Examples of Credit Event Reference Obligation in a sentence
However, if the Reference Obligation subsequently became a Credit Event Reference Obligation, the related negative adjustment would be included in the Credit Event Net Loss for the Reference Obligation.
With respect to each Payment Date, a Reference Obligation formerly in the Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period that is found in the related Reporting Period, through Xxxxxxx Mac’s quality control process, to have an Underwriting Defect, Major Servicing Defect or a data correction that invalidates the previously determined Credit Event.
With respect to each Payment Date, a Reference Obligation formerly in the Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period that is found in the related Reporting Period, through Freddie Mac’s quality control process, to have an Underwriting Defect, Major Servicing Defect or a data correction that invalidates the previously determined Credit Event.
However, if the Reference Obligation subsequently becomes a Credit Event Reference Obligation, the related negative adjustment will be included in the Credit Event Net Loss for the Reference Obligation.
In its sole discretion, Xxxxxxx Mac may delay declaring by up to sixty (60) days a Reference Obligation that is current or less than 180 days delinquent and is being modified to be a Credit Event Reference Obligation if Xxxxxxx Mac decides that more time is needed to revise a workout plan for such Reference Obligation or to take into account any comments it received from the Operating Advisor with respect to such Reference Obligation under the Operating Advisor Agreement.
For a Credit Event Reference Obligation, upon the date of the determination of the Final Loss Amount, an amount equal to the product of (i) the Seller Final Amount, (ii) the Adjustment Rate, and (iii) the Day Count Fraction for the period from and including the Initial Loss Determination Date to but excluding the Final Loss Determination Date.
Upon the expiration of such 18-month period, any Reference Obligation that is 180 days or more delinquent will immediately become a Credit Event Reference Obligation.
If the declaration of a Credit Event Reference Obligation is extended by Xxxxxxx Mac to a Reporting Period that is after such Reference Obligation becomes 180 or more days delinquent, Xxxxxxx Mac shall notify the Global Agent that the Credit Event shall be deemed for purposes of this Agreement to remain a Credit Event occurring in a Reporting Period prior to such Reference Obligation becoming 180 or more days delinquent provided a modification is still contemplated.
You have received a draft copy of our agreed-upon procedures report(s) related to the Quarterly Investor Reports and Credit Event Reference Obligation Procedures for the Transaction.
If the declaration of a Credit Event Reference Obligation is extended by Freddie Mac to a Reporting Period that is after such Reference Obligation becomes 180 or more days delinquent, Freddie Mac shall notify the Global Agent that the Credit Event shall be deemed for purposes of this Agreement to remain a Credit Event occurring in a Reporting Period prior to such Reference Obligation becoming 180 or more days delinquent provided a modification is still contemplated.