Controlling Class Representative and Control Party Clause Samples

The "Controlling Class Representative and Control Party" clause defines which party or entity has the authority to act on behalf of a group or class in matters related to the agreement, particularly in structured finance or securitization transactions. This clause typically specifies the rights and responsibilities of the controlling class representative, such as making decisions about enforcement actions, waivers, or amendments, and outlines how the control party is designated or replaced. Its core practical function is to ensure clear decision-making authority and streamline communication, thereby preventing disputes and confusion among stakeholders regarding who has the power to act for the group.