Specific Threshold Event Collateral Clause Samples

Specific Threshold Event Collateral. If a letter of credit is initially furnished as Loan-Specific Threshold Event Collateral and the issuer of such letter of credit at any time no longer satisfies the unsecured debt rating requirements set forth above, the applicable Loan-Specific Certificate Representative shall be required within thirty (30) days of such event to replace such original letter of credit with a replacement letter of credit from an issuer meeting the above rating requirements. If a replacement letter of credit from an issuer meeting the above requirements is not delivered to the Master Servicer (for Non-Specially Serviced Mortgage Loans) or the Special Servicer (for Specially Serviced Mortgage Loans), a Loan-Specific Control Appraisal Period will be deemed to immediately commence. The Loan-Specific Threshold Event Cure shall continue until (i) the appraised value of the related Mortgaged Property plus the value of the Loan-Specific Threshold Event Collateral is no longer sufficient to prevent a Loan-Specific Control Appraisal Period from occurring; or (ii) the occurrence of a Final Recovery Determination. Upon the written request of the Loan-Specific Certificate Representative, if the appraised value of the related Mortgaged Property, upon any redetermination thereof, is sufficient to avoid the occurrence of a Loan-Specific Control Appraisal Period without taking into consideration all or any portion of the Loan-Specific Threshold Event Collateral previously delivered by the Loan-Specific Certificate Representative of the applicable Class Loan-Specific Certificates, the portion of such Loan-Specific Threshold Event Collateral held by the Master Servicer (for Non-Specially Serviced Mortgage Loans) or the Special Servicer (for Specially Serviced Mortgage Loans) which is no longer necessary to avoid the occurrence of the Loan-Specific Control Appraisal Period shall promptly be returned to the posting Loan-Specific Certificate Representative or, if applicable, the face amount of the letter of credit shall be reduced. In each case, such reduction shall be completed at the Loan-Specific Certificate Representative’s sole expense. Upon a Final Recovery Determination with respect to the Componentized Mortgage Loan, such Loan-Specific Threshold Event Collateral shall be available to reimburse the related Pooled Component for any Loan-Specific Collateral Support Deficits allocated to the such Pooled Component pursuant to Section 4.04(a) of this Agreement, after application of the net Liq...