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

Collection Efforts, Modification of Loans. The Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the Transferred Loans as and when the same become due, and to follow those collection procedures which it follows with respect to comparable Loans that it services for itself or others. The Servicer may not waive, modify, amend, supplement or otherwise vary any provision of a Transferred Loan, except when acting on behalf of the Borrower pursuant to Section 5.1(s) for (i) waivers, modifications, amendments, supplements or other variations that are not Material Modifications and as may be in accordance with the provisions of the Management Manual (including the waiver of any late payment charge or any other fees that may be collected in the ordinary course of servicing any Loan included in the Collateral) to the extent that such Loan will remain an Eligible Loan, (ii) other waivers, modifications, amendments, supplements or other variations constituting Material Modifications, if (A) the Facility Agent shall have consented to such Material Modification or (B) the Borrower (or the Servicer on its behalf) shall have complied with the provisions of Section 5.1(v), and either (x) the Borrower (or the Servicer on its behalf) shall have received a renewed or reconfirmed DBRS Credit Assessment for the modified Transferred Loan (if applicable for such Loan) which is not more than one notch lower than the prior DBRS Credit Assessment or (y) with respect to not more than one Transferred Loan at any time, the Servicer shall have applied for a renewed or reconfirmed DBRS Credit Assessment for the modified Transferred Loan, shall reasonably expect that such renewed or reconfirmed DBRS Credit Assessment will be not more than one notch lower than the prior DBRS Credit Assessment and shall have notified the Facility Agent and the Documentation Agent of such expected DBRS Credit Assessment (and, in the case of this clause (y), until a renewed or reconfirmed DBRS Credit Assessment for the modified Transferred Loan has been received, the Applicable Rating thereof shall be based on the Servicer’s expected DBRS Credit Assessment as set forth in such notice), and (iii) such other waivers, modifications, amendments, supplements or other variations not addressed in clauses (i) or (ii) that do not result in the Borrower’s failure to satisfy the Borrowing Base Test, the Required Equity Test, the Overcollateralization Ratio Test, the Interest Coverage Test or any Collateral Quality Test or, with respect to any such test which was not satisfied immediately prior thereto, does not result in a failure to maintain or improve the Borrower’s degree of compliance with such test. In the event any modified Transferred Loan described in clause (ii)(B)(y) above receives a DBRS Credit Assessment that is more than one notch lower than its prior DBRS Credit Assessment, such Loan shall be deemed to be a Defaulted Loan from and after the date of such DBRS Credit Assessment.

Collection Efforts, Modification of Loans. The Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the Transferred Loans as and when the same become due, and to follow those collection procedures which it follows with respect to comparable Loans that it services for itself or others. The Servicer may not waive, modify, amend, supplement modify or otherwise vary any provision of a Transferred Loan, except when acting on behalf of the Borrower pursuant to Section 5.1(s) for (i) non-material waivers, modifications, amendments, supplements modifications or other variations that are not Material Modifications and as may be in accordance with the provisions of the Management Manual (including the waiver of any late payment charge or any other fees that may be collected in the ordinary course of servicing any Loan included in the Collateral) to the extent ), that such Loan will remain an Eligible Loando not constitute Material Modifications, and (ii) other waivers, modifications, amendments, supplements modifications or other variations variations, constituting Material Modifications, if (A) the Facility Agent shall have consented to thereto if such Material Modification occurs on or after the occurrence of a Termination Event or during the Amortization Period, (B) the Borrower (or the Servicer on its behalf) shall have complied with the provisions of Section 5.1(v), if applicable to such Loan, and either (x) the Borrower (or the Servicer on its behalf) shall have received a renewed or reconfirmed DBRS Xxxxx’x Credit Assessment for the modified Transferred Loan (if applicable Estimate, for such Loan) which is not more than one notch lower than the prior DBRS Credit Assessment or (y) with respect to not more than one Transferred Loan at any time, the Servicer shall have applied for a renewed or reconfirmed DBRS Credit Assessment for the modified Transferred Loan, shall reasonably expect that such renewed or reconfirmed DBRS Credit Assessment will be not more than one notch lower than the prior DBRS Credit Assessment and shall have notified the Facility Agent and the Documentation Agent of such expected DBRS Credit Assessment (and, in the case of this clause (y), until a renewed or reconfirmed DBRS Credit Assessment for the modified Transferred Loan has been received, the Applicable Rating thereof shall be based on the Servicer’s expected DBRS Credit Assessment as set forth in such notice), and (iiiC) such other waiverswaiver, modifications, amendments, supplements modification or other variations not addressed variation and any changes in clauses (i) or (ii) that the applicable Xxxxx’x Rating Factor of such Loan resulting therefrom do not result in the Borrower’s failure to satisfy meet the Borrowing Base Test, the Required Equity Test, the Overcollateralization Ratio Test, Test or the Interest Coverage Test or result in the failure to satisfy any Collateral Quality Test or, with respect to any such test each Collateral Quality Test which was not satisfied immediately prior thereto, does not result in a failure to maintain the maintenance or improve improvement of the Borrower’s degree of compliance with such test. In the event any modified Transferred Loan described in clause (ii)(B)(y) above receives a DBRS Credit Assessment that is more than one notch lower than its prior DBRS Credit Assessment, such Loan shall be deemed to be a Defaulted Loan from and after the date of such DBRS Credit AssessmentCollateral Quality Test.

