Common use of Modification of Components Clause in Contracts

Modification of Components. Lender shall have the right, at Lender's sole cost (other than each Borrower's internal costs and expenses and the costs and expenses of the Borrowers' counsel), any time prior to a Securitization, to modify the Loan in order to create additional components, reduce the number of Components, reallocate the principal balances of the Components, change the Interest Rates of the Components or eliminate the component structure of the Loan provided that as of the effective date of such modification (i) the total principal balance of the Loan equals the outstanding principal balance of the Loan immediately prior to such modification, (ii) the aggregate monthly interest payment does not exceed the aggregate monthly amount of the interest payment required prior to such modification and (iii) the aggregate monthly principal amortization does not exceed the aggregate monthly principal amortization required prior to such modification. Lender shall have the right to modify the Components in accordance with this Section 2.1.(D) upon notice to Borrower (in which event such modification shall then be deemed effective). If requested by Lender, Borrower shall promptly execute an amendment to this Agreement and the Note to evidence such modification.