Common use of Principal Forgiveness Clause in Contracts

Principal Forgiveness. (a) With respect to requests for mortgage assistance received on any Potentially Eligible Loans on or after the date referred to in Subparagraph (c) below, no Approved Subservicer shall forgive principal on any first-lien Subserviced Loan in an amount that would yield a target loan to value ratio, after the forgiveness, that is less than 115% of value as evidenced by an independent BPO provided by a BPO Provider (provided that, Approved Subservicers shall be permitted to reduce principal below 115% of value if necessary to forgive a minimum $1,000 of principal and provided further that nothing herein shall permit or require the use of a BPO to establish value to the extent prohibited by applicable law).

Principal Forgiveness. (a) With respect to requests for mortgage assistance received on any Potentially Eligible Loans on or after the date referred to in Subparagraph (c) below, no Approved Subservicer shall forgive principal on any first-lien Subserviced Loan in an amount that would yield a target loan to value ratio, after the forgiveness, that is less than 115% of value as evidenced by an independent BPO provided by a BPO Provider (provided that, Approved Subservicers shall be permitted to reduce principal below 115% of value if necessary to forgive a minimum $1,000 of principal and provided further that nothing herein shall permit or require the use of a BPO to establish value to the extent prohibited by applicable lawprincipal).