Modification of Underwriting Guidelines Sample Clauses
The "Modification of Underwriting Guidelines" clause establishes the right or process for changing the rules and criteria used to assess and approve insurance applications or risks. Typically, this clause outlines who has the authority to make such changes, how notice of modifications will be provided, and whether existing policies are affected by new guidelines. For example, an insurer may update its underwriting standards to reflect new risk factors or regulatory requirements, and this clause would govern how those updates are implemented. Its core practical function is to provide flexibility for insurers to adapt their risk assessment processes over time, ensuring that underwriting practices remain current and effective in response to changing circumstances.
Modification of Underwriting Guidelines. The Loan Originator shall give the Initial Noteholder prompt written notification of any modification or change to the Underwriting Guidelines. If the Noteholder objects in writing to any modification or change to the Underwriting Guidelines within 15 days after receipt of such notice, no Loans may be conveyed to the Issuer pursuant to this Agreement unless such Loans have been originated pursuant to the Underwriting Guidelines without giving effect to such modification or change. Notwithstanding anything contained in this Agreement to the contrary, any Loan conveyed to the Issuer pursuant to this Agreement pursuant to a modification or change to the Underwriting Guidelines that has been rejected by the Initial Noteholder or which the Initial Noteholder did not receive notice of, such Loan shall be deemed an Unqualified Loan and be repurchased or substituted for in accordance with Section 3.06.
Modification of Underwriting Guidelines. Each Originator shall give the Note Purchaser prompt written notification of any modification or change to its Underwriting Guidelines; provided that if, within 15 Business Days after receipt of a copy thereof, the Note Purchaser informs such Originator that it disapproves of one or more of such proposed modifications, "Underwriting Guidelines" shall mean, for purposes of this Agreement and the other Basic Documents, the Underwriting Guidelines previously in effect, modified only to the extent of such modifications as (i) have not been disapproved by the Note Purchaser pursuant to this Section 8.09, unless the Note Purchaser consents in writing to any modification or change to such Underwriting Guidelines and (ii) such other modifications which constitute non-substantive modifications and corrections. Notwithstanding anything contained in this Agreement to the contrary, any Mortgage Loan conveyed to the Trust pursuant to this Agreement pursuant to underwriting guidelines that contain a modification or change to the Underwriting Guidelines that has been disapproved by the Note Purchaser, or which the Note Purchaser did not receive notice of (i.e., a Mortgage Loan that could not have been originated in compliance with the "Underwriting Guidelines," as defined in this Section 8.09), shall be deemed a Defective Mortgage Loan and be purchased or substituted for in accordance with Section 4.02(b) hereof.
Modification of Underwriting Guidelines. The Loan Originator shall give the Initial Noteholder prompt written notification of any material modification or change to the Underwriting Guidelines.
Modification of Underwriting Guidelines. The Servicer shall give the Initial Noteholder prompt written notification of any material modification or change to the Underwriting Guidelines.
Modification of Underwriting Guidelines. The Loan Originator shall give the Initial Class A Certificateholder prompt written notification of any modification or change to the Underwriting Guidelines.