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
Following the occurrence of an Appraisal Reduction Event, the Special Servicer shall obtain a new Updated Appraisal every twelve (12) months (or sooner if the Collateral Manager or the Special Servicer determines that conditions have changed with respect to the related Mortgaged Property) and to recalculate the Appraisal Reduction Amount (as defined in the Indenture) with respect to such Commercial Real Estate 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. As defined in the Indenture.
Updated Appraisal. With respect to any Mortgaged Property, an updated Appraisal, or a letter update for an existing Appraisal if such existing Appraisal is less than twenty-four (24) months old, of the Mortgaged Property from an independent appraiser who is a Member of the Appraisal Institute; provided that it shall not be necessary to obtain an updated Appraisal or letter update for an existing Appraisal if there exists an Appraisal that is less than twelve (12) months old and the party that is required to obtain such updated Appraisal or letter update for an existing Appraisal has no knowledge of any material change in the market for, or the condition or value of, the Mortgaged Property.
Updated Appraisal. With respect to each Required Appraisal Mortgage Loan, an Independent appraisal, prepared in accordance with 12 CFR
Updated Appraisal. The meaning specified in the Servicing Agreement.
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.