Common use of Severance Documentation Clause in Contracts

Severance Documentation. Lender shall have the right, at any time (whether prior to or after any sale, participation or Securitization of all or any portion of the Loan), to modify the Loan in order to create one or more senior and subordinate notes (i.e., an A/B or A/B/C structure) and/or one or more components of the Note or notes, reduce the number of components of the Note or notes, revise the interest rate for each component, reallocate the principal balances of the notes and/or the components created pursuant to this Section 9.7, increase or decrease the monthly debt service payments for each such component or eliminate any component structure and/or the multiple note structure of the Loan (including the elimination of the related allocations of principal and interest payments), provided that (a) the principal balance of all notes and/or components immediately after the effective date of such modification equals the principal balance of the Loan immediately prior to such modification and the weighted average of the interest rates for all notes and/or components immediately after the effective date of such modification equals the interest rate of the original Note immediately prior to such modification and (b) such modification does not otherwise increase the economic obligations of Borrower under the Loan Documents. At Lender's election, each note evidencing the Loan may be subject to one or more Securitizations. Lender shall have the right to modify the Note and/or notes and any components in accordance with this Section 9.7 and, provided that such modification shall comply with the terms of this Section 9.7, it shall become immediately effective. If requested by Lender, Borrower shall promptly execute an amendment to the Loan Documents to evidence any such modification.

Severance Documentation. Lender shall have the right, at any time (whether prior to or after any sale, participation or Securitization of all or any portion of the LoanLoans), to modify the Loan Loans in order to create one or more senior and subordinate notes (i.e., an A/B or A/B/C structure) and/or one or more additional components of the any Note or notesNotes, reduce the number of components of the any Note or notesNotes, revise the interest rate for each component, reallocate the principal balances of the notes Notes and/or the components created pursuant to this Section 9.7components, increase or decrease the monthly debt service payments for each such component or eliminate any the component structure and/or the multiple note structure of the Loan (including the elimination of the related allocations of principal and interest payments); provided, provided however, that (a) the outstanding principal balance of all notes and/or components immediately after the effective date of such modification equals the outstanding principal balance of the Loan immediately prior to such modification and the weighted average of the interest rates for all notes and/or components immediately after the effective date of such modification equals the interest rate of the original Note immediately prior to such modification and (b) such modification does not otherwise increase the economic obligations of Borrower under the Loan Documentsmodification. At Lender's ’s election, each note evidencing Note comprising the Loan Loans may be subject to one or more Securitizations. Subject to the expense limitation in Section 1l.l(b) hereof, Lender shall have the right to modify the any Note and/or notes Notes and any components in accordance with this Section 9.7 11 and, provided that such modification shall comply with the terms of this Section 9.711, it shall become immediately effective. If requested by Lender, Borrower shall promptly execute an amendment one or more amendments to the Loan Documents to evidence any such modification.

Severance Documentation. Lender shall have the rightright (at Lender's expense), at any time (whether prior to or of after any sale, participation or Securitization of all or any portion of the Loan), to modify the Loan in order to create one or more senior and subordinate notes (i.e., an A/B or A/B/C March 31, 2003 structure) and/or one or more additional components of the Note or notesNotes, reduce the number of components of the Note or notesNotes, revise the interest rate for each component, reallocate the principal balances of the notes Notes and/or the components created pursuant to this Section 9.7components, increase or decrease the monthly debt service payments Monthly Debt Service Payment Amount for each such component or eliminate any the component structure and/or the multiple note structure of the Loan (including the elimination of the related allocations of principal and interest payments), ) provided that (a) the outstanding principal balance of all notes and/or components immediately after the effective date of such modification equals the outstanding principal balance of the Loan immediately prior to such modification and the weighted average of the interest rates for all notes and/or components immediately after the effective date of such modification equals the interest rate of the original Note immediately prior to such modification and (b) such modification does not otherwise increase the economic obligations of Borrower under the Loan Documentsmodification. At Lender's election, each note evidencing comprising the Loan may be subject to one or more Securitizations. Lender shall have the right to modify the Note and/or notes Notes and any components in accordance with this Section 9.7 9.4 and, provided that such modification shall comply with the terms of this Section 9.79.4, it shall become immediately effective. If requested by Lender, Borrower shall promptly execute within two (2) Business Days after such request, an amendment to the Loan Documents to evidence any such modification.

Severance Documentation. Lender shall have the right, at any time (whether prior to or after any sale, participation or Securitization of all or any portion of the Loan), to modify the Loan in order to create one or more senior and subordinate notes (i.e., an A/B or A/B/C structure) and/or one or more components of the Note or notes, reduce the number of components of the Note or notes, revise the interest rate for each component, reallocate the principal balances of the notes and/or the components created pursuant to this Section 9.7, increase or decrease the monthly debt service payments for each such component or eliminate any component structure and/or the multiple note structure of the Loan (including the elimination of the related allocations of principal and interest payments), provided that (a) the principal balance of all notes and/or components immediately after the effective date of such modification equals the principal balance of the Loan immediately prior to such modification and the weighted average of the interest rates for all notes and/or components immediately after the effective date of such modification equals the interest rate of the original Note immediately prior to such modification and (b) such modification does not otherwise increase the economic obligations of Borrower under the Loan Documents. At Lender's ’s election, each note evidencing the Loan may be subject to one or more Securitizations. Lender shall have the right to modify the Note and/or notes and any components in accordance with this Section 9.7 and, provided that such modification shall comply with the terms of this Section 9.7, it shall become immediately effective. If requested by Lender, Borrower shall promptly execute an amendment to the Loan Documents to evidence any such modification.