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 Note A Securitization Date, and following the Note A Securitization Date, if Lead Note A is no longer included in such 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 then due and payable), 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 Note A Securitization Date, and while any Note A is included in a Note A Securitization, have the meaning assigned to the term “Appraisal Reduction Amount” in the Lead Note A PSA.
Appraisal Reduction shall have the meaning specified for the term "Appraisal Reduction Amount" in the Securitization Document for the Xxxxxxx Xxxxx Mortgage Investors Inc. Mortgage Pass-Through Certificates, Series 1997-C2.
Examples of Appraisal Reduction in a sentence
With respect to any Serviced Loan for which an Appraisal Reduction Event has occurred and still exists, the Special Servicer shall obtain annual letter updates to any updated Appraisal.
Any Appraisal prepared in order to determine the Appraisal Reduction Amount with respect to a Serviced Loan Combination shall be delivered by the Special Servicer, upon request, to each related Serviced Companion Loan Holder.
The Requesting Holders shall provide the Special Servicer with notice of their intent to challenge the Special Servicer’s Appraisal Reduction Amount determination within 10 days of the Requesting Holders’ receipt of written notice of the determination of such Appraisal Reduction Amount.
Notwithstanding the foregoing, if so provided in the related Co-Lender Agreement, the holder of a Serviced Subordinate Companion Loan may be permitted to post cash or a letter of credit to offset all or some portion of an Appraisal Reduction Amount.
Any Appraisal Reduction Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion Loan(s) (up to the outstanding principal balance(s) thereof), and then, to the related Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loan(s), on a pro rata and pari passu basis in accordance with the respective outstanding principal balances of such related Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan(s).
More Definitions of Appraisal Reduction
Appraisal Reduction means, with respect to any Required Appraisal Loan with respect to which an Appraisal or internal valuation is performed pursuant to Section 6.6, an amount, calculated as of the first Determination Date that is at least fifteen days after the date on which the report in respect of the most recent such Appraisal or internal valuation, as the case may be, is completed, equal to the excess, if any, of (a) the sum of (i) the Stated Principal Balance of such Required Appraisal Loan, (ii) to the extent not previously advanced, all unpaid interest on such Mortgage Loan at a per annum rate equal to the Mortgage Rate, (iii) all unreimbursed Advances and interest on Advances at the Advance Rate with respect to such Mortgage Loan, and (iv) to the extent not previously advanced by the Master Servicer, the Trustee or the Fiscal Agent, all currently due and unpaid real estate taxes and assessments, insurance premiums and, if applicable, ground rents in respect of the related Mortgaged Property or REO Property, as the case may be (in each case, net of any amounts escrowed for such items), over (b) 90% of the Appraised Value (net of any prior mortgage liens) of the related Mortgaged Property or REO Property as determined by such Appraisal or internal valuation, as the case may be. Notwithstanding the foregoing, if an internal valuation of the Mortgaged Property is performed, the Appraisal Reduction will equal the greater of (A) the amount calculated above and (B) 25% of the Stated Principal Balance of the Mortgage Loan. Furthermore, if an appraisal is not obtained from an MAI appraiser in accordance with Section 6.6 hereof, then until such an appraisal is obtained the Appraisal Reduction will equal 25% of the Stated Principal Balance of the Mortgage Loan. Each Appraisal Reduction will be reduced to zero as of the date the related Mortgage Loan is brought current under the then-current terms of the Mortgage Loan for at least three consecutive months, paid in full, liquidated, repurchased or otherwise disposed of. An appraisal for any Required Appraisal Loan that has not been brought current for at least three consecutive months (or paid in full, liquidated, repurchased or otherwise disposed of) will be updated annually, with corresponding adjustments to the amount of the Appraisal Reduction.
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 Xxxxxxx Xxxxx Mortgage Investors Inc. Mortgage Pass-Through Certificates, Series 1997-C2.
Appraisal Reduction. With respect to any Mortgage Loan, an amount ------------------- equal to the excess, if any, of (a) the Principal Balance of such Mortgage Loan as determined immediately following the Distribution Date preceding the Appraisal Reduction Effective Date over (b) the excess, if any, of (i) 90% of the appraised value of the property securing such Mortgage Loan as determined by an independent narrative MAI appraisal conducted by an MAI appraiser of the Mortgaged Property (and any other additional collateral) securing such Mortgage Loan prepared for purposes of determining the amount of the Appraisal Reduction over (ii) the sum of (A) to the extent not previously advanced by the Master Servicer, the Trustee, the Special Servicer or the Fiscal Agent, all unpaid interest on such Mortgage Loan at a per annum rate equal to the Mortgage Interest Rate as of such preceding Distribution Date, (B) all unreimbursed Advances, Servicing Fees and Special Servicer Compensation and interest thereon at the Advance Rate in respect of such Mortgage Loan as of such preceding Distribution Date, and (C) to the extent funds on deposit in the Reserve Account are not sufficient therefor, all currently due and delinquent real estate taxes and assessments and insurance premiums in respect of the related Mortgaged Property (which amount has not been subject to an Advance by the Master Servicer, the Special Servicer, Trustee or Fiscal Agent); provided, however, -------- ------- that an Appraisal Reduction for any Distribution Date will be an amount equal to zero with respect to such a Mortgage Loan if (i) the event giving rise to such Appraisal Reduction is the extension of the maturity of such Mortgage Loan, (ii) the payments (other than any Balloon Payment but including Assumed Scheduled Payments) on such Mortgage Loan were not more than thirty (30) days delinquent during the twelve-month period immediately preceding such extension or modification and (iii) the payments (other than any Balloon Payment but including Assumed Scheduled Payments) on such Mortgage Loan are then not more than thirty (30) days delinquent, and provided, further, that if at any -------- ------- later date there occurs a delinquency of more than thirty (30) days in payment (other than any Balloon Payment but including Assumed Scheduled Payments) with respect to such Mortgage Loan, any subsequent Appraisal Reduction will be recalculated and applied in the same manner as it would have been previously applied. Each A...
Appraisal Reduction and "Required Appraisal Loan", the Chenal Commons 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.
Appraisal Reduction shall have the meaning assigned to such term in the Securitization Servicing Agreement.
Appraisal Reduction. For any Distribution Date and for any Mortgage Loan (other than a Non-Serviced Mortgage Loan), Serviced Companion Loan and any 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 or (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 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.