Non-Controlling Holder definition
Non-Controlling Holder means any Holder that is not the Controlling Holder. In the event that any Note is an asset of a Non-Lead Securitization, the rights of the Holder of any such Note in its capacity as a Non-Controlling Holder may be exercised by the “directing holder,” “controlling class representative” or other party designated to exercise such rights pursuant to the terms of the related Non-Lead Securitization Servicing Agreement.
Non-Controlling Holder shall have the meaning assigned to such term in Section 20(d) hereof.
Non-Controlling Holder and “Non-Control Note” shall mean a Holder that is not the Controlling Holder and a Note that is not the Control Note, respectively. If more than one Person shall hold a direct interest in a Non-Control Note, the holder(s) of more than 50% of the principal amount of such Note shall designate by written notice to the other Holders one of such Persons (with respect to such Non-Control Note, the “Majority Note Holder”) to act on behalf of all such Persons holding an interest in such Note. The Majority Note Holder with respect to any Non-Control Note shall have the sole right to receive any notices which are required to be given or which may be given to the Holder of such Note pursuant to this Agreement and to exercise the rights and power given to the Holder of such Note hereunder subject to Section 10 of this Agreement, including any approval rights of the Holder of such Note; provided, that until the Majority Note Holder has been so designated, the last Person known to the Lead Note A Holder or the Controlling Holder, as the case may be, to hold more than a 50% direct interest in any Non-Control Note, as applicable, shall be deemed to be the Majority Note Holder with respect to such Note. Once the Majority Note Holder has been designated hereunder with respect to any Non-Control Note, each Holder shall be entitled to rely on such designation until it has received written notice from the holder(s) of more than 50% of the principal amount of such Note of the designation of a different Person to act as the Majority Note Holder with respect thereto. If any Borrower Party owns the entirety or a majority of any Note, then such Note shall not qualify as the Control Note. If any Borrower Party owns less than a majority of the Control Note, then for purposes of determining the Controlling Holder, the ownership interest of such Borrower Party shall be deemed to be zero, and the owners of more than 50% of the remaining interests in such Note shall be deemed to be the Holder of such Note. No reference set forth in this Agreement to the ownership of any interest in a Note by any Borrower Party shall be construed to limit Section 16(a) of this Agreement. In no event may any Borrower Party be the Controlling Holder.
Examples of Non-Controlling Holder in a sentence
In addition to the consultation rights provided in the immediately preceding paragraph, each Non-Controlling Holder shall have the right to attend annual meetings (which may be held telephonically or in person, at the discretion of the Servicer) with the Lead Securitization Note Holder (or the Servicer on its behalf), upon reasonable notice and at times reasonably acceptable to the (or the Servicer on its behalf) in which servicing issues related to the Mortgage Loan are discussed.
More Definitions of Non-Controlling Holder
Non-Controlling Holder means, at any time, each Holder other than the Controlling Holders at such time.
Non-Controlling Holder means each Holder other than the Controlling Holder. The Controlling Holder shall have the right at any time within six months of the date of the receipt of any Appraisal to require that the Special Servicer obtain a new Appraisal of the Mortgaged Property in accordance with MAI standards, at the expense of the Controlling Holder. Upon receipt of such Appraisal the Special Servicer shall deliver a copy thereof to the Controlling Holder and such other parties as are specified in the Servicing Agreement. Promptly following the receipt of, and based upon, such Appraisal, the Special Servicer shall redetermine and report to the Controlling Holder and such other parties as are specified in the Servicing Agreement the then applicable Appraisal Reduction Amount, if any, with respect to the Mortgage Loans (calculated as if it was a single Mortgage Loan).
Non-Controlling Holder means any Holder that is not the Controlling Holder.