Common use of Collection Efforts, Modification of Collateral Clause in Contracts

Collection Efforts, Modification of Collateral. (i) The Servicer will collect, cause to be collected, or make arrangements for the collection of all payments due and owing to the Borrower pursuant to the terms and provisions of the Loan Assets included in the Collateral as and when the same become due, all in accordance with the Servicing Standard. (ii) In the performance of its obligations hereunder, a Loan Party (or the Servicer on its behalf) may enter into any amendment or waiver of or supplement to any Underlying Instrument, all in accordance with the Servicing Standard; provided that, on and after the occurrence of an Event of Default, the prior written consent of the Administrative Agent shall be required for any waiver, modification or variance that would impair the collectability of the Collateral Portfolio, increase such Loan Party’s commitment or outstanding loans thereunder or extend the maturity of any outstanding or committed loans of such Loan Party thereunder beyond the Facility Maturity Date.

Collection Efforts, Modification of Collateral. (i) The Servicer will collect, cause to be collected, or make arrangements for the collection of all payments due and owing to the Borrower pursuant to the terms and provisions of the Loan Assets included in the Collateral as and when the same become due, all in accordance with the Servicing Standard. (ii) In the performance of its obligations hereunder, a Loan Party (or the Servicer on its behalf) may enter into any amendment or waiver of or supplement to any Underlying Instrument, all in accordance with the Servicing Standard; provided that, on and after the occurrence of an Event of Default, the prior written consent of the Administrative Agent shall be required for any waiver, modification or variance that would impair the collectability of the Collateral Portfolio, increase such Loan Party’s 's commitment or outstanding loans thereunder or extend the maturity of any outstanding or committed loans of such Loan Party thereunder beyond the Facility Maturity Date.