Cumulative Appraisal Reduction Amount definition

Cumulative Appraisal Reduction Amount. As of any date of determination by the Special Servicer, the sum of (i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate Administrator and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount. None of the Master Servicer, the Trustee nor the Certificate Administrator shall calculate or verify any Cumulative Appraisal Reduction Amount.

Cumulative Appraisal Reduction Amount. As of any date of determination by the Special Servicer, the sum of (i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate Administrator and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount. None of the Master Servicer (except if such Cumulative Appraisal Reduction Amount consists solely of Collateral Deficiency Amounts calculated with respect to one or more Outside Serviced Mortgage Loans), the Trustee nor the Certificate Administrator shall calculate or verify any Cumulative Appraisal Reduction Amount. The Special Servicer shall be entitled to conclusively rely on the Master Servicer’s calculation or determination of any Collateral Deficiency Amount with respect to an Outside Serviced Mortgage Loan.

Cumulative Appraisal Reduction Amount shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

Examples of Cumulative Appraisal Reduction Amount in a sentence

• For the avoidance of doubt, for purposes of determining the Controlling Class or the occurrence of a Control Termination Event, any Class of Control Eligible Certificates shall be allocated the Non-Vertically Retained Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts (the sum of which shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with the preceding two sentences.

• The Special Servicer shall promptly notify the Certificate Administrator and Master Servicer of the determination of (i) any Appraisal Reduction Amount, (ii) any Collateral Deficiency Amount, and (iii) any resulting Cumulative Appraisal Reduction Amount, and the Certificate Administrator shall promptly post notice of the determination of any such Appraisal Reduction Amount, Collateral Deficiency Amount and/or Cumulative Appraisal Reduction Amount, as applicable, on the Certificate Administrator’s website.

• For the avoidance of doubt, for purposes of determining the Controlling Class or the occurrence of a Control Termination Event, any Class of Control Eligible Certificates shall be allocated both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts (the sum of which shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with the preceding two sentences.

• Following the Master Servicer’s receipt from the Special Servicer of the calculation of the Appraisal Reduction Amounts, the Master Servicer shall provide such information to the Certificate Administrator in the form of the CREFC® Loan Periodic Update File, and the Certificate Administrator will calculate the Allocated Appraisal Reduction Amount and the Allocated Cumulative Appraisal Reduction Amount.

• The most senior Class of Non-Retained Principal Balance Certificates, whose Standard Certificate Balance is reduced to less than 25% of its initial Certificate Balance (taking into account the application of any Cumulative Appraisal Reduction Amount to notionally reduce the Standard Certificate Balance of such Class) and provided that a CCR Consultation Termination Event does not exist, is referred to as an “Appraisal-Reduced Class”.

• The applicable Controlling Noteholder will be required to provide the Special Servicer with notice of their intent to challenge or not challenge the Special Servicer’s Cumulative Appraisal Reduction Amount determination within 10 days of such Controlling Noteholder’s receipt of written notice of the Cumulative Appraisal Reduction Amount.

• If a Threshold Event Cure occurs, the Note B-A Control Appraisal Period or the Note B-B Control Appraisal Period, as applicable, caused by application of an Cumulative Appraisal Reduction Amount shall not be deemed to have occurred.

• With respect to any Cumulative Appraisal Reduction Amount, the Non-Retained Percentage of such Cumulative Appraisal Reduction Amount.

• None of the Master Servicer, the Trustee nor the Certificate Administrator shall calculate or verify any Cumulative Appraisal Reduction Amount.

• Upon receipt of each such second Appraisal, the Special Servicer shall be required to recalculate such Cumulative Appraisal Reduction Amount based upon such second Appraisal(s).

More Definitions of Cumulative Appraisal Reduction Amount

Cumulative Appraisal Reduction Amount. As of any date of determination for any Mortgage Loan, the sum of (i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Master Servicer and the Certificate Administrator shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount.

Cumulative Appraisal Reduction Amount. As of any date of determination, the sum of (i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate Administrator and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount with respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan). With respect to a Non-Serviced Mortgage Loan, the Special Servicer and the Certificate Administrator will be entitled to conclusively rely on the applicable Non-Serviced Special Servicer’s calculation of any Appraisal Reduction Amount with respect to such Non-Serviced Mortgage Loan and on the Master Servicer’s calculation or determination of any Collateral Deficiency Amount with respect to such Non-Serviced Mortgage Loan.

Cumulative Appraisal Reduction Amount. As calculated by the Special Servicer as of any date of determination, the sum of (i) all Appraisal Reduction Amounts then in effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate Administrator and the Master Servicer shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount. None of the Master Servicer, the Trustee nor the Certificate Administrator shall calculate or verify any Cumulative Appraisal Reduction Amount. With respect to any Class of Trust Certificates, references in this Agreement to any Cumulative Appraisal Reduction Amount allocable to such Class mean the aggregate portion of any Appraisal Reduction Amounts and/or Collateral Deficiency Amounts comprising such Cumulative Appraisal Reduction Amount that are allocable to such Class under this Agreement.

Cumulative Appraisal Reduction Amount. As of any date of determination by the Special Servicer, an amount equal to (i) any Appraisal Reduction Amount then in effect and allocable to the Trust Loan, or (ii) if the Mortgage Loan is an AB Modified Loan, any Collateral Deficiency Amount then in effect and allocable to the Trust Loan. The Certificate Administrator and the Servicer shall be entitled to conclusively rely on the Special Servicer’s calculation or determination of any Cumulative Appraisal Reduction Amount. None of the Servicer, the Trustee or the Certificate Administrator shall calculate or verify any Cumulative Appraisal Reduction Amount. Any Cumulative Appraisal Reduction Amounts with respect to the Mortgage Loan shall be allocated first, to the Junior Trust Notes, up to the principal balance of the Junior Trust Notes, with any remainder being allocated to the Senior Notes on a pro rata and pari passu basis (in accordance with the relative principal balances of such Senior Notes).