Credit Event Reference Obligation definition

Credit Event Reference Obligation means, with respect to any Payment Date, any Reference Obligation with respect to which a Credit Event has occurred.

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Credit Event Reference Obligation. With respect to any Payment Date any Reference Obligation with respect to which a Credit Event has occurred.

Credit Event 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 ▇▇▇▇▇▇▇ Mac’s quality control process, to have an Underwriting Defect, Major Servicing Defect or a data correction that invalidates the previously determined Credit Event.

Examples of Credit Event Reference Obligation in a sentence

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 ▇▇▇▇▇▇▇ 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.
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.
In its sole discretion, ▇▇▇▇▇▇▇ 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 ▇▇▇▇▇▇▇ 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.
Recoveries on a Credit Event Reference Obligation will be allocated in accordance with the terms of the definitive loan documentation for such Reference Obligation.
If there is no Seller Final Amount with respect to such Credit Event Reference Obligation, the Seller Adjustment Amount shall be zero.
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 ▇▇▇▇▇▇▇ Mac to a Reporting Period that is after such Reference Obligation becomes 180 or more days delinquent, ▇▇▇▇▇▇▇ 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.
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.
If any Purchaser is the highest bidder, the Issuer will take into account such Purchaser's bid when determining the Final Loss Amount with respect to such Credit Event Reference Obligation in accordance with the terms of the CDS.

More Definitions of Credit Event Reference Obligation

Credit Event Reference Obligation means, with respect to any Premium Payment Date, any Reference Obligation with respect to which a Credit Event has occurred during the related Reporting Period.

Credit Event Reference Obligation. With respect to any Payment Date, any Reference Obligation in the Reference Pool with respect to which a Credit Event has occurred and is reported during the related Reporting Period; provided, however, that insofar as a Reference Obligation has an uncured, material breach of its representations and warranties in Appendix II, such Reference Obligation shall not become a Credit Event Reference Obligation.

Credit Event Reference Obligation shall have the meaning given to such term in the Reference Financial Guarantee.

Credit Event Reference Obligation. With respect to any Payment Date, any Reference Obligation with respect to which a Credit Event has occurred. Cumulative Net Credit Event Percentage: With respect to each Payment Date, a percentage equal to (i) the aggregate Credit Event Amount for such Payment Date and all prior Payment Dates less the aggregate Reversed Credit Event Amount for such Payment Date and all prior Payment Dates; divided by (ii) the aggregate unpaid principal balance of the Reference Obligations in the Reference Pool as of the Cut-off Date.