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.
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Non-Controlling Holder shall have the meaning assigned to such term in Section 20(d) hereof.
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Non-Controlling Holder means the Holder that is not the Controlling Holder. If more than one Person shall hold a direct interest in Note B, the holder(s) of more than fifty percent (50%) of the principal amount of each of Note B (or if none of the Persons holding a direct interest own more than fifty percent (50%), then the holder of a plurality of such interests) shall designate by written notice to the Note A Holders one of such Persons (the “Majority Note B Holder”) to act on behalf of all such Persons holding an interest in Note B. The Majority Note B Holder shall have the sole right to receive any notices which are required to be given or which may be given to the Note B Holder pursuant to this Agreement and to exercise the rights and power given to the Note B Holder hereunder subject to Section 9 of this Agreement, including any approval rights of the Note B Holder; provided, that until the Majority Note B Holder has been so designated, the last Person known to the Note A Holders to hold more than a fifty percent (50%) direct interest in Note B (or if none of the Persons holding a direct interest own more than fifty percent (50%), then the last Person known to the Note A Holders to hold a plurality of such interests) shall be deemed to be the Majority Note B Holder. Once the Majority Note B Holder has been designated hereunder, the Note A Holders shall be entitled to rely on such designation until it has received written notice from the holder(s) of more than fifty percent (50%) of the principal amount of Note B (or if none of the Persons holding a direct interest own more than fifty percent (50%), then the Person holding a plurality of such interests) of the designation of a different Person to act as the Majority Note B Holder. If any Mortgage Loan Borrower Related Party owns the entirety of Note B, then the Note B Holder shall not qualify as the Controlling Holder and the Note A-1 Holder shall be the Controlling Holder, and if any Mortgage Loan Borrower Related Party owns any portion of Note B, then for purposes of determining which Person controls Note B, the ownership interest of such Person shall be deemed to be zero, and the owners of more than fifty percent (50%) of the remaining interests in Note B shall be deemed to be the Controlling Holder. No reference set forth in this Agreement to the ownership of any interest in a Note by any Mortgage Loan Borrower Related Party shall be construed to limit Section 16(a) of this Agreement. In no event may any Mortgage Loan B...
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Examples of Non-Controlling Holder in a sentence

  • In no event shall the Lead Securitization Note Holder (or Master Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take any alternative actions recommended by each Non-Controlling Holder (or its representative).


More Definitions of Non-Controlling Holder

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; provided that any party that is a Non-Controlling Holder, in such capacity, shall have no rights to exercise the rights solely provided to a Controlling Holder under this Agreement and the Lead Securitization Servicing Agreement.
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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).
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Non-Controlling Holder means, at any time, each Holder other than the Controlling Holders at such time.
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Non-Controlling Holder means any Holder that is not the Controlling Holder.
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Related to Non-Controlling Holder

  • Controlling Holder means, as of any date of determination:

  • Non-Controlling Note means any Note (other than the Controlling Note), including any New Note designated as a “Non-Controlling Note” hereunder pursuant to Section 32.

  • Non-Controlling Note Holder herein shall mean the “Directing Certificateholder” or any other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder” hereunder, as and to the extent provided in the related Securitization Servicing Agreement and as to the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) has been given written notice; provided that for so long as 50% or more of any Non-Controlling Note is held by (or the majority “controlling class” holder or other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder” (as described above) is) the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, such Non-Controlling Note (and the majority “controlling class” holder or other party assigned the rights to exercise the rights of such “Non-Controlling Note Holder” as described above) shall not be entitled to exercise any rights of such Non-Controlling Note Holder, and there shall be deemed to be no Non-Controlling Note Holder hereunder with respect to such Non-Controlling Note. The Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall not be required at any time to deal with more than one party in respect of any Note that is exercising the rights of a “Non-Controlling Note Holder” herein or under the Lead Securitization Servicing Agreement and (x) to the extent that the related Securitization Servicing Agreement assigns such rights to more than one party or (y) to the extent any Note is split into two or more New Notes pursuant to Section 32, for purposes of this Agreement, the applicable Securitization Servicing Agreement or the holders of such New Notes shall designate one party to deal with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such designation to the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer acting on its behalf); provided that, in the absence of such designation and notice, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall be entitled to treat the last party as to which it has received written notice as having been designated as a Non-Controlling Note Holder, as a Non-Controlling Note Holder under this Agreement. If the Non-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 “Non-Controlling Note Holder” hereunder if such designated party is the Mortgage Loan Borrower or if it has certain relationships with the Mortgage Loan Borrower.

  • Existing Holder means a Broker-Dealer or any such other Person as may be permitted by the Corporation that is listed as the holder of record of shares of AMPS in the Stock Books.

  • Non-Directing Holder means the Note A-2 Holder or, if Note A-2 is included in a Securitization, the holders of Certificates 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 otherwise entitled under the Note A-2 PSA, to exercise the rights granted to the Non-Directing Holder in this Agreement. If Note A-2 is no longer in a Securitization, the Non-Directing Holder with respect to such Note will be the then-current Holder of such Note.

  • Controlling Person With respect to any Person, any other Person who “controls” such Person within the meaning of the Securities Act.

  • Controlling Shareholder means any shareholder owning more than fifty

  • Non-Controlling Note Holder Representative shall have the meaning assigned to such term in Section 6(c).

  • Controlling Note means Note A-1.

  • 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.