UPDATED CURRENT APPRAISAL definition
UPDATED CURRENT APPRAISAL. With respect to any Subject Mortgage Loan as to which the Directing Holder has made an Election to Delay Foreclosure and as to which no amount has been realized on such Subject Mortgage Loan within six months from the time the Subject Mortgage Loan becomes delinquent, an appraisal of such Mortgage Loan, based on an appraisal of the related Mortgaged Property obtained by the Directing Holder at its expense from an appraiser acceptable to the Master Servicer as nearly contemporaneously as practicable to the time which the Directing Holder is obligated to purchase such Subject Mortgage Loan pursuant to Section 9.03(g), prepared based on the Master Servicer's customary requirements for such appraisals, and which appraisal shall take into account estimated liquidation expenses and carrying costs.