We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

Controlling Class of Certificates definition

Controlling Class of Certificates means, on any date of determination, until the Class C Certificates have been paid in full, the Class C Certificates, and thereafter, the Class D Certificates.
Sample 1Sample 2Sample 3
Controlling Class of Certificates means, with respect to the Certificates, (i) first, until the Class A Certificate Balance has been reduced to zero, the Class A Certificates, (ii) second, until the Class B Certificate has been reduced to zero, the Class B Certificates, and (iii) thereafter, the Class C Certificates.
Sample 1Sample 2

Examples of Controlling Class of Certificates in a sentence

  • Notwithstanding the foregoing, if the Controlling Class of Certificates consists of Book-Entry Certificates, then the rights of the Holders of the Controlling Class of Certificates set forth above in this Section 6.09 may be exercised directly by the relevant Certificate Owner(s); provided that the identity of such Certificate Owner(s) has been confirmed to the Trustee to its reasonable satisfaction.

  • Following any such Class E Transfer, or if the Class E Certificates are no longer the Controlling Class of Certificates, the successor holder of more than 50% of the Controlling Class of Certificates (by Certificate Principal Amount) shall again have the rights of a Controlling Class Representative as set forth herein without regard to any prior waiver by the predecessor Certificateholder.

  • The Holders of Certificates evidencing not less than a majority of the Controlling Class of Certificates may, on behalf of all Holders of Certificates, waive any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required deposits to or payments from the Collection Account or the Certificate Account in accordance with this Agreement.

  • Except as otherwise expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Holders of the Controlling Class of Certificates evidencing not less than a majority of the Certificate Balance of such Class.

  • Notwithstanding anything to the contrary contained herein, except as provided in Sections 8.03 and 9.03 and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Seller or the Servicer without the prior written consent of the Trustee and the Holders of Certificates evidencing not less than 66-2/3% of the Controlling Class of Certificates.

  • If the Certificates of the Controlling Class consist of Book-Entry Certificates, then any costs or expenses incurred in connection with determining the identity of the Controlling Class Representative shall be paid by the Trust or, if paid by the Trustee, reimbursed to the Trustee out of the Trust Fund (in any event, out of amounts otherwise payable with respect to the Controlling Class of Certificates).

  • Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of the Controlling Class of Certificates evidencing not less than a majority of the Certificate Balance of such Class at the time of the delivery of such notice.

  • Notwithstanding anything herein to the contrary, prior to the occurrence and continuance of a Control Termination Event, the Special Servicer may only be removed by the Controlling Class Representative without cause if either (i) LNR Partners, LLC or its Affiliate is no longer the Special Servicer or (ii) LNR Securities Holdings, LLC or its Affiliate owns less than 15% of the then Controlling Class of Certificates.

  • Notwithstanding the foregoing, if the Controlling Class of Certificates is held in book-entry format, then the references to any single Certificateholder or group of Certificateholders above in this Section 3.27 shall be deemed to mean a Certificate Owner or group of Certificate Owners.

  • If the Controlling Class of Certificates are Book-Entry Certificates, then the rights set forth in this Section 6.06 with respect to replacing the Special Servicer may be exercised by the related Certificate Owners holding Certificate Ownership of Certificates representing more than 50% of the Certificate Principal Balance of the Controlling Class.

Related to Controlling Class of Certificates

  • Junior Class of Certificates The Class of Subordinate Certificates outstanding as of the date of the repurchase of a Mortgage Loan pursuant to Section 4.07 herein that has the Lowest Priority.

  • Corresponding Classes of Certificates With respect to each REMIC Regular Interest, any Class of Certificates appearing opposite such REMIC Regular Interest in Section 1.03 hereof.

  • Classes of Certificates Each of the Class A and Class B Certificates will consist of one or more classes with the prior consent of Wells Fargo Asset Securities Xxxxoration (the "Seller"), which consent shall not be unreasonably withheld. Aggregate Principal Amount $ ___________(Approximate) of the Offered Certificates: Certificates Not Offered Hereby: The Class B-4, Class B-5 and Class B-6 Certificates (the "Other Certificates").

