Appraisal Reductions definition

Appraisal Reductions. An appraisal reduction generally will be created in the amount, if any, by which the Principal Balance of a Specially Serviced Mortgage Loan (plus other amounts overdue in connection with such loan) exceeds 90% of the appraised value of the related Mortgaged Property. The Appraisal Reduction Amount will reduce proportionately the amount of P&I Advances for such loan, which reduction will result, in general, in a reduction of interest distributable to the most subordinate Class of Principal Balance Certificate outstanding. An Appraisal Reduction will be reduced to zero as of the date the related Mortgage Loan has been brought current for at least three consecutive months, paid in full, liquidated, repurchased or otherwise disposed of. Operating Adviser: The Operating Adviser, which may be appointed by the Controlling Class, will have the right to approve and direct certain actions of the Special Servicer with respect to Specially Serviced Mortgage Loans. Examples include the right to make certain modifications, foreclose, sell, bring an REO Property into environmental compliance or accept substitute or additional collateral.
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Examples of Appraisal Reductions in a sentence

  • The Special Servicer shall give written notice to the Controlling Holder of any Appraisal Reductions calculated with respect to the Mortgage Loan and any allocation thereof to reduce the Principal Balance of such Holder.

  • Any Appraisal Reduction in respect of an AB Whole Loan will be allocated in accordance with the related Intercreditor Agreement or, if no allocation is specified in the related Intercreditor Agreement, then, first, to the related AB Subordinate Companion Loan (until the principal balance thereof is notionally reduced to zero by such Appraisal Reductions) and second, to the related AB Mortgage Loan.

  • With respect to any AB Mortgage Loan, Appraisal Reductions will be calculated based on the aggregate outstanding principal balance of such AB Mortgage Loan and the related Companion Loan.

  • Upon the vote or written direction of Holders of at least 75% of the aggregate Certificate Balance of all Classes of Principal Balance Certificates (taking into account the application of Appraisal Reductions to notionally reduce the Certificate Balances of Classes to which such Appraisal Reductions are allocable), the Trustee shall immediately replace the Senior Trust Advisor with the replacement Senior Trust Advisor.

  • Any resulting Appraisal Reductions will be allocated to the related Companion Loan up to the principal amount of such Companion Loan prior to being allocated to the AB Mortgage Loan.

  • Upon the vote or written direction of Holders of at least 75% of the aggregate Certificate Balance of all Classes of Principal Balance Certificates and the Class EC Certificates (taking into account the application of Appraisal Reductions to notionally reduce the Certificate Balances of Classes to which such Appraisal Reductions are allocable), the Trustee shall immediately replace the Senior Trust Advisor with the replacement Senior Trust Advisor.

  • Any resulting Appraisal Reductions will be allocated, first to any subordinate Companion Loan up to the principal amount thereof and then pro rata, to the related Mortgage Loan and the related pari passu Companion Loan(s), if any, based on their Stated Principal Balances.

  • With respect to any Serviced Whole Loan, Appraisal Reductions will be calculated based on the aggregate outstanding principal balance of the related Serviced Mortgage Loan and the related Companion Loan(s).

  • All amounts allocable to the Subordinate Notes or the Note B Holders pursuant to Section 3 or Section 4, including any Appraisal Reductions and Realized Principal Losses, shall be applied by the Servicer to each Note B or Note B Holder, as applicable, on a pro rata and pari passu basis.

  • All amounts allocable to the Senior Notes or the Note A Holders pursuant to Section 3 or Section 4, including any Appraisal Reductions and Realized Principal Losses, shall be applied by the Servicer to each Note A or Note A Holder, as applicable, on a pro rata and pari passu basis.