrower’s monthly DTI Ratio to no more than 31% at the time of the modification. To achieve this, the lender shall use a combination of interest rate reduction, term extension and principal forbearance, as necessary. The borrower’s monthly DTI Ratio shall be a percentage calculated by dividing the borrower’s monthly income by the borrower’s monthly housing payment (including principal, interest, taxes and insurance). For these purposes, (1) the borrower’s monthly income shall be the amount of the borrower’s (along with any co-borrowers’) documented and verified gross monthly income, and (2) the borrower’s monthly housing payment shall be the amount required to pay monthly principal and interest plus one-twelfth of the then current annual amount required to pay real property taxes and homeowner’s insurance with respect to the collateral. In order to calculate the monthly principal payment, the lender shall capitalize to the outstanding principal balance of the Qualifying Loan the amount of all delinquent interest, delinquent taxes, past due insurance premiums, third party fees and (without duplication) escrow advances (such amount, the “Capitalized Balance”).
Modification Process. If HCA seeks modification to the Agreement, it shall provide notice to the CONTRACTOR that specifies those modifications, which may include the rates, or other terms and conditions. The CONTRACTOR must respond to HCA’s notice of proposed modification within ten (10) Business Days of receipt unless otherwise provided by HCA if the CONTRACTOR fails to respond, HCA will consider the proposed modification(s) acceptable to the CONTRACTOR and shall implement the proposed modification(s) as soon as practicable. Upon receipt of the CONTRACTOR’s response to the proposed modifications, HCA may enter into negotiations with the CONTRACTOR to arrive at mutually agreeable amendments. In the event that HCA determines that the Parties will be unable to reach agreement on mutually satisfactory modifications, HCA will provide written notice to the CONTRACTOR of its intent to terminate this Agreement or not to extend the Agreement beyond the current term.
Modification Process. This MOU may be amended upon mutual agreement of the partners that is consistent with federal, state, or local laws, regulations, rules, plans or policies or for one or more of the following reasons:
Modification Process. This Memorandum of Understanding, together with the exhibits identified above, constitutes the entire agreement between MoHealthWINs Consortium Community or Technical College and Regional WIB and supersedes all prior written or oral understandings. This agreement and said exhibits may only be amended, supplemented, or modified by a duly executed written instrument. Both parties to this agreement will comply with all applicable requirements of Federal, State, and Local laws, executive orders, regulations and policies governing this program.
Modification Process. Any notice or amendment under this Agreement shall be in writing by a duly authorized representative of COMPANY NAME or Drake. All notices shall be addressed to the parties at the addresses noted on the signature page of this Agreement.
Modification Process. This IFA may be amended or modified with review and consent of all parties. Amendments and modifications must be issued in writing to all parties. All parties must be given a minimum of 30 days to comment prior to the inclusion of any amendment or modification. Oral amendments or modifications shall have no effect.
Modification Process. (a) If HHSC seeks modifications to the Contract as a condition of any Contract extension, HHSC’s notice to Dental Contractor will specify those modifications to the Scope of Work, the Contract pricing terms, or other Contract terms and conditions.
Modification Process. Overview: The Program requires Citigroup to undertake a review of its mortgage loan portfolio to identify Qualifying Loans, which shall be completed as soon as possible, but in no event later than 90 days from the execution of this agreement. In its review, Citigroup shall provide priority review and responsive action for those Qualifying Loans that are seriously delinquent. No foreclosure of any residential mortgage within the ring-fenced assets shall proceed until the loan is reviewed under this Program for a modification. For each Qualifying Mortgage Loan meeting the criteria above, the lender shall reduce the ratio of the borrower’s mortgage-related expenses, as defined below, for the first priority mortgage to gross income under the Qualifying Loan (“DTI Ratio”) to 31%, except as permitted below to achieve a projected net present value (“NPV”) of the modified loan greater than the projected NPV of foreclosure, applying the steps defined below. All modifications require an interest rate capped at the Fxxxxxx Mac Weekly Survey Rate for 30-year fixed rate mortgage loans, or lower, for the life of the loan. No negative amortization is permitted. Completion of the modification requires verification of the borrower’s income. The projected NPV of the modified loan should be greater than the projected NPV of the foreclosure alternative. If the projected NPV of the modified loan at a 31% DTI ratio is not greater than the projected NPV of foreclosure, then the monthly housing payment will be adjusted incrementally above a 31% DTI ratio, but not to exceed a 38% DTI ratio, to achieve a projected NPV greater than that for foreclosure. The DTI ratio may be increased above 31% only as necessary to achieve a positive NPV compared to foreclosure. The borrower’s monthly DTI Ratio shall be a percentage calculated by dividing the borrower’s monthly housing payment for the first priority mortgage (consisting of principal, interest, taxes and insurance, and, where applicable, any mandatory homeowners’ association dues) by the borrower’s monthly gross income. For these purposes, (1) the borrower’s monthly income shall be the amount of the borrower’s (along with any co-borrowers’) documented and verified gross monthly income, and (2) the borrower’s monthly housing payment shall be the amount required to pay monthly principal and interest plus one-twelfth of the then current annual amount required to pay real property taxes and homeowner’s insurance and, where applicable, any...
Modification Process. Describes what triggers a need for a modification or a mid-course correction. Specifies what elements are beyond the control of the WWP or the support agency.
