Common use of Underwriting Guidelines; Modifications Clause in Contracts

Underwriting Guidelines; Modifications. The Loan Originator shall provide the Initial Noteholder with the Underwriting Guidelines from time to time on reasonable request by the Initial Noteholder. The Loan Originator shall give the Initial Noteholder prompt written notification of any modification or change to the Underwriting Guidelines. If the Initial Noteholder objects in writing to such modification or change to the Underwriting Guidelines within 15 days after receipt of such notice, no Loans may be conveyed to the Issuer pursuant to this Agreement unless such Loans have been originated pursuant to the Underwriting Guidelines without giving effect to such modification or change. Notwithstanding anything contained in this Agreement to the contrary, any Loan conveyed to the Issuer pursuant to this Agreement pursuant to a modification or change to the Underwriting Guidelines that has been rejected by the Initial Noteholder or which the Initial Noteholder did not receive notice of, such Loan shall be deemed an Unqualified Loan and be repurchased or substituted for in accordance with Section 3.05.

Underwriting Guidelines; Modifications. The Loan Originator shall provide the Initial Noteholder with the Underwriting Guidelines from time to time on reasonable request by the Initial Noteholder. The Loan Originator shall give the Initial Noteholder prompt written notification of any modification or change to the Underwriting Guidelines. If the Initial Noteholder objects object in writing to such modification or change to the Underwriting Guidelines within 15 days after receipt of such notice, no Loans may be conveyed to the Issuer pursuant to this Agreement unless such Loans have been originated pursuant to the Underwriting Guidelines without giving effect to such modification or change. Notwithstanding anything contained in this Agreement to the contrary, any Loan conveyed to the Issuer pursuant to this Agreement pursuant to a modification or change to the Underwriting Guidelines that has been rejected by the Initial Noteholder or which the Initial Noteholder did not receive notice of, such Loan shall be deemed an Unqualified Loan and be repurchased or substituted for in accordance with Section 3.05.

Underwriting Guidelines; Modifications. The Loan Originator shall provide the Initial Noteholder Administrative Agent with the Underwriting Guidelines from time to time on reasonable request by the Initial NoteholderAdministrative Agent. The Loan Originator shall give the Initial Noteholder Administrative Agent prompt written notification of any material modification or material change to the Underwriting Guidelines. If the Initial Noteholder Administrative Agent objects in writing to such modification or change to the Underwriting Guidelines within 15 days after receipt of such notice, no Loans may be conveyed to the Issuer Borrower pursuant to this Agreement unless such Loans have been originated pursuant to the Underwriting Guidelines without giving effect to such modification or change. Notwithstanding anything contained in this Agreement to the contrary, any Loan conveyed to the Issuer Borrower pursuant to this Agreement pursuant to a modification or change to the Underwriting Guidelines that has been rejected by the Initial Noteholder Administrative Agent, or which the Initial Noteholder Administrative Agent did not receive notice of, such Loan shall be deemed an Unqualified Loan and be repurchased or substituted for in accordance with Section 3.053.06.