Mortgage Loan Modifications definition

Mortgage Loan Modifications. Any Mortgage Loan that was "significantly modified" prior to the Closing Date so as to result in a taxable exchange under Section 1001 of the Code either (a) was modified as a result of the default under such Mortgage Loan or under circumstances that made a default reasonably foreseeable or (b) satisfies the provisions of either clause (a)(i) of paragraph 19 (substituting the date of the last such modification for the date the Mortgage Loan was originated) or clause (a)(ii) of paragraph 19, including the proviso thereto.
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Examples of Mortgage Loan Modifications in a sentence

  • There shall be no pyramiding of overtime as a result of any provisions in this Agreement.

  • Notwithstanding the foregoing and anything to the contrary herein, Buyer hereby grants to Seller a revocable option (a “Revocable Option”) to direct Buyer with respect to the exercise of all voting and corporate rights with respect to each Purchased Mortgage Loan and to vote, take corporate actions, service and exercise any rights in connection with each Purchased Mortgage Loan including the effectuation of Permitted Purchased Mortgage Loan Modifications, if applicable.

Related to Mortgage Loan Modifications

  • Balloon Mortgage Loan A Mortgage Loan that provides for the payment of the unamortized principal balance of such Mortgage Loan in a single payment at the maturity of such Mortgage Loan that is substantially greater than the preceding monthly payment.

  • Pool 1 Mortgage Loans Any Mortgage Loan in Pool 1.

  • Second Lien Mortgage Loan A Mortgage Loan secured by a second lien Mortgage on the related Mortgaged Property.

  • PMI Mortgage Loans The list of Mortgage Loans insured by the PMI Insurer attached hereto as Schedule II.

  • Mortgage Loan Package Each pool of Mortgage Loans, which shall be purchased by the Purchaser from the Seller from time to time on each Closing Date.