Common use of Modification of Underwriting Guidelines Clause in Contracts

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.