1. A computer program product for facilitating processing in a computing environment, said computer program product comprising: a non-transitory computer readable storage medium readable by a processing circuit and storing instructions for execution by the processing circuit for performing a method comprising: executing, by a processor, an application; determining that a defined event has occurred; based on determining that the defined event has occurred, transferring control to a component of the computing environment to perform one or more modifications to provide modified code of the application, wherein the application comprises the modified code and unmodified code, the modified code being stored in separate memory regions different from the memory regions storing the unmodified code, wherein the unmodified code comprises original code corresponding to the modified code, and wherein the transferring control comprises using an event based branch to transfer to an address specified by the processor based on occurrence of the defined event, the address corresponding to an instruction to be performed by the component to perform the one or more modifications; receiving control back at the processor from the component based on providing the modified code to continue executing the application; continuing to execute the application, wherein the continuing comprises executing the modified code; based on executing the modified code, gaining access to a target address register that specifies an address to which control is to be transferred; and based on branching to the address, receiving control back at the unmodified code and continuing to execute the application by executing the unmodified code.