Common use of Workout Clause in Contracts

Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Lead Securitization Servicing Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Securitization Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the principal balance of the Mortgage Loan is decreased, (ii) the Interest Rate is reduced, (iii) payments of interest or principal on any Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such modification shall not alter payments to the Note Holders pursuant to Section 3, which shall be made as though such workout did not occur, with the payment terms of each Note remaining the same as they are on the date hereof, and the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such workout shall be borne by the Note Holders, on a Pro Rata and Pari Passu Basis (up to their respective Note Principal Balances, together with accrued interest thereon at the Interest Rate and any other amounts due to each Note Holder, as applicable).

Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Lead Securitization Servicing Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Securitization Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the principal balance of the Mortgage Loan is decreased, (ii) the Interest Note Rate is reduced, (iii) payments of interest or principal on any Note are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such modification shall not alter payments to alter, and any modification of the Note Holders pursuant to Section 3, which Mortgage Loan Documents shall be made as though such workout did not occur, with structured to preserve the Pro Rata and Pari Passu Basis of payment terms of each Note remaining the same as they are on the date hereofNotes, and the full economic effect of all waivers, reductions or deferrals of amounts due on the Mortgage Loan attributable to such workout shall be borne by the Note A Holders, on a Pro Rata and Pari Passu Basis (up to their respective Note Principal Balances, together with accrued interest thereon at the Interest Note Rate and any other amounts due to each Note A Holder, as applicable).

Workout. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of the Lead Securitization Servicing Pooling Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Securitization Note Holder, or any Servicer, in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the principal balance of the Mortgage Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is or scheduled amortization payments on Note A or Note B are reduced, (iii) payments of interest or principal on any Note A or Note B are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of the Mortgage Loan, such modification shall not alter all payments to the Note Holders A Holder pursuant to Section 3Sections 3 and 4, which as applicable, shall be made as though such workout did not occur, with the payment terms of each Note A remaining the same as they are on the date hereofAgreement Date, and the Note B Holder shall bear the full economic effect of all waivers, reductions or deferrals of amounts due on under the Mortgage Loan attributable to such workout shall be borne by the Note Holders, on a Pro Rata and Pari Passu Basis (up to their respective the then Note B Principal Balances, Balance together with accrued and unpaid interest thereon at the Note B Interest Rate and any other amounts due and unpaid to each the Note B Holder, as applicable).