Required Appraisal definition

Required Appraisal means, with respect to each Required Appraisal Loan, an appraisal of the related Mortgaged Property from an Independent Appraiser selected by the party required or authorized to obtain such appraisal hereunder, which appraisal shall be prepared in accordance with 12 CFR ss. 225.62 and conducted in accordance with the standards of the Appraisal Institute or, in the case of a Required Appraisal Loan having a Stated Principal Balance of, or in the case of a Mortgaged Property that has an allocated loan amount of, less than $2,000,000, if no satisfactory (as determined by the Special Servicer pursuant to Section 3.09(a)) appraisal meeting the foregoing criteria was obtained or conducted within the prior 12 months, a "desktop" value estimate performed by the Special Servicer.

Required Appraisal. With respect to each Required Appraisal Mortgage Loan, an appraisal of the related Mortgaged Property from an Independent Appraiser selected by the Special Servicer.

Required Appraisal shall have the meaning provided in Section 8.11(j).

Examples of Required Appraisal in a sentence

• The right of any Appraised-Out Class to present a second (2nd) Appraisal in connection with any Required Appraisal Loan is limited to one Appraisal with respect to each Mortgaged Property relating to such Required Appraisal Loan.

• The Special Servicer shall update such Appraisal or valuation in accordance with the definition of “market value” as set forth in 12 C.F.R. § 225.62 at least annually, and shall use reasonable efforts to do so within thirty (30) days of each annual anniversary of the related Appraisal Event, to the extent such Mortgage Loan remains a Required Appraisal Loan.

• Subject to the second paragraph of Section 3.03(c), the Master Servicer shall advance the cost of such Required Appraisal; provided, however, that such expense will be subject to reimbursement to the Master Servicer as a Servicing Advance out of the Certificate Account pursuant to Section 3.05(a)(vi) and 3.05(a)(vii).

• The Master Servicer shall, at the direction of the Special Servicer, advance the cost of each such Required Appraisal and updated Required Appraisal; provided, however, that such expense will be subject to reimbursement to the Master Servicer as a Servicing Advance out of the related Custodial Account pursuant to Section 3.05(a) or Section 3.05A, as applicable.

• Following its receipt of such Required Appraisal or letter update or the completion of its internal valuation, the Special Servicer may, but shall not be required to, reduce the Appraised Value of the related Mortgaged Property based on its review of the Required Appraisal (or letter update or internal valuation) and any other information that the Special Servicer, consistent with the Servicing Standard, deems appropriate.

More Definitions of Required Appraisal

Required Appraisal. With respect to each Required Appraisal Mortgage Loan, an appraisal of the related Mortgaged Property from an Independent Appraiser selected by the Special Servicer, prepared in accordance with 12 C.F.R. ss. 225.64 and conducted in accordance with the standards of the Appraisal Institute.

Required Appraisal shall have the meaning provided in Section 8.11(g).

Required Appraisal shall have the meaning provided in Section 9.11(g).

Required Appraisal means, with respect to each Required Appraisal Loan, an appraisal of the related Mortgaged Property from an Independent Appraiser selected by the party required or authorized to obtain such appraisal hereunder, which appraisal shall be prepared in accordance with 12 CFR Section 225.62 and conducted in accordance with the standards of the Appraisal Institute.

Required Appraisal shall have the meaning set forth in Section 7.12(d).

Required Appraisal means an appraisal of the Mortgaged Property or REO Property, as applicable, from an independent appraiser selected by the Participation A-1 Holder, which appraisal shall be prepared in accordance with 12 C.F.R. Sections 225.61 et seq. and conducted in accordance with the standards of the Appraisal Foundation and the Appraisal Institute.

Required Appraisal shall have the meaning provided in Section 7.11. Required Lenders shall mean Non-Defaulting Lenders, the sum of whose outstanding Term Loans and Revolving Loan Commitments (or after the termination thereof, outstanding Revolving Loans and Revolving Loan Percentage of outstanding Swingline Loans and outstanding Letter of Credit Obligations) represent an amount greater than 50% of the sum of all outstanding Term Loans of Non-Defaulting Lenders and the Total Revolving Loan Commitments (less the Revolving Loan Commitments of Defaulting Lenders) (or after the termination thereof, the sum of the then total outstanding Revolving Loans of Non-Defaulting Lenders and their aggregate Revolving Loan Percentages of all then outstanding Swingline Loans and outstanding Letter of Credit Obligations); provided, however, that at any time when there exists more than one Lender (for all purposes of this proviso, each Lender and any of its Affiliates which is also a Lender shall be deemed to constitute a single Lender) under this Agreement, and if a single Lender hereunder would constitute the Required Lenders in accordance with the foregoing definition, then the "Required Lenders" shall be required to include at least two Lenders. Requirement of Law shall mean, as to any Person, the Governing Documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. Restatement Effective Date shall have the meaning provided in Section 11.14.