Operating Advisor Consultation Trigger Event definition

Operating Advisor Consultation Trigger Event. The event that occurs when the aggregate Certificate Balance of the HRR Interest (as notionally reduced by any Cumulative Appraisal Reduction Amount then allocable to the HRR Interest in accordance with Section 3.10(a) of this Agreement) is 25% or less of the initial aggregate Certificate Balance of the HRR Interest; provided that an Operating Advisor Consultation Trigger Event shall at all times be deemed to exist with respect to Excluded Mortgage Loans.

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Operating Advisor Consultation Trigger Event. With respect to any Serviced Loan, the event that occurs when the aggregate Certificate Balance of the HRR Interest (as notionally reduced by any Cumulative Appraisal Reduction Amount then allocable to the HRR Interest in accordance with Section 3.10(a) of this Agreement) is 25% or less of the initial aggregate Certificate Balance of the HRR Interest; provided that an Operating Advisor Consultation Trigger Event shall at all times be deemed to exist with respect to Excluded Mortgage Loans; and provided that, in the case of a Trust Subordinate Companion Whole Loan Securitization, a related Loan-Specific Operating Advisor Consultation Trigger Event shall also constitute an Operating Advisor Consultation Trigger Event.

Operating Advisor Consultation Trigger Event. The event that occurs (i) with respect to any Serviced Loan (including the Woodlands Mall Loan Combination and The Centre Loan Combination), when the aggregate outstanding Certificate Balance of the HRR Interest (as notionally reduced by any Cumulative Appraisal Reduction Amount then allocable to the HRR Interest pursuant to Section 3.06(a) of this Agreement) is 25% or less of the initial aggregate Certificate Balance of the HRR Interest, and (ii) with respect to The Centre Loan Combination, also when the outstanding Certificate Balance of the Class TCRR Certificates (as notionally reduced by any Cumulative Appraisal Reduction Amount then allocable to the Class TCRR Certificates) is 25% or less of the initial aggregate Certificate Balance of the Class TCRR Certificates. Furthermore, with respect to Excluded Mortgage Loans, an Operating Advisor Consultation Trigger Event shall be deemed to exist.

Examples of Operating Advisor Consultation Trigger Event in a sentence

While a Collateral Deficiency Amount exists, the existence thereof shall be taken into account for purposes of determining whether a CCR Control Period and/or Operating Advisor Consultation Trigger Event is or is not then in effect as provided in the definition thereof.
The Special Servicer shall deliver to the Operating Advisor each Final Asset Status Report and, if an Operating Advisor Consultation Trigger Event exists, each other Asset Status Report.

Operating Advisor Consultation Trigger Event. The event that occurs when the aggregate Certificate Balance of the RR Interest (as notionally reduced by any Cumulative Appraisal Reduction Amount then allocable to the RR Interest in accordance with Section 3.10(a) of this Agreement) is 25% or less of the initial aggregate Certificate Balance of the RR Interest; provided that an Operating Advisor Consultation Trigger Event shall at all times be deemed to exist with respect to Excluded Mortgage Loans.

Operating Advisor Consultation Trigger Event. With respect to all the Mortgage Loans, the event that occurs when the aggregate Certificate Balance of the HRR Interest (as notionally reduced by any Cumulative Appraisal Reduction Amounts then allocable to the HRR Interest in accordance with Section 3.10(a) of this Agreement) is 25% or less of the initial aggregate Certificate Balance of the HRR Interest; provided that an Operating Advisor Consultation Trigger Event shall at all times be deemed to exist with respect to Excluded Mortgage Loans. Solely with respect to the Woodfield Mall Whole Loan, a Woodfield Mall Operating Advisor Consultation Trigger Event shall be an additional Operating Advisor Consultation Trigger Event.

Operating Advisor Termination Event As defined in Section 7.06(a) of this Agreement.
Operating Advisor Consulting Fee A fee for each Major Decision on which the Operating Advisor has consultation rights equal to $10,000 or such lesser amount as the related Mortgagor pays with respect to any Serviced Mortgage Loan (or Serviced Loan Combination, if applicable), payable pursuant to Section 3.06(a) and Section 3.06A(a) of this Agreement; provided, that the Operating Advisor Consulting Fee shall be payable only to the extent such fee is actually received from the related Mortgagor as a separately identifiable fee; provided, further that the Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision; and provided, further that the Master Servicer or Special Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Mortgagor if it determines that such full or partial waiver is in accordance with the Servicing Standard (provided that the Master Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor on a non-binding basis prior to any such waiver or reduction).
Special Servicer Termination Event shall have the meaning given to such term in the Lead Securitization Servicing Agreement.