Reversed Credit Event Reference Obligation definition

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.
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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 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
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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.
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Examples of Reversed Credit Event Reference Obligation in a sentence

  • With respect to any Credit Event Reference Obligation, there can only be one occurrence of a Credit Event; provided, that one additional separate Credit Event can occur with respect to each instance of such Credit Event Reference Obligation becoming a Reversed Credit Event Reference Obligation.

  • With respect to any Credit Event Reference Obligation, there can only be one occurrence of a Credit Event; provided, however, that one additional separate Credit Event can occur with respect to each instance of such Credit Event Reference Obligation becoming a Reversed Credit Event Reference Obligation.

  • With respect to any Credit Event Reference Obligation, there can only be one occurrence of a Credit Event; provided that one additional separate Credit Event can occur with respect to each instance of such Credit Event Reference Obligation becoming a Reversed Credit Event Reference Obligation.

  • With respect to any Credit Event Reference Obligation, there can only be one occurrence of a Credit Event; provided, however, that one additional separateCredit Event can occur with respect to each instance of such Credit Event Reference Obligation becoming a Reversed Credit Event Reference Obligation.

  • With respect to any Credit Event Reference Obligation, there can only be one occurrence of a Credit Event; p rovided, h owever, that one additional separate Credit Event can occur with respect to each instance of such Credit Event Reference Obligation becoming a Reversed Credit Event Reference Obligation.

  • With respect to any Credit Event Reference Obligation, there can only be one occurrence of a Credit Event; provided, h owever, that one additional separate Credit Event can occur with respect to each instance of such Credit Event Reference Obligation becoming a Reversed Credit Event Reference Obligation.


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 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
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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,
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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 Mae 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.
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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 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.
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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) Xxxxxx Mae 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.
Sample 1
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).
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Related to Reversed Credit Event Reference Obligation

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

  • Reference Obligations The residential mortgage loans identified on xxxx://xxx.xxxxxxxxxx.xxx/creditriskofferings/security_data.html. Reference Pool: All of the Reference Obligations, collectively.

  • Credit Event UPB means, with respect to any Credit Event Reference Obligation, the unpaid principal balance thereof as of the end of the Reporting Period related to the Payment Date that it became a Credit Event Reference Obligation.

  • Credit Event Amount With respect to each Payment Date, the aggregate amount of the Credit Event UPBs of all Credit Event Reference Obligations for the related Reporting Period.

  • Discharge of Credit Agreement Obligations means, with respect to any Shared Collateral, the Discharge of the Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such Credit Agreement Obligations with additional First Lien Obligations secured by such Shared Collateral under an Additional First Lien Document which has been designated in writing by the Administrative Agent (under the Credit Agreement so Refinanced) to the Additional First Lien Collateral Agent and each other Authorized Representative as the “Credit Agreement” for purposes of this Agreement.

  • Credit Event Net Loss With respect to any Credit Event Reference Obligation, an amount equal to the excess, if any, of (a) the sum of: (i) the related Credit Event UPB; (ii) the total amount of prior principal forgiveness modifications, if any, on the related Credit Event Reference Obligation; and (iii) delinquent accrued interest thereon, calculated at the related Current Accrual Rate from the related last paid interest date through the date Freddie Mac determines such Reference Obligation has been reported as a Credit Event Reference Obligation, over (b) the related Net Liquidation Proceeds.

  • Credit Event Net Gain With respect to any Credit Event Reference Obligation, an amount equal to the excess, if any, of (a) the related Net Liquidation Proceeds; over (b) the sum of (i) the related Credit Event UPB; (ii) the total amount of prior principal forgiveness modifications, if any, on the related Credit Event Reference Obligation; and (iii) delinquent accrued interest thereon, calculated at the related Current Accrual Rate from the related last paid interest date through the date Freddie Mac determines such Reference Obligation has been reported as a Credit Event Reference Obligation.

  • Tax Event Repayment Date means the date set out in a notice from the Issuer to the Bondholders pursuant to Clause 10.4 (Early redemption option due to a tax event).

  • Credit Agreement Obligations means the “Obligations” as defined in the Credit Agreement.

  • Letter of Credit Default means with respect to a Letter of Credit, the occurrence of any of the following events: