Updated Appraisal definition

Updated Appraisal means an Appraisal of the Mortgaged Property or related REO Property, as the case may be, conducted subsequent to any Appraisal performed on or prior to the date of this Agreement by an Appraiser, selected by the applicable Servicer, in accordance with MAI standards, the costs of which shall be paid as a Property Advance by the Lead Securitization Note Holder or applicable Servicer.

Updated Appraisal. An appraisal of a Mortgaged Property or REO Property, as the case may be, conducted subsequent to any appraisal performed on or prior to the Cut-Off Date and in accordance with MAI standards, the costs of which shall be paid as a Property Advance by the Master Servicer. Updated Appraisals shall be conducted by an MAI appraiser selected by the Special Servicer.

Updated Appraisal means each appraisal (other than the Initial Appraisals) that is conducted after the Second Restatement Date pursuant to Section 10.15 or 10.17(b) for purpose of determining the Borrowing Base, in form and substance reasonably satisfactory to the Administrative Agent and performed by an appraiser that is reasonably satisfactory to the Administrative Agent.

Examples of Updated Appraisal in a sentence

• The Special Servicer's determination to extend shall be made in the Special Servicer's good faith judgment, and may, but is not required to be, based on an Updated Appraisal or a letter update thereof.

• The Servicer shall obtain a new Updated Appraisal or a letter update every 12 months thereafter.

• The cost of any such Updated Appraisal if not an internal valuation performed by the Special Servicer shall be paid by the Master Servicer as a Servicing Advance, unless such Advance would be a Nonrecoverable Advance.

• If no Updated Appraisal has been obtained within 12 months prior to the first Distribution Date on or after an Appraisal Reduction Event has occurred, the Special Servicer will be required to estimate the value of the related Mortgaged Property or REO Property (the "Special Servicer's Appraisal Reduction Estimate") and such estimate will be used for purposes of determining the Appraisal Reduction.

• The Servicer shall obtain letter updates to each Updated Appraisal annually and prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan.

More Definitions of Updated Appraisal

Updated Appraisal. As defined in Section 3.10(a).

Updated Appraisal has the meaning specified in Section 2.19(a).

Updated Appraisal. With respect to each Required Appraisal Mortgage Loan, an Independent appraisal, prepared in accordance with 12 CFR

Updated Appraisal means any updated appraisal of Collateral comprising of any Borrowing Base that has been provided under and become effective pursuant to Section 5.07 after the Closing Date.

Updated Appraisal means each appraisal that is conducted after the Effective Date pursuant to Section 6.12(b) (Borrowing Base) for purpose of determining the Borrowing Base, in form and substance satisfactory to the Administrative Agent and performed by an appraiser that is satisfactory to the Administrative Agent.

Updated Appraisal. An appraisal (or a letter update for an existing appraisal which is less than one year old) of the Underlying Mortgaged Property or Underlying Mortgaged Properties that the Special Servicer will be required to use reasonable efforts to obtain from an independent MAI appraiser upon the occurrence of an Appraisal Reduction Event within one hundred twenty (120) days of the event that resulted in such Appraisal Reduction Event with respect to a Loan Obligation.

Updated Appraisal. With respect to any Mortgage Loan, (i) a fair market value appraisal of the related Mortgaged Property or REO Property from an independent appraiser who is a member of the Appraisal Institute, which appraisal shall be conducted in accordance with MAI standards by an appraiser with at least 10 years experience in the related property type and in the jurisdiction where the property is located or (ii) an internal property valuation performed by the Special Servicer at its discretion in accordance with the servicing standard set forth herein with respect to any Mortgage Loan with an outstanding principal balance equal to or less than $1,500,000, in each case conducted subsequent to any appraisal performed on or prior to the Cut-off Date.