Common use of Modifications of Loan Documents Clause in Contracts

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred or is continuing) or the Special Servicer (if a Special Servicing Loan Event occurs and is continuing), subject to (x) the consent of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event with respect to Major Decisions, (y) the consultation and review rights of the Controlling Class Representative after the occurrence and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to Major Decisions and (z) the consultation and review rights of the Operating Advisor provided for in this Agreement after the occurrence and during the continuance of an Operating Advisor Consultation Event with respect to Major Decisions, may modify, waive or amend any term of the Mortgage Loan if such modification, waiver or amendment (a) is consistent with the Accepted Servicing Practices and (b) does not result in an Adverse REMIC Event (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination) or cause any REMIC related to any Other Securitization Trust securities to fail to qualify as a REMIC under the Code. In connection with (i) the release of the Property or a portion of the Property from the lien of the Mortgage or (ii) the taking of the Property or portion of the Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of such Property, for purposes of REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred or and is continuing) or the Special Servicer (if a Special Servicing Loan Event occurs has occurred and is continuing)) may, subject to (x) the consent of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event with respect to Major Decisions, (y) the consultation and review rights of the Controlling Class Representative after the occurrence Directing Holder, during any Subordinate Control Period or Subordinate Consultation Period, and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to Major Decisions and (z) the consultation and review rights of the Operating Advisor provided for in this Agreement after the occurrence and during the continuance of an Operating Advisor Risk Retention Consultation Event with respect to Major DecisionsParty, may modify, waive or amend any term of the Mortgage Whole Loan if such modification, waiver or amendment (a) is consistent with the Accepted Servicing Practices and (b) does not result in an Adverse either (i) cause either the Lower-Tier REMIC Event or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a “grantor trust” under the Code or (ii) constitute a “significant modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination) ). Notwithstanding anything herein to the contrary, in no event may the Servicer or cause any REMIC related the Special Servicer permit an extension of the Maturity Date beyond the date that is seven years prior to any Other Securitization Trust securities to fail to qualify as a REMIC under the CodeRated Final Distribution Date. In connection with (i) the release of the Property or a portion of the Property thereof from the lien of the Mortgage or (ii) the taking of the Property or portion of the Property thereof by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion Property, or the fair market value of such the real property constituting the remaining Property, for purposes of REMIC qualification of the Trust Whole Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any, to the extent required by the REMIC Provisions.

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred or and is continuing) or the Special Servicer (if during a Special Servicing Loan Event occurs and is continuingEvent), in each case, subject to (x) the consent of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event with respect to Major Decisions, (y) the consultation and review rights of the Controlling Class Representative after Mezzanine Lenders under the occurrence and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to Major Decisions and (z) the consultation and review rights of the Operating Advisor provided for in this Agreement after the occurrence and during the continuance of an Operating Advisor Consultation Event with respect to Major DecisionsIntercreditor Agreement, may modify, waive or amend any term of the Mortgage Whole Loan if such modification, waiver or amendment (a) is consistent with the Accepted Servicing Practices and (b) does not result in an Adverse either (i) cause either the Lower-Tier REMIC Event or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (ii) subject either such REMIC to any tax under the REMIC Provisions (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Stated Maturity Date beyond the date that is the earlier of (a) or cause seven (7) years prior to the latest Rated Final Distribution Date and (b) twenty years prior to the end of the current term of any REMIC related ground lease plus any options to any Other Securitization Trust securities to fail to qualify as a REMIC under extend the Codeground lease exercisable unilaterally by the Loan Borrowers. In connection with (i) the release of the a Property or a portion of the a Property from the lien of the Mortgage or (ii) the taking of the a Property or portion of the a Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of such Property, for purposes of REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any.

