Appraisal Reduction Amount definition
Examples of Appraisal Reduction Amount in a sentence
The Special Servicer shall promptly notify the Controlling Class Representative of any Appraisal Reduction Amount that causes the related Class of Control Eligible Certificates to be an Appraised-Out Class.
Any Appraised-Out Class for which the Requesting Holders are challenging the Special Servicer’s Appraisal Reduction Amount determination shall not exercise any direction, control, consent and/or similar rights of the Controlling Class, until such time, if any, as such Class is reinstated as the Controlling Class.
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.
In addition, our review of the net present value calculations and Appraisal Reduction Amount calculations is limited to the mathematical accuracy of the calculations and the corresponding application of the non-discretionary portions of the applicable formulas, and as such, does not take into account the reasonableness of the discretionary portions of such formulas.
The Appraisal Reduction Amount for the Trust Loan for any Distribution Date shall be applied to notionally reduce the Certificate Balances of the Sequential Pay Certificates (other than the Class A Certificates) in the following order of priority: first, to the Class HRR Certificates; then, to the Class C Certificates; and then, to the Class B Certificates (provided that no Certificate Balance in respect of such Class may be notionally reduced below zero).