Collection Efforts, Modification of Loans. The Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the Transferred Loans as and when the same become due, and to follow those collection procedures which it follows with respect to comparable Loans that it services for itself or others. The Servicer may not waive, modify, amend, supplement or otherwise vary any provision of a Transferred Loan, except when acting on behalf of the Borrower pursuant to Section 5.1(s) for (i) non-material waivers, modifications, amendments, supplements or other variations that are not Material Modifications and as may be in accordance with the provisions of the Management Manual (including the waiver of any late payment charge or any other fees that may be collected in the ordinary course of servicing any Loan included in the Collateral) to the extent that such Loan will remain an Eligible Loan, (ii) other waivers, modifications, amendments, supplements or other variations constituting Material Modifications, if (A) the Facility Agent shall have consented to such Material Modification or Modification, (B) the Borrower (or the Servicer on its behalf) shall have complied with the provisions of Section 5.1(v), and either (x) the Borrower (or the Servicer on its behalf) shall have received a renewed or reconfirmed DBRS Xxxxx’x Credit Assessment Estimate for the modified Transferred Loan (if applicable for such Loan) which is not more than one notch lower than the prior DBRS Xxxxx’x Credit Assessment Estimate or (y) with respect to not more than one Transferred Loan at any time, the Servicer shall have applied for a renewed or reconfirmed DBRS Xxxxx’x Credit Assessment Estimate for the modified Transferred Loan, shall reasonably expect that such renewed or reconfirmed DBRS Xxxxx’x Credit Assessment Estimate will be not more than one notch lower than the prior DBRS Xxxxx’x Credit Assessment Estimate and shall have notified the Facility Agent and the Documentation Agent of such expected DBRS Xxxxx’x Credit Assessment Estimate (and, in the case of this clause (y), until a renewed or reconfirmed DBRS Xxxxx’x Credit Assessment Estimate for the modified Transferred Loan has been received, the Applicable Xxxxx’x Rating thereof shall be based on the Servicer’s expected DBRS Xxxxx’x Credit Assessment Estimate as set forth in such notice), and (iii) such other waivers, modifications, amendments, supplements or other variations not addressed in clauses (i) or (ii) that do not result in the Borrower’s failure to satisfy the Borrowing Base Test, the Required Equity Test, the Overcollateralization Ratio Test, the Interest Coverage Test or any Collateral Quality Test or, with respect to any such test which was not satisfied immediately prior thereto, does not result in a failure to maintain or improve the Borrower’s degree of compliance with such test. In the event any modified Transferred Loan described in clause (ii)(B)(y) above receives a DBRS Xxxxx’x Credit Assessment Estimate that is more than one notch lower than its prior DBRS Xxxxx’x Credit AssessmentEstimate, such Loan shall be deemed to be a Defaulted Loan from and after the date of such DBRS Xxxxx’x Credit AssessmentEstimate.

Collection Efforts, Modification of Loans. The Servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the Transferred Loans as and when the same become due, and to follow those collection procedures which it follows with respect to comparable Loans that it services for itself or others. The Servicer may not waive, modify, amend, supplement modify or otherwise vary any provision of a Transferred Loan, except when acting on behalf of the Borrower pursuant to Section 5.1(s) for (i) non-material waivers, modifications, amendments, supplements modifications or other variations that are not Material Modifications and as may be in accordance with the provisions of the Management Manual (including the waiver of any late payment charge or any other fees that may be collected in the ordinary course of servicing any Loan included in the Collateral) to the extent ), that such Loan will remain an Eligible Loando not constitute Material Modifications, and (ii) other waivers, modifications, amendments, supplements modifications or other variations variations, constituting Material Modifications, if (A) the Facility Agent shall have consented to thereto if such Material Modification occurs on or after the occurrence of a Termination Event or during the Amortization Period, (B) the Borrower (or the Servicer on its behalf) shall have complied with the provisions of Section 5.1(v5.1(u), if applicable to such Loan, and either (x) the Borrower (or the Servicer on its behalf) shall have received a renewed or reconfirmed DBRS Credit Assessment for the modified Transferred Loan (if applicable Mooxx’x Xxedit Estimate, for such Loan) which is not more than one notch lower than the prior DBRS Credit Assessment or (y) with respect to not more than one Transferred Loan at any time, the Servicer shall have applied for a renewed or reconfirmed DBRS Credit Assessment for the modified Transferred Loan, shall reasonably expect that such renewed or reconfirmed DBRS Credit Assessment will be not more than one notch lower than the prior DBRS Credit Assessment and shall have notified the Facility Agent and the Documentation Agent of such expected DBRS Credit Assessment (and, in the case of this clause (y), until a renewed or reconfirmed DBRS Credit Assessment for the modified Transferred Loan has been received, the Applicable Rating thereof shall be based on the Servicer’s expected DBRS Credit Assessment as set forth in such notice), and (iiiC) such other waiverswaiver, modifications, amendments, supplements modification or other variations not addressed variation and any changes in clauses (i) or (ii) that the applicable Mooxx’x Xxfault Probability Rating of such Loan resulting therefrom do not result in the Borrower’s failure to satisfy meet the Borrowing Base Test, the Required Equity Test, the Overcollateralization Ratio Test, Test or the Interest Coverage Test or result in the failure to satisfy any Collateral Quality Test or, with respect to any such test each Collateral Quality Test which was not satisfied immediately prior thereto, does not result in a failure to maintain the maintenance or improve improvement of the Borrower’s degree of compliance with such test. In the event any modified Transferred Loan described in clause (ii)(B)(y) above receives a DBRS Credit Assessment that is more than one notch lower than its prior DBRS Credit Assessment, such Loan shall be deemed to be a Defaulted Loan from and after the date of such DBRS Credit AssessmentCollateral Quality Test.