Modification definition
Examples of Modification in a sentence
Neither the Servicer nor the Special Servicer will be in violation of the Servicing Standard for approving or consummating any such modification or for servicing the related Loan in accordance with the terms of the Loan Documents as modified by such Criteria-Based Modification, Administrative Modification or any Loan-Level Benchmark Replacement Conforming Changes so long as it is otherwise performing in accordance with the Servicing Standard.
No Administrative Modification or Criteria-Based Modification shall constitute a Major Decision or be subject to consent and/or consultation rights under this Agreement.
The servicing practices described in the preceding sentence are herein referred to as the “Servicing Standard.” Notwithstanding the foregoing, (i) the effectuation of any Criteria-Based Modifications, (ii) any Administrative Modification and (iii) any Loan-Level Benchmark Conforming Changes shall not be subject to the Servicing Standard.
Notwithstanding the foregoing, any supplemental indenture to add or modify any of the provisions of this Indenture with respect to (a) the definitions of “Controlling Class,” “Majority” and “Supermajority” and (b) the Eligibility Criteria, the Acquisition Criteria or the Note Protection Tests, other than with respect to a Rating Agency Test Modification, shall require, in each case, the consent of the Holders of at least a Supermajority of the Notes of each Class.