  • Controlling Class means (a) the Outstanding Class A Notes, (b) if no Class A Notes are Outstanding, the Outstanding Class B Notes and (c) if no Class B Notes are Outstanding, the Outstanding Class C Notes.

  • Investor Certificates means the Class A Certificates, the Class B Certificates and the Collateral Interest.

  • Class P Certificates All Certificates bearing the class designation of "Class P".

  • Controlling Class Certificateholder Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class as determined by the Certificate Administrator from time to time.

  • Class B-6 Certificates The Certificates designated as “Class B-6” on the face thereof in substantially the form attached hereto as Exhibit A.

  • Certificate Percentage Interest means, with respect to a Certificate, the percentage specified on such Certificate as the Certificate Percentage Interest, which percentage represents the beneficial interest of such Certificate in the Trust. The initial Certificate Percentage Interest held by the Depositor shall be 100%.

  • Class P Certificate Any one of the Class P Certificates executed and authenticated by the Securities Administrator and delivered by the Trustee, substantially in the form annexed hereto as Exhibit A-5 and evidencing a Regular Interest in REMIC II for purposes of the REMIC Provisions.

  • Class B-1 Certificates All Certificates bearing the class designation of "Class B-1".

  • Class Certificate Balance With respect to any Class and as to any date of determination, the aggregate of the Certificate Balances of all Certificates of such Class as of such date.

  • Original Class Certificate Principal Balance With respect to the Class A Certificates, the Mezzanine Certificates, the Class C Certificates and the Class P Certificates, the corresponding amounts set forth opposite such Class above in the Preliminary Statement.

  • Initial Class Certificate Balance As to each Class of Certificates, the Class Certificate Balance set forth in the Preliminary Statement.

  • Class A-P Certificate Any one of the Certificates designated as a Class A-P Certificate.

  • Class B-5 Certificates The Certificates designated as “Class B-5” on the face thereof in substantially the form attached hereto as Exhibit A.

  • Class Certificate Principal Balance As to any Class of Certificates, other than any Class of Notional Certificates, and as of any date of determination, the aggregate of the Certificate Principal Balances of all Certificates of such Class. The Class Certificate Principal Balance of each such Class of Certificates as of the Closing Date is specified in Section 5.01(b).

  • Class J Certificate means any one of the Certificates with a "Class J" designation on the face thereof, substantially in the form of Exhibit A-4 attached hereto, and evidencing a portion of a class of "regular interests" in REMIC III for purposes of the REMIC Provisions.

  • Class B-4 Certificates The Certificates designated as “Class B-4” on the face thereof in substantially the form attached hereto as Exhibit A.

  • Note Balance means, with respect to any date of determination, for any Class, the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance, the Class B Note Balance, the Class C Note Balance, the Class D Note Balance or the Class E Note Balance, as applicable, or with respect to the Notes generally, the sum of all of the foregoing.

  • Class A-1 Certificates All Certificates bearing the class designation of "Class A-1".

  • Group 3 Certificates As specified in the Preliminary Statement.

  • Residual Certificates As specified in the Preliminary Statement.

  • Group 1 Certificates As specified in the Preliminary Statement.

  • Class R-2 Certificate Any Certificate designated a “Class R-2 Certificate” on the face thereof, in the form set forth in Exhibit A-5 hereto, evidencing the Residual Interest in REMIC II and representing the right to the Percentage Interest of distributions provided for the Class R-2 Certificates as set forth herein.

  • Subordinate Certificate Writedown Amount As to any Distribution Date, the amount by which (i) the sum of the Class Principal Amounts of all the Certificates (after giving effect to the distribution of principal and the application of Realized Losses in reduction of the Certificate Principal Amounts of the Certificates on such Distribution Date) exceeds (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans for such Distribution Date.

Most Referenced Clauses

Most Referenced Definitions