Centre Controlling Class definition

Centre Controlling Class. As of any time of determination, the most subordinate Class of the Centre Control Eligible Certificates then outstanding that has a Certificate Balance, as notionally reduced by any portion of the cumulative Appraisal Reduction Amount allocable to such Class, at least equal to 25% of the initial Certificate Balance of that Class; provided, however, that if no Class of Centre Control Eligible Certificates meets the preceding requirement, the most senior Class of Centre Control Eligible Certificates will be the Centre Controlling Class. The Centre Controlling Class as of the Closing Date will be Class TCRR Certificates.
View Source

Examples of Centre Controlling Class in a sentence

  • In addition, for purposes of determining the Centre Controlling Class, any Collateral Deficiency Amounts in respect of or allocated to The Centre Trust Subordinate Companion Loan shall be allocated to each Class of Centre Control Eligible Certificates in reverse sequential order to notionally reduce the Certificate Balance thereof until the related Certificate Balance of each such Class is reduced to zero (i.e., first to the Class TCRR Certificates, then to the Class TC-E Certificates).

  • For the avoidance of doubt, for purposes of determining the Centre Controlling Class, any Class of Centre Control Eligible Certificates will be allocated both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts, as described in this paragraph.