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred or and is continuing) or the Special Servicer (if a Special Servicing Loan Event occurs has occurred and is continuing)) may, subject to (x) the consent of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event with respect to Major Decisions, (y) the consultation and review rights of the Controlling Class Representative after the occurrence Directing Holder, during any Subordinate Control Period or Subordinate Consultation Period, and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to Major Decisions and (z) the consultation and review rights of the Operating Advisor provided for in this Agreement after the occurrence and during the continuance of an Operating Advisor Risk Retention Consultation Event with respect to Major DecisionsParty, may modify, waive or amend any term of the Mortgage Whole Loan if such modification, waiver or amendment (a) is consistent with the Accepted Servicing Practices and (b) does not result in an Adverse either (i) cause either the Lower-Tier REMIC Event or the Upper-Tier REMIC to fail to qualify as a REMIC under the Code or (ii) constitute a “significant modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination) ). Notwithstanding anything herein to the contrary, in no event may the Servicer or cause any REMIC related the Special Servicer permit an extension of the Maturity Date beyond the date that is five years prior to any Other Securitization Trust securities to fail to qualify as a REMIC under the CodeRated Final Distribution Date. In connection with (i) the release of the Property or a portion of the Property thereof from the lien of the Mortgage or (ii) the taking of the Property or portion of the Property thereof by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion Property, or the fair market value of such the real property constituting the remaining Property, for purposes of REMIC qualification of the Trust Whole Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any, to the extent required by the REMIC Provisions.

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred or and is continuing) or the Special Servicer (if a Special Servicing Loan Event occurs has occurred and is continuing)) may, subject to (x) the consent of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event with respect to Major Decisions, (y) the consultation and review rights of the Controlling Class Representative after the occurrence Directing Holder, during any Subordinate Control Period or Subordinate Consultation Period, and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to Major Decisions and (z) the consultation and review rights of the Operating Advisor provided for in this Agreement after the occurrence and during the continuance of an Operating Advisor Risk Retention Consultation Event with respect to Major DecisionsParty, may modify, waive or amend any term of the Mortgage Whole Loan if such modification, waiver or amendment (a) is consistent with the Accepted Servicing Practices and (b) does not result in an Adverse either (i) cause either the Lower-Tier REMIC Event or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a “grantor trust” under the Code or (ii) constitute a “significant modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination) ). Notwithstanding anything herein to the contrary, in no event may the Servicer or cause any REMIC related the Special Servicer permit an extension of the Maturity Date beyond the date that is five years prior to any Other Securitization Trust securities to fail to qualify as a REMIC under the CodeRated Final Distribution Date. In connection with (i) the release of the Property or a portion of the Property thereof from the lien of the Mortgage or (ii) the taking of the Property or portion of the Property thereof by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion Property, or the fair market value of such the real property constituting the remaining Property, for purposes of REMIC qualification of the Trust Whole Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any, to the extent required by the REMIC Provisions.

Modifications of Loan Documents. (a) (i) The Servicer (if no Special Servicing Loan Event has occurred or and is continuing) or the Special Servicer (if a Special Servicing Loan Event occurs has occurred and is continuing)) may, subject to (x) the consent of the Controlling Class Representative prior to the occurrence and continuance of a Control Termination Event with respect to Major Decisions, (y) the consultation and review rights of the Controlling Class Representative after the occurrence Directing Holder, during any Subordinate Control Period or Subordinate Consultation Period, and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event with respect to Major Decisions and (z) the consultation and review rights of the Operating Advisor provided for in this Agreement after the occurrence and during the continuance of an Operating Advisor Risk Retention Consultation Event with respect to Major DecisionsParty, may modify, waive or amend any term of the Mortgage Whole Loan if such modification, waiver or amendment (a) is consistent with the Accepted Servicing Practices and (b) does not result in an Adverse either (i) cause either the Lower-Tier REMIC Event or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a “grantor trust” under the Code or (ii) constitute a “significant modification” of the Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the contrary, in no event may the Servicer or the Special Servicer permit an extension of the Maturity Date beyond the date that is seven (7) or cause any REMIC related years prior to any Other Securitization Trust securities to fail to qualify as a REMIC under the CodeRated Final Distribution Date. In connection with (i) the release of the Property or a portion of the Property thereof from the lien of the Mortgage or (ii) the taking of the Property or portion of the Property thereof by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion Property, or the fair market value of such the real property constituting the remaining Property, for purposes of REMIC qualification of the Trust Whole Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the value of personal property and going concern value, if any, to the extent required by the REMIC Provisions.