Controlling Holder definition
Controlling Holder means, as of any date of determination:
Controlling Holder. At any time, the Holder of the majority of the Class Principal Amount of the Class B-5 Certificates or, if the Class Principal Amount of the Class B-5 Certificates has been reduced to zero, the holder of the majority of the Class Principal Amount of the Class B-4 Certificates. If the Class Principal Amount of the Class B-4 Certificates has been reduced to zero, then no entity will have any rights under this Agreement as a Controlling Holder. Neither the Depositor nor the Seller shall be a Controlling Holder.
Controlling Holder shall have the meaning assigned to such term in Section 20(d) of this Agreement.
Examples of Controlling Holder in a sentence
The Controlling Holder shall notify the other parties hereto of its termination of the then currently serving Special Servicer and its appointment of a replacement Special Servicer in accordance with this Section 21(h).
Subject to the Lead Securitization Servicing Agreement, such designation shall remain in effect until it is revoked by the Controlling Holder by a writing delivered to each of the other parties hereto.
Each of the Master Servicer and the Special Servicer further acknowledges and agrees that any AB Whole Loan Controlling Holder will have the right to exercise the rights of the Directing Certificateholder under this Agreement to the extent provided for in, and subject to the terms of, the related Intercreditor Agreement.
The Master Servicer and the Special Servicer further acknowledges and agrees that any Serviced Whole Loan Controlling Holder will have the right to replace the Special Servicer solely with respect to the related Serviced Whole Loan, to the extent provided for herein and in the related Intercreditor Agreement.
No Controlling Holder or Directing Holder shall have any liability to any of the trustee, any servicer, any special servicer, any certificateholder in any Securitization or the other Holders for any action taken, or for refraining from the taking of any action or the giving of any consent.
More Definitions of Controlling Holder
Controlling Holder means, as of any date of determination, (a) prior to the Lead Securitization Date, (i) the holder or holders of a majority of the B Notes (by Principal Balance) (the “Majority B Noteholder”), unless a Control Appraisal Event has occurred and is continuing, or (ii) if a Control Appraisal Event has occurred and is continuing, or if each B Note is held by the Borrower or a Borrower Related Party, then, the holder or holders of a majority of the A Notes (by Principal Balance); provided that: (1) if a Control Appraisal Event occurs, then for the purposes of determining whether the Control Appraisal Event is continuing, the outstanding Principal Balance of each B Note shall be adjusted (up or down, as applicable) to reflect the then current Appraisal Reduction Amount, if any, indicated by any subsequently obtained Appraisal(s); (2) in the event that a Note held by the Controlling Holder pursuant to this definition is held by more than one Person, (x) the Holder(s) of at least a 51% interest therein may act as the Controlling Holder hereunder and (y) any ownership interest held by the Borrower or a Borrower Related Party shall be deemed to equal zero for the purposes of determining which owners can exercise the rights of the Controlling Holder hereunder; and (3) the Controlling Holder shall be entitled to appoint any Person to act on its behalf in exercising the rights of the Controlling Holder hereunder and under the Lead Securitization Servicing Agreement provided that such appointment is communicated in writing to the Lead Securitization Note Holder and any Servicer acting on its behalf. Such designation shall remain in effect until it is revoked by the Controlling Holder by a writing delivered to the parties hereto; and (b) from and after the Lead Securitization Date, the Lead Securitization Trust; provided that, if the Majority B Noteholder would be the Controlling Holder pursuant to the terms hereof, but any interest in the B Notes is held by the Borrower or a Borrower Related Party, or the Borrower or Borrower Related Party would otherwise be entitled to exercise the rights of the Controlling Holder, a Control Appraisal Period shall be deemed to have occurred; provided, further, that at any time the Majority B Noteholder is the Controlling Holder and the B Notes are included in the Lead Securitization, references to the “Controlling Holder” herein shall mean the holders of the majority of the class of securities issued in the Lead Securitization Trust desi...
Controlling Holder means, the holder of any Promissory Note or Participation Interest, to the extent that such holder has the full power, authority and discretion to service (or cause to be serviced) the related Mortgage Loan and/or Mezzanine Loan and to direct servicing actions with respect thereto (including, without limitation, to modify and amend the terms thereof and to pursue remedies and enforcement actions) without the consent of any other Person (including, without limitation, any holder of a companion Promissory Note or companion Participation Interest).
Controlling Holder. At any time, any Affiliate of the Depositor other than the Seller, so long as such entity is the Holder of the majority of the Class Principal Amount of the most subordinate Class of Certificates then outstanding with a Class Principal Amount greater than zero; if an Affiliate of the Depositor other than the Seller is no longer the Holder of such Certificates, then no entity will have any rights under this Agreement as a Controlling Holder. Neither the Depositor nor the Seller shall be a Controlling Holder.
Controlling Holder means each of the Controlling Holders as identified on the Schedule of Holders, so long as such Holders continue to hold Registrable Securities.
Controlling Holder means as of any date of determination, (i) the Note B Holder, unless (x) a Control Appraisal Event has occurred and is continuing or (y) the Note B Holder is a Mortgage Loan Borrower Related Party, or (ii) if a Control Appraisal Event has occurred and is continuing with respect to Note B, or if the Note B Holder is a Mortgage Loan Borrower Related Party, the Note A-1 Holder. As of the Closing Date, the Controlling
Controlling Holder means each of (i) the Essex Stockholders and (ii) the S&N Stockholders (in each case, as identified on the Schedule of Investors), so long as such Holders continue to hold Registrable Securities.
Controlling Holder herein shall mean the holders of the majority of the class of securities issued in the Lead Securitization Trust designated as the “controlling class” (or such lesser amount as permitted under the terms of the Lead Securitization Servicing Agreement) or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Holder” hereunder, as and to the extent provided in the Lead Securitization Servicing Agreement.