Modification Excess definition
Modification Excess. With respect to each Payment Date and any Reference Obligation that has experienced a Modification Event, the excess, if any, of: (a) one-twelfth of the Current Accrual Rate multiplied by the interest bearing unpaid principal balance (the “UPB”) of such Reference Obligation; over (b) one-twelfth of the Original Accrual Rate multiplied by the UPB of such Reference Obligation.
Modification Excess means, with respect to each Premium Payment Date and any Reference Obligation that has experienced a Modification Event, the excess, if any, of:
Modification Excess means, with respect to each Premium Payment Date (or with respect to the Loan Acquisition Period, for purposes of calculating the Loan Acquisition Period Loss Amount), any Covered Obligation that has experienced a Modification Event, the excess, if any, of: