Loan Modifications Clause Samples
The Loan Modifications clause outlines the terms and procedures under which the original terms of a loan agreement may be changed. This can include adjustments to the interest rate, repayment schedule, or other key provisions, typically requiring mutual consent from both the lender and the borrower. By establishing a clear process for making changes, this clause provides flexibility to adapt to changing circumstances and helps prevent disputes by ensuring that any modifications are formally agreed upon and documented.
Loan Modifications. (a) The Borrower may, by written notice to the Administrative Agent from time to time, make one or more offers (each, a “Loan Modification Offer”) to all Lenders of one or more Classes of Loans and/or Commitments (each Class and/or Commitment subject to such a Loan Modification Offer, an “Affected Class”) to make one or more Permitted Amendments (as defined in paragraph (c) below) pursuant to procedures reasonably specified by the Administrative Agent and reasonably acceptable to the Borrower. Such notice shall set forth (i) the terms and conditions of the requested Permitted Amendment and (ii) the date on which such Permitted Amendment is requested to become effective (which shall not be less than 10 Business Days nor more than 30 Business Days after the date of such notice, unless otherwise agreed by the Administrative Agent). Permitted Amendments shall become effective only with respect to the Loans and Commitments of the Lenders of the Affected Class that accept the applicable Loan Modification Offer (such Lenders, the “Accepting Lenders”) and, in the case of any Accepting Lender, only with respect to such Lender’s Loans and Commitments of the applicable Affected Class.
(b) The Borrower and each Accepting Lender shall execute and deliver to the Administrative Agent a loan modification agreement (each, a “Loan Modification Agreement”) and such other documentation as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted Amendments and the terms and conditions thereof. The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Loan Modification Agreement. Each of the parties hereto hereby agrees that, upon the effectiveness of any Loan Modification Agreement, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Permitted Amendment evidenced by such Loan Modification Agreement and only with respect to the Loans and Commitments of the Accepting Lenders of the Affected Class (including any amendments necessary to treat the Loans of the Accepting Lenders of the Affected Class as a class of Loans). Notwithstanding the foregoing, no Permitted Amendment shall become effective unless the Administrative Agent, to the extent reasonably requested by the Administrative Agent, shall have received legal opinions, board resolutions, officer’s certificates and other documentation reasonably requested by it consistent with th...
Loan Modifications. Unless advance written approval is provided by, or obtained from, the Company, the Insured may not make any change in the terms of a Loan, including the borrowed amount, interest rate, term or amortization schedule of the Loan, except as permitted by terms of the Loan; nor make any change in the Property or other collateral securing the Loan; nor release the Borrower from liability on a Loan; nor subordinate the Second Deed of Trust.
Loan Modifications. Any modification to the terms of the DOT OSDBU guarantee agreement must have prior written approval of the Director, and executed in writing as an Addendum to the original guar- ▇▇▇▇▇ agreement.
Loan Modifications. Associate-Licensee is NOT allowed to help their clients with a loan modification in any way. This includes, but is not limited to:
1. Representing them as your clients with a loan modification company.
2. Calling a loan modification company on their behalf.
3. Referring them to a loan modification company.
4. Getting paid by a loan modification company.
5. Helping them in any way with a loan modification.
6. Receiving advance payments of any kind. The Premier Realty Associates E&O policy does not cover loan modifications.
Loan Modifications. (a) CitiMortgage may agree with any mortgagor to modify or waive any provision of a mortgage loan if the modification or waiver does not · affect the amount or timing of any payment of principal or interest on the mortgage loan, · in CitiMortgage’s judgment, materially impair the security for, or reduce the likelihood of timely payment of amounts due on, the mortgage loan, or · otherwise constitute a “significant modification” within the meaning of Treasury Regulations Section 1.860G-2(b).
