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.
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.