COVID-19 Modification definition

COVID-19 Modification means, with respect to any Loan in which the related Obligor has been negatively impacted by the COVID-19 pandemic, any amendment, waiver, consent or modification of a Related Document with respect thereto executed or effected after the date on which such Loan is acquired by the Borrower but prior to January 4, 2021, that:
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COVID-19 Modification means a modification to a Receivable that (a) is granted by the Borrower or the Servicer to an Obligor whose health or employment was or is affected by the COVID-19 outbreak, (b) is granted during the period from and including April 1, 2020 through and including July 31, 2020, (c) relates to a Receivable that was an Eligible Receivable as of March 31, 2020, and (d) consists of (i) first, a reduction or deferral of payment for up to 30 days, so long as the unpaid balance is added at the end of the term under the contractual amortization of the Receivable and (ii) thereafter, if applicable, reduction of payments by up to 50% for up to 90 days, so long as the entirety of such reduced payment amount is applied in its entirety to pay down the principal balance of the Receivable.
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COVID-19 Modification means, with respect to any Loan in which the related Obligor has been negatively impacted by the COVID-19 pandemic, any amendment, waiver, consent or modification of a Related Document with respect thereto executed or effected after the date on which such Loan is acquired by the Borrower but prior to January 4, 2021, that: (a) with respect to any interest payment payable on or prior to January 4, 2021, reduces, reschedules or waives any such interest payment or permits any such interest due with respect to such Loan in cash to be deferred, rescheduled or capitalized and added to the principal amount of such Loan (other than any deferral or capitalization already expressly permitted by the terms of its underlying instruments as of the date such Loan was acquired by the Borrower) or otherwise extends or reschedules any such interest payment with respect to such Loan to a date on or prior to the maturity date of such Loan then in effect; or (b) with respect to any scheduled payment or mandatory prepayment of principal payable on or prior to January 4, 2021, waives, reschedules, extends or postpones any date fixed for such payment to a date on or prior to the maturity date of such Loan then in effect. “Credit and Collection Policies” means the Monroe Capital Credit Policies and Procedures Manual, as amended subject to the terms hereof; provided however that, with respect to any Successor Collateral Manager, means the written credit, collection and portfolio management policies and procedures of such Person at the time such Person becomes the Successor Collateral Manager. “Cross-Defaulted ABL Loan” means an ABL Loan (for purposes of this definition, a “loan”) that (a) would constitute an Eligible First Lien Obligation and (b) that is a stand-alone revolving loan that: (i) is delivered in connection with a related Bifurcated First Lien Term Loan; (ii) is secured by a first priority perfected Lien on the related Obligor’s ABL Collateral in all appropriate jurisdictions, subject to customary Liens for taxes or regulatory charges not then due and payable and other permitted Liens under the Related Documents, provided that such permitted Liens do not directly secure indebtedness for borrowed money; (iii) may be cross-secured to the Bifurcated First Lien Term Loan by a valid second priority perfected security interest or Lien in, to or on substantially all of the Obligor’s assets in all appropriate jurisdictions other than the ABL Collateral subject to Purchase Money...
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Examples of COVID-19 Modification in a sentence

  • This instrument amends the Residential Tenancies COVID-19 Modification Notice 2020.

  • This post model adjustment supersedes the Retail element of the COVID-19 Modification Expiry post model adjustment at 31 December 2020 which focused on borrowers previously in receipt of COVID-19 payment breaks which amounted to € 48 million (ROI Mortgages:€ 11 million, Personal: € 5 million, SME: € 32 million).

  • Notes for section 31 The Residential Tenancies COVID-19 Modification Notice 2020 was published in Gazette No. S28 of 28 April 2020.2 See section 43 of the Interpretation Act 1978.

  • Section 19(2) omit 60 insert 425 Section 20 amended (Termination of fixed term tenancy) Section 20(2) omit 60 insert 426 Section 34B inserted After section 34A, in Part 2 insert34B Transitional matter for Residential Tenancies COVID-19 Modification Notice Amendment (No. 5) 2022 (1)A notice of intention to terminate that was issued under section 19 or 20 of this instrument before the commencement of the amending instrument has effect as if the amending instrument had not commenced.

  • This instrument may be cited as the Residential Tenancies COVID-19 Modification Notice Amendment (No. 5) 2022.

