Reversed Credit Event Reference Obligation. With respect to any Payment Date means 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 Xxxxxxx Mac’s quality control process, to have an Underwriting Defect or a data correction that invalidates the previously determined Credit Event.
Reversed Credit Event Reference Obligation means, with respect to each Payment Date is a Reference Obligation formerly in the Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period and with respect to which (i) the related loan seller or servicer repurchases the Reference Obligation, enters into a full indemnification agreement with Fannie Mae or provides a fee in lieu of repurchase for the Reference Obligation, (ii) the party responsible for the representations and warranties with respect to the Reference Obligation was granted relief by Fannie Mae from liability for potential breaches of specified Eligibility Defects at the time Fannie Mae acquired the Reference Obligation and an Eligibility Defect is identified that could otherwise have resulted in a repurchase but for the aforementioned relief, provided that the Eligibility Defect is identified on or before the 36th month following the date of Fannie Mae's acquisition of the Reference Obligation, (iii) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation
Reversed Credit Event Reference Obligation means, with respect to any Premium 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 the Insured's quality control process, to have an Underwriting Defect, Major Servicing Defect or a data correction that invalidates the previously determined Credit Event.
More Definitions of Reversed Credit Event Reference Obligation
Reversed Credit Event Reference Obligation means, with respect to each Payment Date is a Reference Obligation formerly in the Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period and with respect to which (i) the related loan seller or servicer repurchases the Reference Obligation, enters into a full indemnification agreement with Xxxxxx Mae or provides a fee in lieu of repurchase for the Reference Obligation, (ii) the party responsible for the representations and warranties with respect to the Reference Obligation was granted relief by Xxxxxx Xxx from liability for potential breaches of specified Eligibility Defects at the time Xxxxxx Mae acquired the Reference Obligation and an Eligibility Defect is identified that could otherwise have resulted in a repurchase but for the aforementioned relief, provided that the Eligibility Defect is identified on or before the 36th month following the date of Xxxxxx Mae's acquisition of the Reference Obligation, (iii) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation
Reversed Credit Event Reference Obligation means, with respect to any Payment Date and Loan Group, a Reference Obligation in the related Loan Group that was formerly in the Reference Pool and that became a Credit Event Reference Obligation in a prior Reporting Period and with respect to which (i) the related loan seller or servicer repurchases the Reference Obligation, enters into a full indemnification agreement with Xxxxxx Xxx with respect to the Reference Obligation or provides a make-whole payment with respect to the Reference Obligation, (ii) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation declares bankruptcy or is put into receivership after Xxxxxx Mae has requested that it repurchase such Reference Obligation,
Reversed Credit Event Reference Obligation means, with respect to each Payment Date is a Reference Obligation formerly in the Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period and with respect to which (i) the related loan seller or servicer repurchases the Reference Obligation, enters into a full indemnification agreement with Xxxxxx Xxx or provides a fee in lieu of repurchase for the Reference Obligation, (ii) the party responsible for the representations and warranties with respect to the Reference Obligation was granted relief by Xxxxxx Mae from liability for potential breaches of specified Eligibility Defects at the time Xxxxxx Xxx acquired the Reference Obligation and an Eligibility Defect is identified that could otherwise have resulted in a repurchase but for the aforementioned relief; provided that the Eligibility Defect is identified on or before the thirty-sixth (36th) month following the date of Xxxxxx Mae's acquisition of the Reference Obligation, (iii) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation (A) has declared bankruptcy or has been put into receivership or (B) has otherwise been relieved of such obligations or liabilities by operation of law or by agreement, and an Eligibility Defect is identified that could otherwise have resulted in a repurchase or (iv) Xxxxxx Xxx determines that as a result of a data correction, the Reference Obligation does not meet certain Eligibility Criteria.
Reversed Credit Event Reference Obligation means, with respect to each Payment Date is a Reference Obligation formerly in the Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period and with respect to which (i) the related loan seller or servicer repurchases the Reference Obligation, enters into a full indemnification agreement with
Reversed Credit Event Reference Obligation means, with respect to any Payment Date and Loan Group, a Reference Obligation in the related Loan Group that was formerly in the Reference Pool and that became a Credit Event Reference Obligation in a prior Reporting Period and with respect to which (i) the related loan seller or servicer repurchases the Reference Obligation, enters into a full indemnification agreement with Xxxxxx Mae with respect to the Reference Obligation or provides a make-whole payment with respect to the Reference Obligation, (ii) Xxxxxx Xxx determines that the Reference Obligation does not meet certain Eligibility Criteria as the result of a data correction, or (iii) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation declares bankruptcy or is put into receivership after Xxxxxx Mae has requested that it repurchase such Reference Obligation.
Reversed Credit Event Reference Obligation means, with respect to any Payment Date, a Reference Obligation formerly in the Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period and with respect to which (i) the related loan seller or servicer repurchases the Reference Obligation, enters into a full indemnification agreement with Xxxxxx Xxx with respect to the Reference Obligation or provides a make-whole payment with respect to the Reference Obligation, (ii) Xxxxxx Xxx determines that the Reference Obligation does not meet certain Eligibility Criteria as the result of a data correction, or (iii) the party responsible for the representations and warranties and/or servicing obligations or liabilities with respect to the Reference Obligation declares bankruptcy or is put into receivership after Xxxxxx Xxx has requested that it repurchase such Reference Obligation.
Reversed Credit Event Reference Obligation means, with respect to any Payment Date and each Reference Pool, (i) any Reference Obligation formerly in a Reference Pool that became a Credit Event Reference Obligation in a prior Reporting Period and (ii) any mortgage loan that was included in such Reference Pool but became a "Credit Event Reference Obligation" (as such term is defined in the related Legacy Prospectus) prior to the Cut-off Date and with respect to which "Net Liquidation Proceeds" have already been determined, in each case as to which there occurs an event set forth under the definition of "Reversed Credit Event Reference Obligation" (as such term is defined in the related Legacy Prospectus).