Collateral Value Adjustment definition

Collateral Value Adjustment. With respect to a Mortgage Loan as to which a Collateral Value Adjustment Event has occurred, an amount equal to the excess of (a) the Stated Principal Balance of the Mortgage Loan as of the date of the Collateral Value Adjustment Event over (b) the excess of (i) 90% of the current appraised value of the related Mortgaged Property as determined by an Independent MAI appraisal thereof prepared in accordance with 12 CFR ss. 225.62 (or, in the case of Mortgage Loans having a principal balance under $2,000,000, an Appraisal Estimate), over (ii) the sum of (A) to the extent not previously advanced by a Servicer, all unpaid interest on such Mortgage Loan at a per annum rate equal to the Mortgage Rate, (B) all unreimbursed Advances and interest thereon at the Advance Rate, and (C) all currently due and delinquent real estate taxes and assessments, insurance premiums and, if applicable, ground rents in respect of such Mortgaged Property (net of any amount escrowed or otherwise available for payment of any amounts due on the related Mortgage Loans with respect to such Mortgage Loan or REO Property). Notwithstanding the foregoing, a Collateral Value Adjustment will be zero with respect to such Mortgage Loan if (i) the event giving rise to such Collateral Value Adjustment is the extension of the maturity of such Mortgage Loan, (ii) the payments on such Mortgage Loan were not delinquent during the twelve months preceding such extension and (iii) the payments on such Mortgage Loan were then-current, provided that if at any later date there occurs a delinquency in payment with respect to such Mortgage Loan, the Collateral Value Adjustment will be recalculated and applied as described above. Notwithstanding the forgoing, if an appraisal is not obtained within ninety (90) days after the Required Appraisal Date, until such appraisal is obtained there shall be a Collateral Value Adjustment with respect to the related Mortgage Loan equal 25% of the Stated Principal Balance of such Mortgage Loan; provided, however, that upon the subsequent receipt of an appraisal, the Collateral Value Adjustment for such Mortgage Loan will be recalculated in accordance with this definition without regard to this sentence.
View Source
Collateral Value Adjustment. With respect to a Mortgage Loan as to which a Collateral Value Adjustment Event has occurred, an amount equal to the excess of (a) the sum of (i) the Scheduled Principal Balance of the Mortgage Loan as of the date of the Collateral Value Adjustment Event and (ii) the sum of (A) all unpaid interest on such Mortgage Loan at a per annum rate equal to the Mortgage Interest Rate, (B) all unreimbursed Property Advances and interest thereon at the Advance Rate, (C) any unpaid Servicing Fees and Trustee Fees and any unpaid interest on any P&I Advances and (D) all currently due and delinquent real estate taxes and assessments, insurance premiums and, if applicable, ground rents in respect of any such Mortgaged Property (net of any amount escrowed or otherwise available for payment of any amounts due on the related Mortgage Loan or REO Property) over (b) 90% of the current appraised value of the related Mortgaged Property as determined by an Independent MAI appraisal thereof.
View Source

Examples of Collateral Value Adjustment in a sentence

  • The amount of each Realized Loss or Collateral Value Adjustment shall be evidenced by an Officers' Certificate.

  • As soon as practicable following the occurrence of a Collateral Value Adjustment Event with respect to any Mortgage Loan, the Master Servicer shall make a Collateral Value Adjustment determination with respect to such Mortgage Loan.

  • At least four Business Days prior to each Distribution Date, the Master Servicer shall determine and communicate to the Trustee the total amount of Realized Losses and Collateral Value Adjustment, if any, that resulted during the related Collection Period.

  • The amount of each Realized Loss or Collateral Value Adjustment shall be evidenced by an Officers' Certificate of the Master Servicer.

  • To the extent a Collateral Value Adjustment is reversed, such reversed amount shall be allocated by the Trustee to the Classes the Interest Distribution Amount of which at the time of such allocation is calculated by reference to a Class Balance adjusted by a Collateral Value Adjustment in alphabetic order.

  • The allocation of a Collateral Value Adjustment to a Class of Certificates shall reduce such Class' Class Balance for purposes of determining Voting Rights.

  • Upon receipt of the appraisal obtained pursuant to the immediately preceding sentence, the Special Servicer shall redetermine and report in writing to the Master Servicer, the Trustee and the Directing Certificateholder the amount of the Collateral Value Adjustment with respect to such Mortgage Loan, and such redetermined Collateral Value Adjustment shall replace the prior Collateral Value Adjustment with respect to such Mortgage Loan.

  • The Master Servicer will verify the accuracy of the mathematical computation of the Collateral Value Adjustment by the Special Servicer and that the amounts used therein are consistent with the Master Servicer's records.

  • As soon as practicable following the occurrence of a Collateral Value Adjustment Event with respect to any Mortgage Loan (taking into account the time period necessary for the Master Servicer to obtain the Independent MAI appraisal for such purpose), the Master Servicer shall make a Collateral Value Adjustment determination with respect to such Mortgage Loan.

  • The amount of each Realized Loss or Collateral Value Adjustment shall be evidenced by an Officers' Bond.