Common use of Workout Clause in Contracts

Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest or principal on Note A-0-X, Xxxx X-0-X, Xxxx X-0-X0, Note A-2-A2, Note A-0-X, Xxxx X-0, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B or Note A-6 are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the equal priorities of Note A-0-X, Xxxx X-0-X, Xxxx X-0-X0, Note A-2-A2, Note A-0-X, Xxxx X-0, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B and Note A-6 as described in Section 3.

Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest or principal on Note A-0X-0-X, Xxxx X-0-X, Xxxx X-0-X0, Note A-2-A2, Note A-0X-0-X, Xxxx X-0, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B or Note A-6 are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the equal priorities of Note A-0X-0-X, Xxxx X-0-X, Xxxx X-0-X0, Note A-2-A2, Note A-0X-0-X, Xxxx X-0, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B and Note A-6 as described in Section 3.

Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and Section 13 of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest or principal on Note A-1-A, Note A-0-X, Xxxx X-0-X, Xxxx X-0-X0X, Note A-2-A2Xxxx X-0, Note A-0-X, Xxxx X-0-X, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B Xxxx X-0 or Note A-6 are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to preserve, the equal priorities of Note A-0A-1-XA, Xxxx X-0Note A-1-X, Xxxx X-0-X0B, Note A-2-A2A, Note A-0A-2-XB, Xxxx X-0Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B A-5 and Note A-6 as described in Section 3.