Appraisal Reduction definition

Appraisal Reduction means, with respect to any Required Appraisal Loan (including any Required Appraisal Loan that is or is comprised of an REO Mortgage Loan, REO B Note or REO Serviced Companion Loan, as the case may be) with respect to which an Appraisal or internal valuation is performed pursuant to Section 6.9, an amount equal to the excess of (A) the sum of (i) the Stated Principal Balance of such Required Appraisal Loan, less the principal amount of any guaranty or surety bond with a rating of at least “BBB-” (or its equivalent) by a NRSRO and the undrawn principal amount of any letter of credit or debt service reserve, if applicable, that is then securing such Required Appraisal Loan, (ii) to the extent not previously advanced by the Master Servicer or the Trustee, all accrued and unpaid interest on such Required Appraisal Loan at a per annum rate equal to the applicable Mortgage Rate, (iii) all unreimbursed Advances and interest on such Advances at the Advance Rate, and all Unliquidated Advances, with respect to such Required Appraisal Loan, and (iv) to the extent funds on deposit in any applicable Escrow Accounts are not sufficient therefor, and to the extent not previously advanced by the Master Servicer, the Special Servicer or the Trustee all currently due and unpaid real estate taxes and assessments, insurance premiums and, if applicable, ground rents and other amounts which were required to be deposited in any Escrow Account (but were not deposited) in respect of the related Mortgaged Property or REO Property, as the case may be, over (B) 90% of the Appraised Value (net of any prior mortgage liens) of the related Mortgaged Property or REO Property, as the case may be, as determined by such Appraisal or internal valuation, as the case may be, plus the full amount of any escrows held by or on behalf of the Trustee as security for such Required Appraisal Loan (less the estimated amount of the obligations anticipated to be payable in the next twelve months to which such escrows relate); provided that, if any Required Appraisal Loan is secured by more than one (1) Mortgaged Property, and one or more of the related Mortgaged Properties has been defeased, the Stated Principal Balance of such Required Appraisal Loan shall not include the portion of the principal balance of such Required Appraisal Loan that has been defeased, and any defeasance collateral will not be included for purposes of determining the value of the Mortgaged Property or REO Property that secures the...
Appraisal Reduction shall: (x) prior to the Lead Note A Securitization Date, and following the Lead Note A Securitization Date, if no Note A is included in the Lead Note A Securitization, mean, subject to the delivery of Threshold Event Collateral, as of any date of determination, an amount equal to the excess, if any, of (A) the sum of (i) the Mortgage Loan Principal Balance on such date, (ii) to the extent not previously advanced by a Servicer, all accrued and unpaid interest (exclusive of any default rate interest) on the Mortgage Loan, (iii) without duplication with respect to the items set forth in clauses (i) and (ii) above, all unreimbursed Advances (and unpaid interest thereon at the Advance Rate) in respect of the Mortgage Loan and (iv) all currently due and unpaid real estate taxes and assessments, ground rents and insurance premiums (net of escrow payments or other reserve funds or letters of credit held by a Servicer in respect of such amounts), over (B) (i) the Appraised Value of the Mortgaged Property plus (ii) the amount of any escrows or reserves held by a Servicer (other than reserves for real estate taxes, ground rents, assessments and insurance premiums (x) then due and payable, or (y) due and payable in the next three (3) months), letters of credit and other cash equivalents which may, pursuant to the Mortgage Loan Documents, be used to pay down the principal balance of the Mortgage Loan, and minus (iii) the amount of any monetary liens (other than liens for items described in clause (A)(iv) above) on the Mortgaged Property that are prior (and not subordinate) to the lien of the related Mortgage and are not (1) insured over or bonded in accordance with the Mortgage Loan Documents or (2) assumed in determining the Appraised Value of such Mortgaged Property, and (y) on and after the Lead Note A Securitization Date, and while any Note A is included in such Securitization, have the meaning assigned to such term in the Lead Note A PSA.
Appraisal Reduction and "Required Appraisal Loan", the Kohl's Stoughton Mortgage Loan and "Loan B" (as such term is defined in the related Intercreditor Agreement) shall be deemed to be an A/B Mortgage Loan and Loan B shall be deemed to be a B Note.

Examples of Appraisal Reduction in a sentence

  • All amounts allocable to Note A pursuant to Section 3 or Section 4, including any Appraisal Reduction Amounts and Realized Principal Losses, shall be applied by the Servicer to Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7, Note A-8 and Note A-9 on a Pro Rata and Pari Passu Basis.


