Modification Event means, with respect to any Reference Obligation, a forbearance or certain mortgage rate modifications relating to such Reference Obligation, it being understood that in the absence of a forbearance or certain mortgage rate modifications, a term extension on a Reference Obligation will not constitute a Modification Event. In addition, a mortgage rate modification that results in an increased mortgage rate with respect to any Reference Obligation (after giving effect to all scheduled mortgage rate modifications thereon) will not constitute a "Modification Event." For example, in the case of a mortgage rate modification that provides for a mortgage rate reduction from 4% to 2% followed by a future step-up in the mortgage rate from 2% to 5%, the modification will not be treated as a "Modification Event." By contrast, in the case of a mortgage rate modification that provides for a mortgage rate reduction from 4% to 2% followed by a future step-up in the mortgage rate from 2% back to 4%, the modification will be treated as a "Modification Event."
Modification Event means an event as described in the Market Maker Agreement.
Modification Event means, with respect to any Reference Obligation, the occurrence of a principal forbearance or mortgage rate modification relating to such Reference Obligation, in each case as reported by the applicable servicer to the Insured during the related Reporting Period. For the avoidance of doubt, a refinancing of a Reference Obligation under the Enhanced Relief Refinance Program and, if permitted as described in the STACR Documentation, replacement thereof in the Reference Pool with the resulting Enhanced Relief Refinance Reference Obligation will not constitute a Modification Event; provided, however, an Enhanced Relief Refinance Reference Obligation that replaces a Reference Obligation in the Reference Pool and subsequently experiences a principal forbearance or mortgage rate modification relating to such Enhanced Relief Refinance Reference Obligation will constitute a Modification Event.
Examples of Modification Event in a sentence
By contrast, in the case of a mortgage rate modification that provides for a mortgage rate reduction from 4% to 2% followed by a future step-up in the mortgage rate from 2% back to 4%, the modification will be treated as a Modification Event.
For the avoidance of doubt, a refinancing of a Reference Obligation under Fannie Mae's High LTV Refinance Option and replacement thereof with the resulting High LTV Refinance Reference Obligation will not constitute a Modification Event.
For example, in the case of a mortgage rate modification that provides for a mortgage rate reduction from 4% to 2% followed by a future step-up in the mortgage rate from 2% to 5%, the modification will not be treated as a Modification Event.
More Definitions of Modification Event
Modification Event means, with respect to any Reference Obligation, a principal forbearance or certain mortgage rate modifications relating to such Reference Obligation, it being understood that in the absence of a principal forbearance or certain mortgage rate modifications, (i) a term extension on a Reference Obligation will not constitute a Modification Event and (ii) a mortgage rate modification that results in an increased mortgage rate with respect to any Reference Obligation (after giving effect to all scheduled mortgage rate modifications thereon) will not constitute a Modification Event. For example, in the case of a mortgage rate modification that provides for a mortgage rate reduction from 4% to 2% followed by a future step-up in the mortgage rate from 2% to 5%, the modification will not be treated as a Modification Event. By contrast, in the case of a mortgage rate modification that provides for a mortgage rate reduction from 4% to 2% followed by a future step-up in the mortgage rate from 2% back to 4%, the modification will be treated as a Modification Event. For the avoidance of doubt, a refinancing of a Reference Obligation under Fannie Mae's High LTV Refinance Option and replacement thereof with the resulting High LTV Refinance Reference Obligation will not constitute a Modification Event.
Modification Event means an event as described in the Market Maker Agreement. “Non Post-Only Order” is an Order that did not originate as a Post-Only Quote. “Opening Trade Value” means the rate, level, amount, measure, or other value of a
Modification Event means a valid delivery by the Company of prior written consent to Charter pursuant to Section 4.6 of the Charter Investment Agreement that permits Charter to take the actions described in such Section 4.6.
Modification Event means, with respect to any Reference Obligation, a principal forbearance or certain mortgage rate modifications relating to such Reference Obligation, it being understood that in the absence of a principal forbearance or certain mortgage rate modifications,
Modification Event has the meaning specified in Section 2.5(c)(iv).
Modification Event means, with respect to any Covered Obligation, other than a Forbearance Covered Obligation, a forbearance or mortgage rate modification relating to such Covered Obligation, in each case as reported by the applicable servicer to the Insured during the related Reporting Period. For the avoidance of doubt, a refinancing of a Covered Obligation under the Enhanced Relief Refinance Program, and replacement thereof in the Covered Pool with the resulting Enhanced Relief Refinance Covered Obligation will not constitute a Modification Event; provided, however, an Enhanced Relief Refinance Covered Obligation that is replaced in the Covered Pool and subsequently experiences a forbearance or mortgage rate modification relating to such Enhanced Relief Refinance Covered Obligation will constitute a Modification Event. For the avoidance of doubt, a forbearance or mortgage rate modification relating to a Forbearance Covered Obligation will not constitute a Modification Event.
Modification Event means the occurrence of the written notice by Ariba to SOFTBANK pursuant to Section 21(b), except as otherwise provided in Section 21(b).