  • Notes for section 31 The Residential Tenancies COVID-19 Modification Notice 2020 was published in Gazette No. S28 of 28 April 2020.2 That Notice was amended by Residential Tenancies COVID-19 Modification Notice Amendment 2020 and published in Gazette No. S29 of 11 May 2020.3 See section 43 of the Interpretation Act 1978.

  • The Board delegates authority to the CEO and senior management to pursue the Company’s mission, and oversees the CEO’s and senior management’s conduct of the Company’s business.

  • This instrument may be cited as the Residential Tenancies COVID-19 Modification Notice Amendment (No. 2) 2020.

  • Policy: All new volunteers are placed on probation for a period of three months after their initial training is complete and they have been placed into a role.

  • RESOLVED: The Parish Council resolved to add an addendum to NAPC Standing Orders to reflect New Legislation re: COVID-19 Modification of Meetings effective from 4th April 2020 until 7th May 2021 to enable remote meetings of the Parish Council.

Related to COVID-19 Modification

  • Permit modification means a revision to a Title V operating permit that cannot be accomplished under the provisions for administrative permit amendments found at rule 567—22.111(455B). A permit modification for purposes of the acid rain portion of the permit shall be governed by the regulations pertaining to acid rain found at rules 567—22.120(455B) to 567—22.147(455B). This definition of “permit modification” shall be used solely for purposes of this chapter governing Title V operating permits.

  • Contract Modification means any changes in the terms or provisions of the Contract which are reduced to writing and fully executed by both parties.

  • Major modification means any physical change in or change in the method of operation of a major stationary source that would result in a significant emissions increase of a regulated NSR pollutant and a significant net emissions increase of that pollutant from the major stationary source.

  • Minor modification means a modification that does not significantly alter the nongovernmental function or purpose of the software or is of the type customarily provided in the commercial marketplace.

  • Material Modification means any modification to an Interconnection Request that has a material adverse effect on the cost or timing of Interconnection Studies related to, or any Network Upgrades or Local Upgrades needed to accommodate, any Interconnection Request with a later Queue Position.

  • Substantial modification means modification of a relevant source that results in a significant increase in emissions, excluding any change in emissions resulting from by-product recovery. It shall be a matter for the Party to decide whether a modification is substantial or not;

  • Significant Modification As defined in Section 3.25.

  • Material Modifications means any modifications to the material related party transactions which were approved by the Audit Committee or Shareholders during the year which will change the complete nature of the transaction and in case of monetary thresholds which is in excess of 10% of the originally approved transaction, in case of exigencies only.

  • Basic Terms Modification means any proposal:

  • Required Modification shall have the meaning specified in Section 8.1 of the Facility Lease.

  • Permitted Modification shall have the meaning ascribed thereto in Section 4.02.

  • Investment Strategy Modification means with respect to an Investment Strategy, the Portfolio Administrator makes operational adjustments to the Investment Strategy to ensure that, so far as possible, the basic principles and economic effect of the Investment Strategy are maintained or any material modification to the Investment Strategy or its implementation by the Portfolio Administrator.

  • Loan Modification Agreement means a Loan Modification Agreement, in form reasonably satisfactory to the Administrative Agent, among the Borrower, the Administrative Agent and one or more Accepting Lenders, effecting one or more Permitted Amendments and such other amendments hereto and to the other Loan Documents as are contemplated by Section 2.24.

  • Index Modification means in respect of an Index, the Index Sponsor announces that it shall make a material change in the formula for or the method of calculating that Index or in any other way materially modifies that Index (other than a modification prescribed in that formula or method to maintain that Index in the event of changes in constituent stock and capitalisation and other routine events).

  • Permitted Modifications As defined in Section 2.02(a) of the Servicing Agreement.

  • PAL major modification means, notwithstanding the definitions for major modification and net emissions increase in 326 IAC 2-2-1, any physical change in or change in the method of operation of the PAL source that causes it to emit the PAL pollutant at a level equal to or greater than the PAL.

  • Modification means (i) a change to the delivered source code or metadata; or (ii) any development, other than a change to the delivered source code or metadata, that customizes, enhances, or changes existing functionality of the Software including, but not limited to, the creation of any new application program interfaces, alternative user interfaces or the extension of SAP data structures; or (iii) any other change to the Software (other than an Add-on) utilizing or incorporating any SAP Materials (defined below).