More Definitions of Appraisal Reduction

Appraisal Reduction shall have the meaning specified for the term "Appraisal Reduction Amount" in the Securitization Document for the Merrill Lynch Mortgage Investors Inc. Mortgage Pass-Through Certificates, Series 1997-C2.
Appraisal Reduction with respect to any mortgage loan or portion of a mortgage loan underlying any of the CBO-2 Securities, shall have the meaning specified for such term (or any comparable term) in the Securitization Document for the securitization transaction relating to such underlying mortgage loan; PROVIDED, HOWEVER, that if such term (or a comparable term) shall not be defined in such Securitization Document, "Appraisal Reduction" shall have the meaning specified for the term "Appraisal Reduction Amount" in the Securitization Document for the Merrill Lynch Mortgage Investors Inc. Mortgage Pass-Through Certificates, Series 1997-C2.
Appraisal Reduction. For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan or Serviced Whole Loan as to which any Appraisal Reduction Event has occurred, will be an amount, calculated by the Special Servicer ((i) prior to the occurrence of a Consultation Termination Event and (ii) other than with respect to the Excluded Loan, in consultation with the Directing Certificateholder, and, after the occurrence and during the continuance of a Control Event, in consultation with the Senior Trust Advisor), as of the first Determination Date that is at least ten (10) Business Days following the date on which the Special Servicer receives an Appraisal or conducts a valuation described below, equal to the excess of (a) the Stated Principal Balance of that Mortgage Loan or the Stated Principal Balance of the applicable Serviced Whole Loan, as the case may be, over
Appraisal Reduction shall have the meaning assigned to such term in the Securitization Servicing Agreement.
Appraisal Reduction and "Required Appraisal Loan," the Wells Fargo Indiana Center Mortgage Loan and the Wells Fargo Indiana Center Subordinated Loan will be deemed to be an A/B Mortgage Loan and the Wells Fargo Indiana Center Subordinated Loan will be deemed to be a B Note. The Monmouth Mall Mortgage Loan Group, if and when any portion of the Monmouth Mall Companion Loan is advanced on a subordinate basis with the Monmouth Mall Mortgage Loan, will be deemed to be an A/B Mortgage Loan and each such subordinate portion of the Monmouth Mall Companion Loan will be deemed to be a B Note.
Appraisal Reduction means, in connection with an appraisal referred ------------------- to in clause (iii) of the definition of Limited Guaranty Draw Asset, the excess, if any, of the Purchase Price for such asset over (a) the appraised value of the related Mortgaged Property, multiplied by (b) the Trust Fund's percentage ownership of the related Mortgage Loan.
Appraisal Reduction set forth in the Servicing Retained Servicing Agreement), to require that the Special Servicer (or the Retained Servicing Special Servicer under the Servicing Retained Servicing Agreement as the special servicer of the Servicing Retained Mortgage Loan) obtain a new Appraisal of such Mortgaged Property from an Independent Appraiser, the cost of which shall be paid by the Controlling Class Certificateholders without right of reimbursement; provided, however, that the Special Servicer shall not be required to obtain any such Appraisal unless the Special Servicer shall have received reasonable assurance of payment of the costs of such Appraisal and of any expenses related thereto. Upon receipt of the Appraisal obtained pursuant to the immediately preceding sentence, the Special Servicer shall redetermine and report to the Servicer, the Trustee and the Directing Certificateholder the amount of the Appraisal Reduction with respect to such Mortgage Loan, and such redetermined Appraisal Reduction shall replace the prior Appraisal Reduction with respect to such Mortgage Loan. With respect to each Mortgage Loan as to which an Appraisal Reduction has occurred, the Special Servicer shall, within 30 days of each annual anniversary of the related Appraisal Reduction Event or sooner if a material event has occurred that the Special Servicer reasonably believes will positively or negatively affect the valuation of the related Mortgaged Property, order a new Appraisal (which may be an update of the preceding Appraisal that is not a letter update but includes a current assessment of relevant market conditions), the cost of which shall be paid by the Servicer (or, if required by Section 3.03(c), the Trustee or the Fiscal Agent, as applicable) as a Servicing Advance. Based upon such Appraisal or update, the Special Servicer shall redetermine and report to the Servicer and the Trustee the amount of the Appraisal Reduction with respect to such Mortgage Loan and such redetermined Appraisal Reduction shall replace the prior Appraisal Reduction with respect to such Mortgage Loan. With respect to each Mortgage Loan as to which an Appraisal Reduction has occurred and which has become a Corrected Mortgage Loan and has remained current for twelve consecutive Monthly Payments (for such purposes taking into account any amendment or modification of such Mortgage Loan), and with respect to which no other Appraisal Reduction Event has occurred and is continuing, the Special Servicer may wi...