BPO Reconciliation Process definition
BPO Reconciliation Process means, in respect of any Property, the process pursuant to which a BPO Determined Value is adjusted in accordance with the terms hereof. A BPO Determined Value may be adjusted if the “as is” value presented in any Broker Price Opinion for a Property is not reasonably acceptable to the Administrative Agent, the Majority Lenders or the Borrower Representative, and the Administrative Agent or the Majority Lenders, as applicable, notify the Borrower Representative thereof, in the case of an objection by the Majority Lenders, in accordance with Section 10.22 or the Borrower Representative notifies the Administrative Agent of its objection to the BPO Determined Value, in the case of an objection by the Borrower Representative. Any such objection shall be given by written notice by no later than the earlier of (x) ten (10) Business Days following receipt of the related Broker Price Opinion or (y) two (2) Business Days prior to the Borrowing Date of the related Loan in the case of a Broker Price Opinion for a Pending Advance Property. If an objection is properly given, the Administrative Agent shall request that the Diligence Agent reconsider the value for such Property. The Borrower Representative, the Administrative Agent and/or the objecting Majority Lenders shall be provided the opportunity to deliver additional information, including sales of comparable homes or other evidence of market value or a broker price opinion or appraisal (as applicable) from an independent third party, to the Administrative Agent in connection with any such reconsideration, and the Administrative Agent shall forward to the Diligence Agent any such additional information which the Administrative Agent has received within five (5) Business Days of the objection to the BPO Determined Value. The Administrative Agent will direct the Diligence Agent to deliver a final Broker Price Opinion within ten (10) Business Days of the objection to the BPO Determined Value and the BPO Determined Value set forth in such Broker Price Opinion shall be the BPO Determined Value for the applicable Property for purposes of this Agreement until a new BPO Determined Value is determined pursuant to the definition thereof. If the Administrative Agent, the Majority Lenders or the Borrower Representative objects to a BPO Determined Value with respect to any Pending Advance Property for the related Loan prior to the Borrowing Date therefor, then, unless the BPO Determined Value has been reconsidered by the Dilige...
BPO Reconciliation Process means, in respect of any Property, the process pursuant to which a BPO Determined Value is adjusted in accordance with the terms hereof. A BPO Determined Value may be adjusted if the “as is” value presented in any Broker Price Opinion for a Property (i) is not reasonably acceptable to the Administrative Agent or the Thirty-Three Percent Lenders, and the Administrative Agent or the Thirty-Three Percent Lenders, as applicable, notify the Borrower Representative thereof, in the case of an objection by the Thirty-Three Percent Lenders, in accordance with Section 10.20, by no later than within ten (10) Business Days following funding of a related Property Loan or (ii)(A) is less than the Purchase Price for such Property by an amount equal to the greater of (x) 5% of the Purchase Price for such Property and (y) $5,000 and (B) if so requested by the Borrower Representative by no later than within ten (10) Business Days of funding of a related Property Loan, the Administrative Agent shall request that the Diligence Agent reconsider the value for such Property. The Borrower Representative and/or the objecting Thirty-Three Percent Lenders shall be provided the opportunity to deliver additional information, including sales of comparable homes or other evidence of market value or a broker price opinion or appraisal (as applicable) from an independent third party, to the Administrative Agent and the Lenders in connection with any such reconsideration, and the Administrative Agent shall forward such additional information to the Diligence Agent. Any revised “as is” value for such Property (if any) determined by the Diligence Agent shall be submitted to the Administrative Agent and the Borrower Representative.
BPO Reconciliation Process means, in respect of any Property, the process pursuant to which a BPO Determined Value is adjusted in accordance with the terms hereof. A BPO Determined Value may be adjusted if the “as is” value presented in any Broker Price Opinion for a Property (i) is not reasonably acceptable to the Administrative Agent, and the Administrative Agent notifies the Borrower Representative thereof by no later than within ten (10) Business Days following funding of a related Loan or (ii)(A) is less than the Purchase Price for such Property by an amount equal to the greater of (x) 5% of the Purchase Price for such Property and (y) $5,000 and (B) if so requested by the Borrower Representative by no later than within ten (10) Business Days of funding of a related Loan, the Administrative Agent shall request that the Diligence Agent reconsider the value for such Property. The Borrower Representative shall be provided the opportunity to deliver additional information, including sales of comparable homes or other evidence of market value or a broker price opinion or appraisal (as applicable) from an independent third party, to the Administrative Agent and the Lenders in connection with any such reconsideration, and the Administrative Agent shall forward such additional information to the Diligence Agent. Any revised “as is” value for such Property (if any) determined by the Diligence Agent shall be submitted to the Administrative Agent and the Borrower Representative.
More Definitions of BPO Reconciliation Process
BPO Reconciliation Process means, in respect of any Property, the process pursuant to which a BPO Determined Value is adjusted in accordance with the terms hereof. A BPO Determined Value may be adjusted if the “as is” value presented in any Broker Price Opinion for a Property (i) is not reasonably acceptable to the Administrative Agent or any Fifty Percent Lender, and the Administrative Agent or such Fifty Percent Lender notifies the Borrower Representative thereof by no later than within ten (10) Business Days following funding of a related Property Loan or (ii)(A) is less than the Purchase Price for such Property by an amount equal to the greater of (x) 5% of the Purchase Price for such Property and (y) $5,000 and (B) if so requested by the Borrower Representative by no later than within ten (10) Business Days of funding of a related Property Loan, the Administrative Agent shall request that the Diligence Agent reconsider the value for such Property. The Borrower Representative and/or the objecting Fifty Percent Lender shall be provided the opportunity to deliver additional information, including sales of comparable homes or other evidence of market value or a broker price opinion or appraisal (as applicable) from an independent third party, to the Administrative Agent and the Lenders in connection with any such reconsideration, and the Administrative Agent shall forward such additional information to the Diligence Agent. Any revised “as is” value for such Property (if any) determined by the Diligence Agent shall be submitted to the Administrative Agent and the Borrower Representative.