Controlling Class Condition definition

Controlling Class Condition means a condition that is satisfied if either (a) all of the Class A Notes issued on the Closing Date have been redeemed, refinanced or repaid in full or (b) with respect to any event or action that is conditioned upon or otherwise subject to the satisfaction of the Controlling Class Condition, a Majority of the Class A Notes has consented in writing to such event or action.
Sample 1Sample 2
Controlling Class Condition means a condition that is satisfied if (x) S&P’s rating of the Class A Notes and Fitch’s rating of the Class A Notes is at least the initial rating thereof and such rating has not been withdrawn (or it has been reinstated) or (y) (i) S&P’s rating of the Class A Notes or Fitch’s rating of the Class A Notes is one or more subcategories below its initial rating thereof or has been withdrawn (unless it has been reinstated) and (ii) either (a) the Initial Class A Notes Purchaser has consented in writing to such event or action or (b) there is no longer an Initial Class A Notes Purchaser.
Sample 1Sample 2
Controlling Class Condition means a condition that is satisfied if all of the Class A-1 Notes issued on the Closing2021 Refinancing Date have been redeemed, refinanced or repaid in full.
Sample 1

Examples of Controlling Class Condition in a sentence

  • From and after the 2019 Refinancing Redemption Date, all references in the Indenture and any appendixes, annexes, schedules or exhibits thereto to "Class A Notes" shall mean the Class A-R Notes issued on the 2019 Refinancing Redemption Date, except for references to the Class A Notes in the definitions of "Controlling Class Condition" and "Initial Majority Class A Holder" in the Glossary and in Section 2.7(a) of the Indenture.


More Definitions of Controlling Class Condition

Controlling Class Condition. A condition that is satisfied if either (i) with respect to any event or action that is conditioned upon or otherwise subject to the satisfaction of the Controlling Class Condition, the Initial Class A-1 Notes Purchaser has consented in writing to such event or action or (ii) there is no longer an Initial Class A-1 Notes Purchaser.
Sample 1

Related to Controlling Class Condition

  • Controlling Class means (a) the Outstanding Class A Notes, (b) if no Class A Notes are Outstanding, the Outstanding Class B Notes and (c) if no Class B Notes are Outstanding, the Outstanding Class C Notes.

  • Controlling Class Representative shall have the meaning assigned to the term “Directing Certificateholder” in the Lead Securitization Servicing Agreement.

  • Controlling Class Certificateholder Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class as determined by the Certificate Administrator from time to time.

  • participating class means a class of shares title to which is permitted by an Operator to be transferred by means of a relevant system;

  • Existing Class means any Existing Term Loan Class and any Existing Revolving Credit Class.

  • Lead Securitization Controlling Class Representative means the “Controlling Class Representative” as defined in the Lead Securitization Servicing Agreement.

  • Required Subordinated Percentage of Class D Notes means, for the Class A(2022-2) Notes, 10.75949368%, subject to adjustment in accordance with Section 2.02.

  • Class E Noteholders means the holders of any Class E Notes from time to time.

  • Non-Lead Securitization Subordinate Class Representative means the holders of the majority of the class of securities issued in a Non-Lead Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement or their duly appointed representative; provided that if 50% or more of the class of securities issued in any Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder” is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative.

  • Lead Securitization Subordinate Class Representative means the “Controlling Class Representative” as defined in the Lead Securitization Servicing Agreement or such other analogous term used in the Lead Securitization Servicing Agreement.

  • Non-Participating Class Member means any Class Member who opts out of the Settlement by sending the Administrator a valid and timely Request for Exclusion.

  • Required Subordinated Amount of Class D Notes means, for the Class A(2022-1) Notes for any date of determination, an amount equal to the product of

  • Required Subordinated Percentage of Class C Notes means, for the Class A(2022-2) Notes, 8.86075950%, subject to adjustment in accordance with Section 2.02.

  • Participating Class Members means all Class Members who do not submit valid

  • Initial Class Certificate Balance As to each Class of Certificates, the Class Certificate Balance set forth in the Preliminary Statement.

  • Voting Classes means Classes 4 and 5.

  • Class E Noteholder means the Person in whose name a Class E Note is registered on the Note Register.

  • Subordinated Class means, with respect to the Class A Notes, the Class B Notes.

  • Participating Class Member means a Class Member who does not submit a valid and timely Request for Exclusion from the Settlement.

  • Required Subordinated Percentage of Class B Notes means, for the Class A(2022-1) Notes, 6.96202532%, subject to adjustment in accordance with Section 2.02.

  • Class E Note Balance means, at any time, the Initial Class E Note Balance reduced by all payments of principal made prior to such time on the Class E Notes.

  • Class Certificate Balance With respect to any Class and as to any date of determination, the aggregate of the Certificate Balances of all Certificates of such Class as of such date.

  • Required Subordinated Amount of Class C Notes means, for the Class A(2022-1) Notes for any date of determination, an amount equal to the product of

  • Note Balance means, with respect to any date of determination, for any Class, the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance, the Class B Note Balance, the Class C Note Balance, the Class D Note Balance or the Class E Note Balance, as applicable, or with respect to the Notes generally, the sum of all of the foregoing.

  • Initial Class D Note Balance means $119,840,000.

  • Controlling Noteholder means as of any date of determination the holder or holders of a majority of the Lead Securitization Note. At any time the Lead Securitization Note is the Controlling Noteholder and is included in the Lead Securitization, references to the “Controlling Noteholder” herein shall mean the holders of the majority of the class of securities issued in the Lead Securitization designated as the “controlling class” (or such lesser amount as permitted under the terms of the Servicing Agreement) or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder” hereunder, as and to the extent provided in the Servicing Agreement.