Control Appraisal Event definition

Control Appraisal Event shall be deemed to have occurred with respect to each Note B, if and so long as (a) (1) the Initial Note B Principal Balance, minus (2) the sum of (x) any payments of principal (whether as Prepayments or otherwise) allocated to, and received on, any Note B, (y) any Appraisal Reduction Amounts allocated to any Note B in accordance with the terms of this Agreement, and (z) any Realized Losses with respect to the Mortgage Loan to the extent allocated to Note B, is less than (b) twenty-five percent (25%) of the Initial Note B Principal Balance.

Control Appraisal Event shall exist with respect to Note B, if and for so long as:

Control Appraisal Event shall be deemed to have occurred if and so long as (a) (i) the Initial Note B Principal Balance, minus (ii) the sum of (1) any payments of principal (whether as Prepayments or otherwise) allocated to, and received on, any B Note, (2) any Appraisal Reduction Amounts allocated to any B Note in accordance with the terms of this Agreement, and (3) any Realized Losses with respect to the Mortgage Loan to the extent allocated to the B Notes, is less than (b) 25% of the Initial Note B Principal Balance.

Examples of Control Appraisal Event in a sentence

• N.B. CLIMATE CHANGE will affect all range states APPENDIX 2 Breeding sites: Breeding sites in Botswana Slaty Egrets in Botswana usually nest in small colonies sometimes with other herons or egrets (Ardeidae) such as Rufous-bellied Herons Ardeola rufiventris or Little Egret Egretta garzetta.

• The rights, duties and powers granted to Administrative Agent in this Agreement are intended by the Noteholders to be exclusive and broad, subject to the duty of Administrative Agent to comply with the Loan Documents, all applicable laws and the consent requirements set forth in this Section 2.2, and so long as no Control Appraisal Event is continuing, in accordance with Accepted Servicing Practices, in connection with any action under the Loan Documents that is taken by Administrative Agent.

• Subject to the terms of Section 2.2 and the other provisions of this Agreement, such appointment includes the sole and exclusive right and obligation, for the benefit of and on behalf of the Noteholders, to service, manage and administer the Loan in a manner consistent with the Loan Documents, and so long as no Control Appraisal Event is continuing, in accordance with Accepted Servicing Practices.

• Neither party shall be liable for any delay or failure in performance due to event outside the defaulting party‟s reasonable control, including without limitation, acts of God, labour disputes, and shortages of supplies, actions of governmental entities, riots, war, fire, epidemics, or other circumstances beyond its reasonable control.

• At any time that an Appraisal Reduction Amount exists with respect to any Required Appraisal Loan, the applicable Directing Holder (without giving effect to any Control Appraisal Event, which may have been triggered by the most recent Appraisal Reduction Amount) may, at its own expense direct the Special Servicer to appoint an Independent Appraiser reasonably satisfactory to the Companion Loan Holder to prepare a second Appraisal of the Mortgaged Property at the expense of the Companion Loan Holder.

More Definitions of Control Appraisal Event

Control Appraisal Event shall exist, if and for so long as:

Control Appraisal Event has the meaning set forth in Section 9.40 hereof.

Control Appraisal Event shall exist if, following the occurrence of a Trigger Event (except that for purposes of this definition, notwithstanding the definition of “Trigger Event”, a Trigger Event shall be deemed to have occurred thirty (30) days following any default by Underlying Borrower with respect to payment of the entire principal balance of the Underlying Loan, accrued and unpaid interest and other amounts due on the Underlying Loan on or prior to the Underlying Loan Maturity Date (except due to acceleration of the Underlying Loan Maturity Date)), as of any date of determination, (a) (i) the principal balance of the Asset minus (ii) the principal balance of the Loan (the difference between the amounts under sub-clauses (i) and (ii), the “Borrower Principal Balance”), minus (iii) Borrower’s Underlying Loan Percentage of any Appraisal Reduction Amount, is less than (b) 50% of the Borrower Principal Balance; provided, however, Borrower may, within thirty (30) days after the occurrence of any Control Appraisal Event, cure such Control Appraisal Event by making a payment to Lender (to be applied to the principal balance of the Loan) in an amount that, when subtracted from Borrower’s Underlying Loan Percentage of the then current Appraisal Reduction Amount (taking into account any previous cure payments or any previous or contemporaneous Future Funding Paydowns), would cause the foregoing calculation to no longer result in a Control Appraisal Event (a “CAE Cure Payment”).

Control Appraisal Event shall exist with respect to any Tier 1 Loan Group, if and for so long as:

Control Appraisal Event shall have the meaning given thereto in the Grace Building Co-Lender Agreement.

Control Appraisal Event. With respect to any AB Mortgage Loan and the Houston Galleria Whole Loan, shall have the meaning assigned to such term, or any similar term, in the related Intercreditor Agreement.

Control Appraisal Event shall exist with respect to any Loan Pair (other than the Windsor Capital Portfolio Loan Pair, which is serviced under the 2003-C1 PSA) that contains a Subordinate Companion Loan, if and for so long as: