CHANGES TO AGREED PROCEDURES Clause Samples
The "Changes to Agreed Procedures" clause defines the process by which parties can modify the operational methods or protocols previously established in their agreement. Typically, this clause outlines the requirements for proposing, reviewing, and approving any changes, such as requiring written consent from all parties or specifying a notice period before changes take effect. Its core function is to provide a clear and mutually accepted mechanism for adapting procedures as circumstances evolve, thereby reducing the risk of disputes and ensuring that all parties remain aligned on how the agreement is implemented.
CHANGES TO AGREED PROCEDURES. The Trust Manager must from time to time give to the Mortgage Manager a copy of any changes or proposed changes to the Agreed Procedures. Any such change will become effective and binding upon the Mortgage Manager on the date specified by the Trust Manager in writing at the time it gives notification of the changes or proposed changes, which must not be less than three Banking Days after the date of notification. Until so effective, the Agreed Procedures as notified to the Mortgage Manager most recently prior to that time shall continue to be binding on the Mortgage Manager.
CHANGES TO AGREED PROCEDURES. Either party (the "proposer") may at any time make proposals to the other party (the "recipient") for changing the Agreed Procedures. The recipient must consult with the proposer in good faith with a view to agreeing to the proposal. If the proposer is the Master Servicer, the Trustee must agree to the changes proposed unless the Trustee reasonably considers that the changes would:
(a) adversely affect the interests of the Bondholders or the Beneficiary of any Fund;
(b) be inconsistent with the provisions of any Transaction Document;
(c) cause the credit rating assigned to any Bonds issued by the Trustee to be downgraded by any Designated Rating Agency;
(d) increase the cost to the Trustee of complying with its obligations under the Transaction Documents; or
(e) increase the nature or extent of the Trustee's obligations under the Transaction Documents.