Series Controlling Party Clause Samples
The Series Controlling Party clause designates a specific party responsible for making key decisions and exercising control over a particular series within a larger investment or business structure. In practice, this clause outlines the rights and powers of the controlling party, such as approving major transactions, managing assets, or directing the series' activities. By clearly identifying who holds decision-making authority, the clause ensures efficient management and helps prevent disputes among stakeholders regarding control over the series.
Series Controlling Party. The parties hereto acknowledge that the Agent is the “Series Controlling Party” for purposes of the Master Agreement and this Series 2000-A Supplement.
Series Controlling Party. The parties hereto acknowledge that so long as no Series Support Provider Default shall have occurred and be continuing, the Series Support Provider shall be the "Series Controlling Party" with respect to the Series 2000-A Notes for purposes of the Master Agreement and this Series 2000-A Supplement and that if a Series Support Provider Default shall have occurred and be continuing, the Agent shall be the "Series Controlling Party" for purposes of the Master Agreement and this Series 2000-A Supplement so long as such Series Support Provider Default shall continue.
Series Controlling Party. Subject to the provisions of Section 5.02 hereof, the parties hereto acknowledge that so long as no Series Support Provider Default shall have occurred and be continuing, the Series Support Provider shall be the "Series Controlling Party" with respect to the Series 2000-A Notes for purposes of the Master Agreement and this Series 2000-A Supplement and that if a Series Support Provider Default shall have occurred and be continuing, the Agent shall be the "Series Controlling Party" for purposes of the Master Agreement and this Series 2000-A Supplement so long as such Series Support Provider Default shall continue."
(g) Section 3.07(b)(xiii) is hereby amended and restated in its entirety as follows: "Notwithstanding anything to the contrary in Section 9.02(a)(i) of the Master Agreement or elsewhere, the Series Controlling Party will have the sole and exclusive right, without the consent or approval of the Majority Control Parties or any other Person, to appoint a successor servicer with respect to the Series 2000-A Trust Estate at any time after the occurrence of a Series Event of Default with respect to the Series 2000-A Notes or after the termination or resignation of any party acting as Servicer."
(h) Section 3.10(a) is hereby amended and restated in its entirety as follows:
(a) If, on any Determination Date, the Trustee determines (based solely on information set forth in the related Servicer's Certificate), or is notified by the Agent and confirmed by the Trustee, that a Deficiency Amount exists (or will exist on the immediately following Settlement Date) in an amount greater than zero, the Trustee shall promptly (and, in any event, not later than the date that is two (2) Business Days prior to the related Settlement Date) notify the Series Support Provider in writing of such Deficiency Amount. Unless the Trustee shall have received written notice from the Series Support Provider to the effect that the Series Support Provider intends to make an Insurer Advance to the Series 2000-A Noteholders in respect of, and in the amount of, such Deficiency Amount on the related Settlement Date, the Trustee shall deliver to the Series Support Party a notice substantially in the form of Exhibit A to the Policy (the "Notice for Payment") as a claim for an Insured Amount in an amount equal to such Deficiency Amount. Such Notice for Payment shall be delivered in accordance with the terms of the Policy no later than 10:00 a.m., New York City time, on the second (2nd) Busi...