Common use of Subordination Requests Clause in Contracts

Subordination Requests. With respect to any Second Lien Loan, the Servicer shall submit to the Owner, within three Business Days of receipt by the Servicer, all proposed subordination agreements with respect to related Mortgagor’s refinancing first lien loan. The Servicer shall not enter into any such subordination agreement without the prior written consent of the Owner. The Owner shall, within five Business Days of its receipt of a proposed subordination agreement, (a) execute and deliver a proposed subordination agreement, or (b) return the proposed subordination agreement unsigned with written instructions to the Servicer.