Subordinate Class definition

Subordinate Class. The most subordinate Class among the Classes of Control-Eligible Certificates that has a Class Principal Balance, net of Appraisal Reduction Amounts allocable thereto, that is at least equal to 25% of its initial Class Principal Balance.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Subordinate Class means, with respect to any Class, the Class, if any, identified by the letter of the alphabet next succeeding the letter designating such Class (e.g., the Subordinate Class with respect to Class A is Class B).

Subordinate Class means the Subordinate Class Certificates.

Examples of Subordinate Class in a sentence

• So long as no Consultation Termination Event (including any such deemed event) is in effect pursuant to the terms of the Lead Securitization Servicing Agreement, the Controlling Note Holder Representative shall be the Lead Securitization Subordinate Class Representative.

• So long as no Consultation Termination Event is in effect pursuant to the terms of the Lead Servicing Agreement, the Controlling Note Holder Representative shall be the Lead Securitization Subordinate Class Representative.

• Upon discovery by any party hereto of a breach of any such representations and warranties that materially and adversely affects the interests of the Certificateholders or any party hereto, the party discovering such breach shall give prompt written notice thereof to the other parties hereto, the Majority Subordinate Certificateholder and the Subordinate Class Representative.

• This provision shall survive the termination of this Agreement and the termination or resignation of any Subordinate Class Representative.

• The effectiveness of such resignation shall not be conditioned upon or subject to the prior appointment or approval of a successor to the resigning Subordinate Class Representative.

• In no event shall the failure of the Subordinate Class Representative or the Majority Subordinate Certificateholder to provide such notice prejudice or call into question the effectiveness of such resignation.

• So long as a Control Termination Event is not in effect pursuant to the terms of the Lead Securitization Servicing Agreement, the Controlling Note Holder Representative shall be the Lead Securitization Subordinate Class Representative.

• For purposes of exercising any rights that the holder of the Mortgage Note for any Mortgage Loan in a Serviced Loan Combination may have under the related Intercreditor Agreement, the Subordinate Class Representative shall be the designee of the Trust, as such noteholder, and the Trustee shall take such actions as may be necessary under the related Intercreditor Agreement to effect such designation.

• Following any such Transfer the successor Majority Subordinate Certificateholder shall again have the rights of the Majority Subordinate Certificateholder as set forth herein (including the rights to appoint a Subordinate Class Representative or cause the exercise of the rights of the Subordinate Class Representative) without regard to any prior waiver by the predecessor Majority Subordinate Certificateholder.

• In addition, no party will post or otherwise disclose direct communications with the Subordinate Class Representative as part of its response to any inquiries.

More Definitions of Subordinate Class

Subordinate Class means, with respect to any Class, the Class, if any, identified by the letter of the alphabet next succeeding the letter designating such Class (e.g., the Subordinate Class with respect to Class A is Class B). "Subordinate Series" shall mean any Series which is subordinated in right of payment, in whole or in part, pursuant to the Series Supplement with respect to such Series, to the Series established hereby. "Supplemental Credit Enhancement Amount," if applicable, shall have the meaning set forth in the Series Term Sheet.

Subordinate Class means (i) with respect to the Class A Notes, all other Classes of Notes, (ii) with respect to the Class B Notes, the Class C Notes, and (iii) with respect to the Class C Notes, none.

Subordinate Class. If more than one Class of Notes is then Outstanding, each Class of Notes then Outstanding ranking subordinate to any other Class of Notes that is then Outstanding in the event of a Principal Prepayment pursuant to Section 9.01(a); provided that, except to the extent set forth in Section 13.01, in no event will any of the Class A Notes be a Subordinate Class.