(b) Notwithstanding the preceding section (a), CitiMortgage may agree with any mortgagor to modify or waive any provision of a mortgage loan if · the mortgage loan is in default or, in CitiMortgage’s judgment, default is reasonably foreseeable, or · CitiMortgage delivers to the Trustee an opinion of counsel to the effect that the modification or waiver will not affect the REMIC status of any REMIC. A loan modification may · extend the maturity of the mortgage loan, but not beyond the last scheduled distribution day for the certificates related to the pool containing the mortgage loan, · postpone any payment of principal or interest, · reduce the outstanding principal balance of the mortgage loan, including forgiving all or part of previously scheduled principal payments not made by the mortgagor, · reduce the interest payable on the mortgage loan, including forgiving all or part of previously scheduled interest payments not made by the mortgagor, or · increase the principal balance of the mortgage loan by part or all of the amount of any unreimbursed servicing advances (such increase being a capitalized reimbursement amount). If a mortgage loan is modified by reduction of the principal balance of the mortgage loan, the amount of the reduction will be a realized loss, allocated between the target rate and PO strips in the same percentage as the loan was allocated immediately prior to the modification; if voluntary advances were made on the mortgage loan to the full amount of scheduled monthly loan payments, the realized loss will be the difference between the principal balance of the modified mortgage loan and the scheduled principal balance of the mortgage loan before modification.
(c) CitiMortgage may not agree with a mortgagor to modify or waive a provision of a mortgage loan under the preceding section (b) unless CitiMortgage reasonably determines that the mortgagor can make scheduled monthly loan payments on the modified loan, and the modification · is in the best in...
Loan Modifications. Upon the Modification Effectiveness Time, the Loan Agreement and the other Loan Documents shall be modified as follows:
(a) The following additional defined terms are hereby added to the Loan Agreement, in proper alphabetical order:
Loan Modifications. The Borrower, the Guarantor and the Lender hereby acknowledge and agree:
(a) The Maturity Date of the Loan (defined in Paragraph 3(b) thereof) is hereby extended to January 1,
Loan Modifications. Upon the satisfaction of the Conditions set forth in Section 1:
a. Section 5 of the Loan Agreement is deleted and is replaced with the following revised Section 5:
Loan Modifications a. The Servicer may, only with prior consent from Angel Oak, waive, modify or vary any term of any Mortgage Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Servicer’s determination such waiver, modification, postponement or indulgence is not materially adverse to Angel Oak or the related Investor (a “Modification”). The Servicer shall provide to Angel Oak, with regard to such waivers, modifications, postponements or indulgences, monthly reporting in a form to be agreed upon by Angel Oak and the Servicer.
b. Notwithstanding the foregoing, the Servicer shall not waive any Prepayment Penalty or portion thereof unless (i) the enforceability thereof shall have been limited by bankruptcy, insolvency, moratorium, receivership or other similar laws relating to creditors’ rights generally or is otherwise prohibited by law, or (ii) the enforceability thereof shall have been permanently limited due to acceleration in connection with a foreclosure or other involuntary payment or (iii) in the Servicer’s reasonable judgment, (x) such waiver relates to a default or a reasonably foreseeable default, (y) such waiver would maximize recovery of total proceeds taking into account the value of such Prepayment Penalty and related Mortgage Loan and (z) doing so is standard and customary in servicing Mortgage Loans (including any waiver of a Prepayment Penalty in connection with a refinancing of a Mortgage Loan that is related to a default or reasonably foreseeable default) or (iv) in the reasonable judgment of the Servicer, such Prepayment Penalty is not in full compliance with applicable state or federal laws and regulations or (v) the Servicer is unable to locate documentation sufficient to allow it to confirm the existence and amount of such Prepayment Penalty after using commercially reasonable efforts to locate such documentation. Except as provided in the preceding sentence, in no event will the Servicer waive a Prepayment Penalty in connection with a refinancing of a Mortgage Loan that is not related to a default or a reasonably foreseeable default. The Servicer will review the Mortgage Note and any rider or addendum thereto, if available, prior to enforcing any Prepayment Penalty to verify the terms thereof.