Non-Controlling Noteholder definition
Non-Controlling Noteholder means each Noteholder other than the Controlling Noteholder; provided that, if at any time 50% or more of a Non-Controlling Note (or class of securities issued in any Securitization that includes such Non-Controlling Note designated as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the rights of such “Non-Controlling Noteholder”) is held by a Borrower Party, then no Person shall be entitled to exercise the rights of such Non-Controlling Noteholder with respect to such Non-Controlling Note.
Non-Controlling Noteholder means each Noteholder other than the Controlling Noteholder.
Non-Controlling Noteholder herein shall mean the “Directing Certificateholder”, “Directing Holder”, “Controlling Class Representative” or any other party assigned the rights to exercise the rights of the “Non-Controlling Noteholder”, as and to the extent provided in the related Non-Lead Servicing Agreement and as to the identity of which the Lead Securitization Noteholder (and the Master Servicer and the Special Servicer) has been given written notice; provided that, in each case, if at any time 50% or more of the related Note 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 applicable Non-Controlling Noteholder. With respect to any individual Non-Controlling Note, the Lead Securitization Noteholder (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 exercising the rights of the “Non-Controlling Noteholder” herein or under the Servicing Agreement and, (x) to the extent that the related Non-Lead Servicing Agreement assigns such rights to more than one party or (y) to the extent the related Note is split into two or more New Notes pursuant to Section 39 and notice thereof is not provided to the Lead Securitization Noteholder (or, if applicable, the Master Servicer or the Special Servicer acting on its behalf), for purposes of this Agreement, the Non-Lead Servicing Agreement or the holders of such New Notes shall designate one party with respect to each Non-Controlling Note to deal with the Lead Securitization Noteholder (or the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such designation to the Lead Securitization Noteholder (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 Noteholder (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 the Non-Controlling Noteholder, as the Non-Controlling Noteholder for all purposes of this Agreement.
Examples of Non-Controlling Noteholder in a sentence
Subject to the terms of the Servicing Agreement, each of the Controlling Noteholder, the Controlling Class Representative, each Non-Controlling Noteholder (or any controlling class representative or directing holder on its behalf under a related Non-Lead Securitization Servicing Agreement) shall be permitted to bid at any sale of the Senior Notes unless such Person is the Mortgage Loan Borrower, a Mortgage Loan Borrower Related Party or an agent of any of the foregoing.
More Definitions of Non-Controlling Noteholder
Non-Controlling Noteholder means, individually or collectively, as the context may require each Noteholder other than the Controlling Noteholder.
Non-Controlling Noteholder means each holder of a Non-Controlling Note; provided that, at any time a Non-Controlling Note is included in a Securitization, the consultation and other rights of a “Non-Controlling Noteholder” herein may be exercised by the Non-Lead Securitization Controlling Class Representative under the related Non-Lead Securitization Servicing Agreement or any other party assigned the rights to exercise the rights of a Non-Controlling Noteholder pursuant to the related Non-Lead Servicing Agreement and as to the identity of which the Master Servicer and the Special Servicer has been given written notice; provided, further, that for so long as a Non-Controlling Note is held by (or the majority “controlling class” holder or other party assigned the right to exercise the rights of such Non-Controlling Noteholder (as described above) is) the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, such Non-Controlling Note (and such party assigned the right to exercise the rights of such Non-Controlling Noteholder as described above) shall not be entitled to exercise any right of such Non-Controlling Noteholder, and there shall be deemed to be no Non-Controlling Noteholder hereunder with respect to such Non-Controlling Note.
Non-Controlling Noteholder means the Note A-1 Holder and the Note A-2 Holder or, if a Control Appraisal Period has occurred and is continuing, the Note B Holder.
Non-Controlling Noteholder means the Senior Noteholder or, if a Control Appraisal Period has occurred and is continuing, the Junior Noteholder.
Non-Controlling Noteholder means each Noteholder other than the Controlling Noteholder; provided that, if at any time a Non-Controlling Note is held by (or, at any
Non-Controlling Noteholder means each Noteholder other than the Controlling Noteholder; provided that, if at any time a Non-Controlling Note is held by (or, at any