Collateral Deficiency Amount definition
Collateral Deficiency Amount. With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum of (in the case of a Loan Combination, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent Appraised Value for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in such Appraised Value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related Mortgagor at the time the Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided, that in the case of an Outside Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to the extent relevant information is received by the Special Servicer), plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date of such determination. The Certificate Administrator, the Master Servicer and the Operating Advisor (other than with respect to any Collateral Deficiency Amount calculations that the Operating Advisor is required to review, recalculate and/or verify pursuant to Section 3.29) shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Collateral Deficiency Amount.
Collateral Deficiency Amount shall have the meaning set forth in the Lead Securitization Servicing Agreement.
Collateral Deficiency Amount. With respect to a Loan Subgroup and any Distribution Date prior to the Credit Support Depletion Date, the amount by which (i) the aggregate Certificate Principal Balance of the related Group II Senior Certificates (other than the Interest Only Certificates), after giving effect to payments of principal (other than the related Collateral Deficiency Amount) on that Distribution Date exceeds (ii) the Scheduled Principal Balance of the Group II Loans in the related Loan Subgroup as of the last day of the related Due Period.
Examples of Collateral Deficiency Amount in a sentence
With respect to any Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, calculated for purposes of determining (i) the Voting Rights of the related Classes for purposes of removal of the Special Servicer or the Operating Advisor or (ii) the Controlling Class or the occurrence and continuance of a Control Termination Event or an Operating Advisor Consultation Event, the appraised value of the related Mortgaged Property shall be determined on an “as is” basis.
The Master Servicer shall cooperate with the Special Servicer and provide any information reasonably requested by the Special Servicer necessary for the calculation of the Cumulative Appraisal Reduction Amount, Appraisal Reduction Amount or Collateral Deficiency Amount and in the Master Servicer’s possession or reasonably obtainable by the Master Servicer.
None of the Master Servicer, the Operating Advisor, the Trustee or the Certificate Administrator shall calculate or verify any Collateral Deficiency Amount.
As of the first Determination Date after a Mortgage Loan (other than a Non-Serviced Mortgage Loan) becomes an AB Modified Loan, the Special Servicer shall calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special Servicer with respect to such Mortgage Loan, and all other information in its possession relevant to a Collateral Deficiency Amount determination.
More Definitions of Collateral Deficiency Amount
Collateral Deficiency Amount. With respect to any AB Modified Loan as of any date of determination, the excess of (i) the outstanding principal balance of such AB Modified Loan (taking into account the related junior note(s) and any pari passu notes included therein, as well as any equity interests or other obligations senior thereto), over (ii) the sum of (solely to the extent allocable to the Mortgage Loan) (x) the most recent appraised value for the Properties, plus (y) solely to the extent not reflected or taken into account in such appraised value and to the extent on deposit with, or otherwise under the control of, the Lender as of the date of such determination, any capital or additional collateral contributed by the Borrower at the time the Mortgage Loan became (and as part of the modification related to) such AB Modified Loan for the benefit of the Property, plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held by the Lender in respect of such AB Modified Loan as of the date of such determination. The Servicer and the Certificate Administrator will be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Collateral Deficiency Amount.
Collateral Deficiency Amount shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.
Collateral Deficiency Amount. With respect the Group I Loans and Group II Loans and any Distribution Date prior to the Credit Support Depletion Date, the amount by which (i) the sum of (x) the aggregate Class Principal Balances of the Group I Senior Certificates or Group II Senior Certificates, as applicable (other than the related Group I/II Interest Only Certificates and Principal Only Certificates) after giving effect to payments of principal (other than the related Collateral Deficiency Amount) on that Distribution Date exceeds (ii) the Scheduled Principal Balance of the Loans in the related Loan Group as of the last day of the related Due Period.
Collateral Deficiency Amount. With respect to a Payment Date, the amount, if any, by which the Aggregate Current Principal Amount of the Notes (after giving effect to the principal payment, if any, funded out of Remaining Available Funds on such Payment Date) exceeds the Aggregate Economic Balance of the Accounts as of the first day of the month preceding the month of such Payment Date.
Collateral Deficiency Amount. With respect to a Payment Date, the amount, if any, by which the Aggregate Outstanding Principal Balance of the Notes (after giving effect to the principal payment, if any, funded out of Remaining Available Funds on such Payment Date) exceeds the Aggregate Economic Balance of the Accounts as of the first day of the month preceding the month of such Payment Date.
Collateral Deficiency Amount. With respect the Group I Loans and Group II Loans and any Distribution Date prior to the Credit Support Depletion Date, the amount by which (i) the sum of (x) the aggregate Certificate Principal Balance of the Group I Senior Certificates (other than the Class I-A-2 Certificates) or Group II Senior Certificates, as applicable, after giving effect to payments of principal (other than the related Collateral Deficiency Amount) on that Distribution Date exceeds (ii) the Scheduled Principal Balance of the Loans in the related Loan Group as of the last day of the related Due Period.
Collateral Deficiency Amount. With respect to a Loan Subgroup and any Distribution Date prior to the Credit Support Depletion Date, the amount by which (i) the aggregate Certificate Principal Balance of the related Group II Senior Certificates (other than the Class II-X1 and Class II-X2 Certificates), after giving effect to payments of principal (other than the related Collateral Deficiency Amount) on that Distribution Date exceeds (ii) the Scheduled [Component R-1 : The uncertificated residual interest in REMIC I.] Credit Support Depletion Date : The Distribution Date on which the aggregate Certificate Principal