Appraisal Reduction Amounts definition
Appraisal Reduction Amounts means:
Appraisal Reduction Amounts means: (a) prior to the Lead Securitization Date, for any Remittance Date as to which an Appraisal Reduction Event has occurred, an amount equal to the excess, if any, of (i) the sum of (1) the Loan Principal Balance as of the immediately preceding Monthly Payment Date, (2) to the extent not previously advanced by the Servicer or any other Holder as an Advance under Section 9 or Section 11(b), all accrued and unpaid interest on the Mortgage Loan at a per annum rate equal to the Note Interest Rate on each of the Notes, (3) all unreimbursed Advances, with interest thereon at the Advance Rate in respect of the Mortgage Loan, and (4) all currently due and unpaid real estate taxes, ground rents and assessments and insurance premiums (less any amounts held in escrow for such items) and all other amounts (not including any default interest, Penalty Charges, Prepayment Charges, liquidated damage amounts or other similar fees or charges) currently due and unpaid with respect to the Mortgage Loan (which taxes, premiums and other amounts have not been the subject of an Advance by the Servicer), over (ii) an amount equal to 90% of the appraised value of the Property as determined by the most recent Updated Appraisal obtained by the Servicer (the cost of which shall be advanced by such Servicer as an Advance), minus the dollar amount of any liens on the Property that are prior to the lien of the Mortgage (other than the liens for any items set forth in the immediately preceding clause (i)(4) which have been insured or bonded over by Qualified Insurers (as defined in the Lead Securitization Servicing Agreement), plus (without duplication of any amounts held in escrow deducted in clause (i)(4) above) the aggregate of all reserves, letters of credit and escrows held in connection with the Mortgage Loan to the extent that such reserves, letters of credit and escrows are permitted to be used by the Servicer in reduction of the Mortgage Loan); and (b) from and after the Lead Securitization Date, the meaning assigned to such term or any analogous term in the Lead Securitization Servicing Agreement.
Appraisal Reduction Amounts with respect to each Serviced Loan Combination shall be allocated, first, to any related Serviced Subordinate Companion Loan(s) (up to the outstanding principal balance(s) thereof), and then, to the related Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loan(s) on a pro rata and pari passu basis in accordance with the respective outstanding principal balances of such Serviced Mortgage Loan and the related Serviced Pari Passu Companion Loan(s). Notwithstanding the foregoing, if so provided in the related Co-Lender Agreement, the holder of a Serviced Subordinate Companion Loan may be permitted to post cash or a letter of credit to offset all or some portion of an Appraisal Reduction Amount. Notwithstanding the foregoing, with respect to each Outside Serviced Mortgage Loan, the Appraisal Reduction Amount shall be the portion of any “appraisal reduction amount” relating to such Outside Serviced Loan Combination, that is calculated pursuant to the applicable Outside Servicing Agreement by the related Outside Special Servicer or related Outside Servicer, as applicable, and that is allocable to such Outside Serviced Mortgage Loan pursuant to such Outside Servicing Agreement and the related Co-Lender Agreement. The parties hereto shall be entitled to rely on such calculations as reported to them by the related Outside Servicer. The Uncertificated VRR Interest Owner and, by their acceptance of their Certificates, the Certificateholders shall be deemed to have acknowledged that the applicable Outside Servicing Agreement and the related Co-Lender Agreement, taken together, provide that any such “appraisal reduction amount” will be calculated under the applicable Outside Servicing Agreement by the applicable party thereto.
Examples of Appraisal Reduction Amounts in a sentence
All expenses and losses relating to the Mortgage Loan and the Mortgaged Property, including without limitation losses of principal and interest, Property Protection Advances, Advance Interest Amounts, Special Servicing Fees, Liquidation Fees and Workout Fees, Appraisal Reduction Amounts and certain other trust expenses, shall be allocated on a Pro Rata and Pari Passu Basis.
Appraisal Reduction Amounts and Cumulative Appraisal Reduction Amounts allocated to a related Mortgage Loan will be allocated between the VRR Interest on the one hand and the Senior Certificates and Subordinate Certificates, on the other hand, based on the VRR Percentage and the Non-Retained Percentage, respectively.
Allocated Appraisal Reduction Amounts and Allocated Collateral Deficiency Amounts allocated to any Exchangeable Upper-Tier Regular Interest as set forth above will be allocated to the Classes of Exchangeable P&I Certificates representing interests therein pro rata in accordance with their respective Class Percentage Interests in such Exchangeable Upper-Tier Regular Interest.
The Lead Securitization Note Holder (or the Special Servicer on its behalf) shall notify the Holders in writing of any Appraisal Reduction Amounts and Collateral Deficiency Amounts calculated with respect to the Mortgage Loan and any allocation thereof to notionally reduce the Note Principal Balances of any Note.
More Definitions of Appraisal Reduction Amounts
Appraisal Reduction Amounts for the CP Component Mortgage Loan will be allocated (a) first, to the CP Component Mortgage Loan Subordinate Component and (b) thereafter any remaining Appraisal Reduction Amounts will be allocated to the CP Component Mortgage Loan Senior Component. Any Appraisal Reduction Amount for any A/B Whole Loan shall be deemed allocated, first, to the related B Note to the extent of its outstanding principal balance, and then to the related Mortgage Loan. In addition, notwithstanding anything to the contrary and for the avoidance of doubt, Appraisal Reduction Amounts with respect to the Fashion Show Mall Whole Loan shall be calculated in accordance with the Fashion Show Mall Pooling Agreement. Pursuant to the Fashion Show Mall Pooling Agreement, any Appraisal Reduction Amount for the Fashion Show Mall Whole Loan shall be allocated first, to the Fashion Show Mall Note A-1 Junior Portion and, then to the Fashion Show Mall Note A-1 Senior Portion and the Fashion Show Mall Pari Passu Note A-2 pro rata based on outstanding principal balance.
Appraisal Reduction Amounts for The Outlets at Hershey B Note and (z) any realized losses allocated to The Outlets at Hershey B Note, is less than or equal to (b) 25% of the initial principal balance of The Outlets at Hershey B Note or (II) at least 51% of The Outlets at Hershey B Note is not held by holders that are not the related Mortgagor or any party related to such Mortgagor. For purposes of determining whether a Outlets at Hershey Change of Control Event exists for The Outlets at Hershey Whole Loan, Appraisal Reduction Amounts for The Outlets at Hershey Whole Loan shall be allocated first to The Outlets at Hershey B Note (up to the full principal balance thereof), and then to The Outlets at Hershey Mortgage Loan (provided in each case any such Appraisal Reduction Amount shall not be allocated to The Outlets at Hershey B Note to the extent (but only to the extent) that the principal balance of The Outlets at Hershey B Note, net of such Appraisal Reduction Amounts, would be less than zero).
Appraisal Reduction Amounts means an amount equal to the excess, if any, as of the related determination date, of (a) the sum of (i) the outstanding principal balance of the Loan, plus (ii) to the extent not previously advanced by Servicer, all accrued and unpaid interest (other than default interest) on the Loan at a per annum rate equal to the applicable interest rate (exclusive of any default interest), plus (iii) all unreimbursed Costs and unpaid interest thereon at the Applicable Servicer Rate and any unpaid interest on any principal and interest advances with respect to the Loan, plus (iv) all currently due and unpaid real estate taxes and assessments and insurance premiums relating to the Premises (less any amounts held in escrow for such items) over (b) an amount equal to the Collateral Value of the Premises as determined