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

• The entire amount of Threshold Event Collateral, without a haircut or other reduction, shall be considered in determining the sufficiency of such Threshold Event Collateral to avoid a Control Appraisal Event.

• The Threshold Event Cure shall continue until (i) the Appraised Value of the Mortgaged Property plus the value of the Threshold Event Collateral would not be sufficient to prevent a Control Appraisal Event from occurring; or (ii) the occurrence of a Final Recovery Determination.

• If the requirements of this paragraph are satisfied by the Controlling Holder (a “Threshold Event Cure”), no Control Appraisal Event caused by application of an Appraisal Reduction shall be deemed to have occurred.

• If the Appraised Value of the Mortgaged Property, upon any redetermination thereof, is sufficient to avoid the occurrence of a Control Appraisal Event without taking into consideration any, or some portion of, Threshold Event Collateral previously delivered by the Controlling Holder, the Threshold Event Collateral (or such portion thereof) held by the Trustee, the Master Servicer or the Special Servicer shall promptly be returned to such Controlling Holder (at its sole expense).

• Until such time as such Supplemental Appraisal is obtained by the Special Servicer and the recalculation of the Appraisal Reduction has been made (it being agreed that such recalculation shall be done no later than three (3) Business Days following receipt of such Supplemental Appraisal), the original Control Appraisal Event shall remain in effect (subject to clause (c) above).

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 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:

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.