Waivers, Modifications and Extensions Clause Samples
Waivers, Modifications and Extensions. Consistent with the terms ------------------------------------- of this Agreement, the Servicer may waive, modify or vary any provision of any Home Loan or consent to the postponement of strict compliance with any such provision or in any manner grant indulgence to any Obligor if in the Servicer's reasonable determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Securityholders; provided, however, unless the Obligor is in default with respect to the Home Loan, or such default is, in the judgment of the Servicer, reasonably foreseeable, the Servicer may not permit any modification with respect to any Home Loan that would change the Home Loan Interest Rate, defer (subject to the following paragraph) or forgive the payment of any principal or interest (unless in connection with the liquidation of the related Home Loan) or extend the final maturity date on the Home Loan. The Servicer may grant a waiver or enter into a subordination agreement with respect to the refinancing of the indebtedness secured by a Superior Lien on the related Mortgaged Property, provided that the Obligor is in a better financial or cash flow position as a result of such refinancing, which may include a reduction in the Obligor's scheduled monthly payment on the indebtedness secured by such Superior Lien. The Servicer shall notify the Issuer and the Indenture Trustee of any modification, waiver or amendment of any provision of any Home Loan and the date thereof, and shall deliver to the Custodian for deposit in the related Indenture Trustee's Home Loan File, an original counterpart of the agreement relating to such modification, waiver or amendment promptly following the execution thereof. Notwithstanding the preceding provisions of this subsection (c), the Servicer may modify, vary or waive any defaulted Home Loan in a manner that in the reasonable judgment of the Servicer will be likely to maximize the net proceeds realizable from such defaulted Home Loan under the circumstances, including, without limitation, the deferment or forgiveness of any principal or interest payments due or to become due thereon; provided, however, that no such modification, waiver or variation of a Home Loan pursuant to this subsection (c) shall involve the execution by the related Obligor of a new Debt Instrument. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of each Home Loan and th...
Waivers, Modifications and Extensions. The Servicer shall make reasonably diligent efforts to collect all payments called for under the terms and provisions of the Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow Accepted Servicing Procedures. The Servicer may in its discretion waive or permit to be waived any penalty interest or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation and extend the Due Date on a Debt Instrument for a period (with respect to each payment as to which the Due Date is extended) not greater than 90 days after the initially scheduled due date for such payment. Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Loan other than that permitted by the immediately preceding sentence unless the Loan is a Defaulted Loan.
Waivers, Modifications and Extensions. The Servicer shall make ------------------------------------- reasonably diligent efforts to collect all payments called for under the terms and provisions of the Home Loans, and shall, to the extent such procedures shall be consistent with this Agreement, follow Accepted Servicing Procedures. The Servicer may in its discretion waive or permit to be waived any penalty interest or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation and extend the Due Date on a Debt Instrument for a period (with respect to each payment as to which the Due Date is extended) not greater than 90 days after the initially scheduled due date for such payment. Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence unless the Home Loan is a Defaulted Home Loan or, in the case of any FHA Loan, such extension or modification complies with the requirements of Title I or is required by Title I and such FHA Loan is a Defaulted Home Loan or a payment default is reasonably foreseeable by the Servicer.
Waivers, Modifications and Extensions. The Servicer shall make reasonably diligent efforts to collect all payments called for under the terms and provisions of the Mortgage
Waivers, Modifications and Extensions on the Series 200_-__ Lease Assets.
(a) The Servicer may, in its discretion and in accordance with its Customary Servicing Practices: (i) waive any late payment charge or penalty interest provision or any other provision of any Series 200_-__ Lease; (ii) extend the term of any Series 200_-__ Lease and/or the due date for any payment due from the Lessee thereunder; (iii) modify any provision of any Series 200_-__ Lease; (iv) accept extended performance under any Series 200_-__ Lease Asset; and (v) take any other action to waive, extend or modify any of the obligations of the Lessee under any Series 200_-__ Lease; provided, however, that the Servicer shall not grant any such waiver, extension or modification or take any other action if such waiver, extension, modification or other action would (A) impair the enforceable ownership interest of VAULT, the beneficial ownership interest of COLT, the Lien of the COLT 200_-__ Secured Noteholders in the related Vehicle or the Lien of the COLT Indenture Trustee for the ratable benefit of the COLT 200_-__ Secured Noteholders in such Series 200_-__ Lease, (B) reduce the aggregate dollar amount of the Monthly Lease Payments due under any Series 200_-__ Lease Asset, (C) extend the term of any Series 200_-__ Lease Asset beyond the last day of the sixth Collection Period immediately preceding the Final Maturity Date of the related COLT 200_-__ Secured Note, or (D) modify the amounts due from the Lessee upon the termination of any Series 200_-__ Lease, except that the Servicer may reduce the Lessee Purchase Amount under any Series 200_-__ Lease Asset to the extent that the Servicer has determined, in its discretion, that the reduction of such Lessee Purchase Amount is reasonably likely to maximize the Sale Proceeds received by the Servicer in connection with the sale or other liquidation of the related Vehicle; and provided, further, that the foregoing provisions shall not prohibit the Servicer's waiver of the Lessee's payment of one or more Monthly Lease Payments with respect to any Pull Ahead Lease Asset pursuant to a Pull Ahead Program in accordance with and upon full compliance by GMAC with the COLT Pull Ahead Funding Agreement pursuant to Section 2.02(b); and, provided, further, that notwithstanding anything to the contrary in any COLT 200_-__ Basic Document, the Servicer will not allow General Motors Corporation to waive, extend or modify any provision of any Series 200_-__ Lease whether in connection with a Pull Ahea...
Waivers, Modifications and Extensions. The Subservicer shall not waive, modify or vary any term of any Loan or consent to the postponement of strict compliance with any such term or in any manner grant indulgence to any Obligor, unless Subservicer obtains the prior written approval of the Servicer or unless permitted under the Servicing Guidelines, but in any event such waiver, modification or variance shall be subject to the terms of this Agreement, including subsection (a) above and in the case of a Title I Mortgage Loan, the FHA Regulations. Notwithstanding the preceding sentence, the Subservicer shall not permit any modification with respect to any Loan that would change the Loan Rate, defer or forgive the payment of any principal or interest (unless in connection with the liquidation of the related Loan) or extend the final maturity date on the Loan, unless the Obligor is in default with respect to the Loan, or such default is, in the judgment of the Subservicer, reasonably foreseeable and the Servicer expressly approves such modification in writing. The Subservicer shall make reasonable efforts to collect all payments called for under the terms and provisions of each Loan and the related Note and Mortgage, if applicable. Consistent with the foregoing, the Subservicer may in its discretion waive or permit to be waived any late payment charge or assumption fee or any other fee or charge which the Subservicer would be entitled to retain hereunder as Servicing Compensation.
Waivers, Modifications and Extensions. The Servicer shall make ------------------------------------- reasonably diligent efforts to collect all payments called for under the terms and provisions of the Home Loans and shall, to the extent such procedures shall be consistent with this Agreement, follow Accepted Servicing Procedures. The Servicer may in its discretion waive or permit to be waived any penalty interest or any other fee or charge which the Servicer would be entitled to retain hereunder as servicing compensation and extend the Due Date on a Debt Instrument for a period (with respect to each payment as to which the Due Date is extended) not greater than 90 days after the initially scheduled due date for such payment. Notwithstanding anything in this Agreement to the contrary, the Servicer shall not permit any additional extension or modification with respect to any Home Loan other than that permitted by the immediately preceding sentence unless the Home Loan is a Defaulted Home Loan.