Waivers, Modifications and Extensions; Subordination Clause Samples

Waivers, Modifications and Extensions; Subordination. The Servicer shall make reasonably diligent efforts to collect all payments called for under the terms and provisions of the Home Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow Accepted Servicing Procedures. The Servicer may in its discretion waive or permit to be waived any penalty interest or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation and extend the Due Date on a Debt Instrument for a period (with respect to each payment as to which the Due Date is extended) not greater than 90 days after the initially scheduled due date for such payment. Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence unless the Home Loan is a Defaulted Home Loan. The Servicer may in its discretion enter in subordination agreements with respect to any Home Loan, provided that the Servicer determines, consistent with this Agreement and Accepted Servicing Procedures that the entering into of such subordination agreement is in the best interests of the Grantor Trust.
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Waivers, Modifications and Extensions; Subordination. The Servicer shall make reasonably diligent efforts to collect all payments called for under the terms and provisions of the Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow the Servicing Standard. The Servicer may in its discretion waive or permit to be waived any penalty interest or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation and extend the Due Date on a Promissory Note for a period (with respect to each payment as to which the Due Date is extended) not greater than 90 days after the initially scheduled due date for such payment. Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Loan other than that permitted by the immediately preceding sentence unless the Loan is a Defaulted Loan. The Servicer may in its discretion enter in subordination agreements with respect to any Loan, provided that the Servicer determines, consistent with this Agreement and the Servicing Standard that the entering into of such subordination agreement is in the best interests of the Trust; provided further, that the Servicer shall not enter into such a subordination agreement with respect to any Mortgage Loan if, after giving effect to such agreement, such Mortgage Loan would fail to constitute a real estate asset, as described in Section 856 of the Code. The Servicer shall provide written notice to the Initial Noteholder prior to entering into any agreement to modify the terms of any Loan after the Transfer Date with respect thereto, including, without limitation, any cross-default or cross-collateralization provisions with respect thereto.
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Waivers, Modifications and Extensions; Subordination. In accordance with the servicing standard in SECTION 4.01(A), the Servicer shall collect all payments called for under the terms and provisions of the Home Loans. The Servicer in its discretion may waive or permit to be waived any penalty interest or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation and extend the Due Date on a Debt Instrument for a period (with respect to each payment as to which the Due Date is extended) not greater than 90 days after the initially scheduled Due Date for such payment. Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence, unless the Home Loan is a Defaulted Home Loan. (See SECTION 4.10 hereof for a description of the recovery procedures for Defaulted Home Loans.) The Servicer may in its discretion enter in subordination agreements with respect to any Home Loan, PROVIDED that the Servicer determines, consistent with this Agreement and the Accepted Servicing Procedures, that the entering into of such subordination agreement is in the best interests of the Grantor Trust. The Servicer may grant a waiver or enter into a subordination agreement with respect to the refinancing of the indebtedness secured by a Superior Lien on the related Property, PROVIDED that the Obligor is in a better financial or cash flow position as a result of such refinancing, which may include a reduction in the Obligor's scheduled monthly payment on the indebtedness secured by such Superior Lien or the conversion of an adjustable rate loan into a new fixed rate loan. The Servicer shall notify the Master Servicer, the Grantor Trustee and the Indenture Trustee of any modification, waiver or amendment of any provision of any Home Loan and the date thereof, and shall deliver to the applicable Custodian for deposit in the related Grantor Trustee's Home Loan File, a true and correct copy or, if available, an original of the agreement relating to such modification, waiver or amendment promptly following the execution thereof.
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Related to Waivers, Modifications and Extensions; Subordination

  • Amendments, Modifications and Waivers No amendment, modification or waiver in respect of this Agreement shall be effective against any party unless it shall be in writing and signed by Parent, the Company and Stockholder.

  • Amendments; Waivers; Modifications This Security Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged or terminated except as set forth in Section 9.1 of the Credit Agreement.

  • Modifications, Amendments and Waivers This Agreement may not be modified or amended, or any provision thereof waived, except in a writing signed by all the parties to this Agreement.

  • Modifications and Waivers No provision of this Agreement shall be modified, waived or discharged unless the modification, waiver or discharge is agreed to in writing and signed by the Executive and by an authorized officer of the Company (other than the Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be considered a waiver of any other condition or provision or of the same condition or provision at another time.

  • Waivers and Extensions Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts.