Operating Advisor Consultation Event definition

Operating Advisor Consultation Event. Any time when the Certificate Balances of the HRR Certificates in the aggregate (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such classes) is reduced to 25% or less of the Original Certificate Balances of such classes in the aggregate.
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Operating Advisor Consultation Event. The event that occurs when (i) the Class HRR Certificates have a Certificate Balance (as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance with Section 3.7(a) of this Agreement) equal to or less than 25% of the Initial Certificate Balance of such Class or (ii) a Control Termination Event has occurred and is continuing.
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Operating Advisor Consultation Event. Any time when (i) the Certificate Balances of the Horizontal Risk Retention Certificates in the aggregate (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such classes) is 25% or less of the Original Certificate Balances of such classes in the aggregate or (ii) a Control Termination Event is continuing.
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Examples of Operating Advisor Consultation Event in a sentence

  • None of the Master Servicer (with respect to Mortgage Loans (other than the Non-Serviced Mortgage Loans)), the Special Servicer (with respect to Non-Serviced Mortgage Loans), the Operating Advisor (unless an Operating Advisor Consultation Event has occurred and is continuing and the Special Servicer has calculated any such Collateral Deficiency Amount), the Trustee or the Certificate Administrator shall calculate or verify any Collateral Deficiency Amount.

  • The Certificate Administrator shall notify the Operating Advisor, the Master Servicer and the Special Servicer within ten (10) Business Days of the existence or cessation of (i) any Control Termination Event, (ii) any Consultation Termination Event or (iii) any Operating Advisor Consultation Event.

  • Upon the Certificate Administrator’s determination that a Control Termination Event, a Consultation Termination Event or an Operating Advisor Consultation Event has occurred or is terminated, the Certificate Administrator shall, within ten (10) Business Days, post a “special notice” on the Certificate Administrator’s Website pursuant to this provision.

  • Any party hereto may at any time request from the Certificate Administrator written confirmation of whether there existed a Control Termination Event, a Consultation Termination Event or an Operating Advisor Consultation Event during the preceding calendar year and the Certificate Administrator shall deliver such confirmation to such party within ten (10) days of such request.


More Definitions of Operating Advisor Consultation Event

Operating Advisor Consultation Event. With respect to any Mortgage Loan or Serviced Whole Loan, when the Certificate Balance of the Horizontal Risk Retention Certificates in the aggregate (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such classes) is reduced to 25% or less of the Original Certificate Balance of such classes in the aggregate.
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