Common use of Loan Modification Clause in Contracts

Loan Modification. Any material change or modification of the terms of the Loan including but not limited to, the borrowed amount, interest rate, term or amortization schedule, excepting such modifications as may be specifically provided for in the Loan documents, and permitted without further approval or consent of the Insured.

Loan Modification. Any material change or modification of the terms of the Loan including but not limited to, the borrowed amount, interest rate, term or amortization schedule. For the purposes of this definition, excepting such a Loan Modification shall not include any modifications as may be specifically provided for in the Loan documents, and that are permitted without further approval or consent of the Insured.