Modification of Components Sample Clauses
The "Modification of Components" clause defines the rules and procedures for altering, updating, or replacing specific parts or elements within a product, system, or agreement. Typically, this clause outlines who has the authority to make such modifications, the process for requesting or approving changes, and any limitations or conditions that must be met. For example, it may specify that only the supplier can substitute certain materials, or that written consent is required before any changes are implemented. The core function of this clause is to ensure that all parties are aware of and agree to any changes, thereby maintaining quality control and preventing unauthorized or unexpected alterations.
Modification of Components. Lender shall have the right, at any time, to modify the Loan in order to create additional Components, reduce the number of Components, reallocate the principal balances of the Components or eliminate the Component structure of the Loan provided that (a) the total principal balance of the Loan immediately after the effective date of such modification equals the outstanding principal balance of the Loan immediately prior to such modification, and (b) the weighted average of the interest rates for all Components immediately after the effective date of such modification equals the weighted average of the interest rates for all Components immediately prior to such modification. Lender shall have the right to modify the Components in accordance with this Section 2.1.5 upon prior notice to Borrower (in which event such modification shall then be deemed effective). If requested by Lender, Borrower shall promptly execute an amendment to this Agreement and the Note to evidence such modification.
Modification of Components. Lender shall have the right, at any time prior to a Securitization, to modify the Loan in order to create additional Components, reduce the number of Components, revise the interest rate for the Components, reallocate the principal balances of the Components or eliminate the Component structure of the Loan provided that (a) the total principal balance of the Loan as of the effective date of such modification equals the outstanding principal balance of the Loan immediately prior to such modification, (b) the weighted average of the Applicable Interest Rates of all of the Components (or the Applicable Interest Rate for the Loan in connection with an elimination of the Component structure) as of the effective date of such modification equals the weighted average of the Applicable Interest Rates of all of the Components immediately prior to such modification, (c) the Monthly Debt Service Payment Amount immediately after such modification equals the Monthly Debt Service Payment Amount immediately prior to such modification and (d) the Applicable Interest Rate for each of the Components shall be a fixed rate. Lender shall have the right to modify the Components in accordance with this Section 2.1.5 upon notice to Borrower (in which event such modification shall then be deemed effective). If requested by Lender, Borrower shall promptly execute an amendment to this Agreement to evidence such modification.
Modification of Components. Lender shall have the right, at Lender's sole cost (other than each Borrower's internal costs and expenses and the costs and expenses of the Borrowers' counsel), any time prior to a Securitization, to modify the Loan in order to create additional components, reduce the number of Components, reallocate the principal balances of the Components, change the Interest Rates of the Components or eliminate the component structure of the Loan provided that as of the effective date of such modification (i) the total principal balance of the Loan equals the outstanding principal balance of the Loan immediately prior to such modification, (ii) the aggregate monthly interest payment does not exceed the aggregate monthly amount of the interest payment required prior to such modification and (iii) the aggregate monthly principal amortization does not exceed the aggregate monthly principal amortization required prior to such modification. Lender shall have the right to modify the Components in accordance with this Section 2.1.(D) upon notice to Borrower (in which event such modification shall then be deemed effective). If requested by Lender, Borrower shall promptly execute an amendment to this Agreement and the Note to evidence such modification.
Modification of Components. Lender shall have the right, at any time prior to a Secondary Market Transaction, to modify the Loan in order to create additional Components, reduce the number of Components, revise the interest rate for each Component, reallocate the principal balances of the Components, increase or decrease the Monthly Debt Service Payment for each Component or eliminate the Component structure of the Loan provided that (a) the total principal balance of the Loan as of the effective date of such modification equals the outstanding principal balance of the Loan immediately prior to such modification, (b) the weighted average of the Interest Rate of all of the Components (or the Interest Rate for the Loan in connection with an elimination of the Component structure) as of the effective date of such modification equals the weighted average of the Interest Rate of all of the Components immediately prior to such modification, (c) the Interest Rate for each of the Components shall be a fixed rate and (d) the amortization schedule of the Loan shall not be affected. Lender shall have the right to modify the Components in accordance with this Section 2.