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 and (prior to the occurrence of a Lead Securitization) Exhibit D 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 any Note 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 the Notes 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 and (prior to the occurrence of a the Lead Securitization) Exhibit D 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 any Note 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 the Notes 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 and (prior to the occurrence of a Lead Securitization) Exhibit D 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 a Mortgage Loan, modifies the terms thereof such that (i) the Mortgage Loan Principal Balance of such Mortgage Loan is decreased, (ii) the Mortgage Interest Rate of such Mortgage Loan is reduced, (iii) payments of interest or principal on any applicable Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the such Mortgage Loan, such modification shall not alter, and any modification of the applicable Mortgage Loan Documents shall be structured to preserve, the equal priorities of the applicable Notes as described in Section 3.