  • Cross-Series Modification means a modification involving (i) the Bonds or any agreement governing the issuance or administration of the Bonds, and (ii) the debt securities of one or more other series or any agreement governing the issuance or administration of such other debt securities.

  • Modification Guidelines has the meaning provided in Section 2.1(a) of this Single Family Shared-Loss Agreement.

  • Servicing Modification Any reduction of the interest rate on or the outstanding principal balance of a Mortgage Loan, any extension of the final maturity date of a Mortgage Loan, and any increase to the outstanding principal balance of a Mortgage Loan by adding to the Stated Principal Balance unpaid principal and interest and other amounts owing under the Mortgage Loan, in each case pursuant to a modification of a Mortgage Loan that is in default, or for which, in the judgment of the Master Servicer, default is reasonably foreseeable in accordance with Section 3.07(a).

  • CREFC® Modification Posting Instructions Template A report substantially in the form of, and containing the information called for in, the downloadable form of the “Modification Posting Instructions Template” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

  • Excess Modification Fees With respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), the sum of (A) the excess of (i) any and all Modification Fees with respect to any modification, waiver, extension or amendment of any of the terms of a Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), over (ii) all unpaid or unreimbursed Advances and Additional Trust Fund Expenses (including, without limitation, interest on unreimbursed Advances to the extent not otherwise paid or reimbursed by the related Mortgagor (including indirect reimbursement from Penalty Charges or otherwise), but excluding (1) Special Servicing Fees, Workout Fees and Liquidation Fees and (2) Borrower Delayed Reimbursements) outstanding or previously incurred hereunder with respect to the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) and reimbursed from such Modification Fees (which such Advances and Additional Trust Fund Expenses shall be reimbursed from such Modification Fees), and (B) Advances and Additional Trust Fund Expenses previously paid or reimbursed from Modification Fees as described in the preceding clause (A), which Advances and Additional Trust Fund Expenses have been recovered from the related Mortgagor as Penalty Charges, specific reimbursements or otherwise. All Excess Modification Fees earned by the Special Servicer shall offset any future Workout Fees or Liquidation Fees payable with respect to the related Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) or REO Property; provided that if the Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceases being a Corrected Loan, and is subject to a subsequent modification, any Excess Modification Fees earned by the Special Servicer prior to such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceasing to be a Corrected Loan shall no longer be offset against future Liquidation Fees and Workout Fees unless such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) ceased to be a Corrected Loan within 18 months of it becoming a modified Serviced Mortgage Loan (or modified Serviced Loan Combination, if applicable). If such Mortgage Loan (or Serviced Loan Combination) ceases to be a Corrected Loan, the Special Servicer shall be entitled to a Liquidation Fee or Workout Fee (to the extent not previously offset) with respect to the new modification, waiver, extension or amendment or future liquidation of the Specially Serviced Loan or related REO Property (including in connection with a repurchase, sale, refinance, discounted or full payoff or other liquidation); provided that any Excess Modification Fees earned and paid to the Special Servicer in connection with such subsequent modification, waiver, extension or amendment (or, as contemplated by the preceding proviso, a prior modification, waiver, extension or amendment) shall be applied to offset such Liquidation Fee or Workout Fee to the extent described above. Within any prior 12-month period, all Excess Modification Fees earned by the Master Servicer or the Special Servicer (after taking into account any offset described above applied during such 12-month period) with respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) shall be subject to a cap equal to the greater of (i) 1% of the outstanding principal balance of such Serviced Mortgage Loan (or Serviced Loan Combination, if applicable) after giving effect to such transaction, and (ii) $25,000.

  • CREFC® Loan Modification Report Template A report substantially in the form of, and containing the information called for in, the downloadable form of the “Loan Modification Report Template” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

  • Modification Loss A decrease in the total payments due from a Borrower as a result of a modification of such Mortgage Loans following a default or reasonably expected default thereon. If a Modification Loss results in a decrease in the Note Rate of a Mortgage Loan, such Modification Loss shall be treated as occurring on each Due Date to the extent of such decrease.

  • CREFC® Assumption Modification Posting Instructions Template A report substantially in the form of, and containing the information called for in, the downloadable form of the “Assumption Modification Posting Instructions Template” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing such additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions generally.

  • Unilateral Change Order (ULCO means a Change Order issued by Owner without the complete agreement of Contractor, as to cost and/or time.