Modifications and Waivers Relating to Loans. (i) So long as it is consistent with the Credit and Collection Policy and the Servicing Standard, the Servicer may agree to waive, modify or vary any term of any Loan, if in the Servicer’s determination such waiver, modification or variance will not be materially adverse to the interests of the Noteholders; provided that the Servicer may not:
Modifications and Waivers Relating to Loans. So long as it is consistent with the Credit and Collection Policy, the Servicer may waive, modify or vary any term of any Loan if in the Servicer's determination such waiver, modification or variance will not be materially adverse to the interests of the Noteholders or the Hedge Counterparties; provided, however, the Servicer may not waive, modify or vary any Loan in any manner that would extend the amortization of such Loan beyond the Legal Final Maturity Date; provided, further, however, if any such Loan is amended, modified, waived or varied due to an Obligor's inability to pay principal or interest, then the Loan shall be treated as a Delinquent Loan as of the date that is one (1) day in case of Asset Based Revolvers or sixty (60) days in the case of all other Loans after such delinquent payment was first due if all delinquencies have not been cured within that one (1) day or sixty (60) day period, as applicable. The Servicer may execute any waivers, modifications or variances on behalf of the Issuer. The Servicer will provide Moody's with a copy of any waiver, modification or variance promptly xxxxx its execution. No costs incurred by the Servicer or any Subservicer in respect of Servicing Advances shall for the purposes of distributions to Noteholders or Hedge Counterparties be added to the amount owing under the related Loan. Any fees and costs imposed in connection therewith may be retained by the Servicer. Without limiting the generality of the foregoing, so long as it is consistent with the Credit and Collection Policy, the Servicer shall continue, and is hereby authorized and empowered to execute and deliver on behalf of the Indenture Trustee, the Owner Trustee, each Securityholder and each Hedge Counterparty, all instruments of amendment, waiver, satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Loans and with respect to any Collateral. Such authority shall include, but not be limited to, the authority to substitute or release items of Collateral consistent with the Credit and Collection Policy and sell participations or assignments in Loans previously transferred to the Issuer. In connection with any such sale, the Servicer shall deposit in the Principal and Interest Account, pursuant to subsection 7.03(b), all proceeds received upon such sale. If reasonably required by the Servicer, the Indenture Trustee, on behalf of the Issuer, shall furnish the Servicer, within ...
Modifications and Waivers Relating to Loans. (i) So long as it is consistent with the Credit and Collection Policy and the Servicing Standard, the Servicer may waive, modify or vary any term of any Loan if in the Servicer’s determination such waiver, modification or variance (1) will not extend the stated maturity date of such Loan to the Stated Maturity Date or beyond, and (2) can reasonably be expected to increase the collectability of or realization on such Loan when compared to expected Collections in the absence of such waiver, modification or variance; provided the Servicer may not enter into any amendment, waiver, modification or variance with respect to any loan for the purpose or with the intention of causing a breach of a representation or warranty hereunder to occur with respect to such Loan solely in order to render such loan eligible for repurchase or substitution hereunder or to otherwise make such Loan eligible for repurchase pursuant to Section 11.01.
