Directing Note B Holder definition

Directing Note B Holder means the Note B-1-A Holder; provided, that the Directing Note B Holder may at any time assign such role to a different Note B Holder (that is not a Borrower Party) by notifying the Note A Holders and the Servicer of such assignment. Subject to the terms of the applicable Servicing Agreement, the Directing Note B Holder may designate, in writing, a representative (that is not a Borrower Party) to exercise its rights and powers under this Agreement by notifying the Note A Holders and the Servicer of such appointment. Such appointment shall remain in effect until it is revoked by the Directing Note B Holder by a writing delivered to the Note A Holders and the Servicer. The parties hereto acknowledge and agree that as of the date hereof, the Directing Note B Holder has appointed Prima to be the representative of the Directing Note B Holder.
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Examples of Directing Note B Holder in a sentence

  • The right of the Directing Note B Holder to reimbursement of any cure payment shall be as set forth in Section 3 and Section 4, as applicable.

  • If, as a result of such calculation based on the new appraisal, a Control Appraisal Event then in effect shall no longer be deemed to exist, then the Directing Note B Holder shall be reinstated as Controlling Holder.

  • The foregoing provisions of this Section 19(a) shall not limit the rights of a Note B Holder hereunder, or the right of a Note B Holder or any Affiliate thereof to be the Special Servicer or the right of the Directing Note B Holder to exercise its rights as Controlling Holder under this Agreement or any comparable rights as Holder of the applicable Note B under the Servicing Agreement.

  • Notwithstanding anything to the contrary herein, if the Aggregate Note A Principal Balance has been reduced to zero pursuant to application of distributions pursuant to Sections 3, 4 and/or 5 hereof, as the case may be, “Controlling Holder” and “Control Note” shall mean the Directing Note B Holder and the Note B held by the Directing Note B Holder, and thereafter no change in the Controlling Holder shall be effected by reason of a Control Appraisal Event.

  • In no event shall a purchase of Note A by the Directing Note B Holder be construed as a workout for purposes of the calculation of the Workout Fee, nor shall both a Liquidation Fee and a Workout Fee be payable to one or more Servicers, whether individually or in the aggregate, with respect to the same proceeds or collections.

  • If the Directing Note B Holder fails or refuses to advance the foregoing share of such Note A Holder Advance, the Lead Note A Holder shall have the right to advance the portion of the Note A Holder Advance not advanced by the Directing Note B Holder.

  • Upon the consummation of a sale pursuant to the purchase option contemplated by this Section 10(a), each Note A Holder (or the Servicer or Trustee on its behalf) shall deliver all original Mortgage Loan Documents and other applicable materials in its possession to the Directing Note B Holder.

  • The Directing Note B Holder shall have the right to advance on or before the date specified in the related notice its pro rata share of any such that relates to Note B, determined based upon the Aggregate Note B Percentage Interest.

  • The right of the Directing Note B Holder to exercise the purchase option hereunder shall automatically terminate upon the related Purchase Option Cut-Off Date, subject to the possibility that such right will be reinstated after the occurrence of the events described in clauses (2) or (4) in the definition of “Purchase Option Cut-Off Date” if another event which causes the Mortgage Loan to become a Defaulted Mortgage Loan subsequently occurs.

  • The Directing Note B Holder shall also pay all reasonable out-of-pocket costs and expenses of the Lead Note A Holder (and the Servicer or Trustee on its behalf) in connection with such purchase.

Related to Directing Note B Holder

  • Note B Holder means with regards to any B Note, the related Initial Note Holder or any subsequent holder of such B Note, as applicable.

  • Controlling Note Holder herein shall mean the holders of the majority of the class of securities issued in such Securitization designated as the “controlling class” or any other party that is assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to the extent provided in the related Securitization Servicing Agreement; provided that for so long as 50% or more of the Controlling Note is held by (or the party assigned the rights to exercise the rights of the “Controlling Note Holder” (as described above) is) the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, the Controlling Note (and such party assigned the rights to exercise the rights of the “Controlling Note Holder” as described above) shall not be entitled to exercise any rights of the Controlling Note Holder, and there shall be deemed to be no Controlling Note Holder hereunder. If the Controlling Note is included in a Securitization, the related Securitization Servicing Agreement may contain additional limitations on the rights of the designated party entitled to exercise the rights of the “Controlling Note Holder” hereunder if such designated party is the Mortgage Loan Borrower or if it has certain relationships with the Mortgage Loan Borrower.

  • Directing Holder means the Holder of Note A-1 or, if Note A-1 is included in a Securitization, the holders of Certificates issued in connection with such Securitization representing the specified interest in the class of Certificates designated as the “Controlling Class” or the duly appointed representative of the holders of such Certificates or such other party that the Note A-1 Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement; provided, that no Borrower Party shall be entitled to act as Directing Holder.

  • Initial Note B Holder shall have the meaning assigned to such term in the preamble to this Agreement.

  • 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.