Controlling Note Class definition

Controlling Note Class means, with respect to any Notes Outstanding, the Class A Notes as long as any Class A Notes are Outstanding, and thereafter the Class B Notes as long as any Class B Notes are Outstanding (excluding Notes held by the Seller, the Servicer or their Affiliates).
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Controlling Note Class means the holders of the Class A Notes (voting together as a single class) as long as any Class A Notes are Outstanding and thereafter the holders of the Class B Notes as long as any Class B Notes are Outstanding.
Sample 1Sample 2Sample 3
Controlling Note Class means, with respect any Notes Outstanding, the Class A Notes (voting together as a single class) as long as any Class A Notes are Outstanding, and thereafter the Class B Notes, as long as any Class B Notes are outstanding, and thereafter the Class C Notes, as long as any Class C Notes are Outstanding, and thereafter the Class D Notes, as long as any Class D Notes are Outstanding and thereafter the Class E Notes, as long as any Class E Notes are Outstanding (excluding Notes held by Seller, the Transferor, the Servicer or their Affiliates).
Sample 1

Examples of Controlling Note Class in a sentence

  • Prior to the declaration of the acceleration of the maturity of the Notes as provided in Section 5.2, the Noteholders of Notes evidencing not less than a majority of the Note Balance of the Controlling Note Class may waive any past Default or Event of Default and its consequences except a Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of each Noteholder.

  • In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each evidencing less than a majority of the Note Balance of the Controlling Note Class, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

  • The Noteholders of Notes evidencing not less than a majority in Note Balance of the Controlling Note Class may remove the Indenture Trustee without cause by so notifying the Indenture Trustee and the Issuer and may appoint a successor Indenture Trustee.

  • The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the Outstanding Amount of the Controlling Note Class, on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.

  • The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the Outstanding Amount or of the Controlling Note Class, on behalf of all Noteholders, to waive compliance by the Owner Trustee with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.

  • Notwithstanding the foregoing, the entire unpaid principal amount of each Class of Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Noteholders of Notes evidencing not less than a majority of the Note Balance of the Controlling Note Class have declared the Notes to be immediately due and payable in the manner provided in Section 5.

  • In connection with any direction by the Seller or the Servicer, as applicable, to make any such investment or sale, if requested by the Indenture Trustee (acting at the direction of not less than 50% of the Controlling Note Class), the Seller or the Servicer, as applicable, will deliver an Opinion of Counsel to the Indenture Trustee, to such effect.

  • The Indenture also contains provisions permitting the Noteholders of Notes evidencing specified percentages of the Outstanding Amount or of the Controlling Note Class, on behalf of all Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.

  • In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the Outstanding Principal Amount of the Controlling Note Class of Notes, the Indenture Trustee shall submit the matter to a vote of the Controlling Note Class of Notes to determine what action, if any, shall be taken, notwithstanding any other provisions of the Indenture.

  • The Holders of a majority in Outstanding Amount of the Controlling Note Class of Notes may remove Indenture Trustee by so notifying Indenture Trustee and may appoint a successor Indenture Trustee.

Related to Controlling Note Class

  • Initial Class D Note Balance means $142,370,000.

  • Lead Securitization Subordinate Class Representative means the “Controlling Class Representative” as defined in the Lead Securitization Servicing Agreement or such other analogous term used in the Lead Securitization Servicing Agreement.

  • Non-Lead Securitization Subordinate Class Representative means the holders of the majority of the class of securities issued in a Non-Lead Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement or their duly appointed representative; provided that if 50% or more of the class of securities issued in any Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder” 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 related Non-Lead Securitization Subordinate Class Representative.

  • Initial Class C Note Balance means $152,941,000.

  • Class E Note Balance means, at any time, the Initial Class E Note Balance reduced by all payments of principal made prior to such time on the Class E Notes.

  • Non-Controlling Noteholder means each Noteholder other than the Controlling Noteholder; provided that, if at any time a Non-Controlling Note (or, at any time a Non-Lead Securitization Note is included in a Securitization, the Non-Lead Securitization Subordinate Class Representative) is held by the Mortgage Loan Borrower or a Mortgage Loan Borrower Related Party, no Person shall be entitled to exercise the rights of such Non-Controlling Noteholder with respect to such Non-Controlling Note.

  • Class D Note Balance means, at any time, the Initial Class D Note Balance reduced by all payments of principal made prior to such time on the Class D Notes.

  • Initial Class A-1 Note Balance means $265,000,000.

  • Class E Notes has the meaning assigned to such term in the Indenture.

  • Class D Noteholders means the holders of any Class D Notes from time to time.

  • Initial Class A-2 Note Balance means $235,000,000.

  • Controlling Noteholder means as of any date of determination the holder or holders of a majority of the Lead Securitization Note. At any time the Lead Securitization Note is the Controlling Noteholder and is included in the Lead Securitization, references to the “Controlling Noteholder” herein shall mean the holders of the majority of the class of securities issued in the Lead Securitization designated as the “controlling class” (or such lesser amount as permitted under the terms of the Servicing Agreement) or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Noteholder” hereunder, as and to the extent provided in the Servicing Agreement.

  • Initial Class A-4 Note Balance means $75,000,000.

  • Class C Note Balance means, at any time, the Initial Class C Note Balance reduced by all payments of principal made prior to such time on the Class C Notes.

  • Lead Securitization Controlling Class Representative means the “Controlling Class Representative” as defined in the Lead Securitization Servicing Agreement.

  • Class A-1 Note Balance means, at any time, the Initial Class A-1 Note Balance reduced by all payments of principal made prior to such time on the Class A-1 Notes.

  • Subordinated Class means, with respect to the Class A Notes, the Class B Notes.

  • Initial Class A-3 Note Balance means $380,000,000.

  • Class A Note Balance means, at any time, the sum of the Class A-1 Note Balance, the Class A-2 Note Balance and the Class A-3 Note Balance at such time.

  • Class E Noteholder means the Person in whose name a Class E Note is registered on the Note Register.

  • Class C Noteholders means the holders of any Class C Notes from time to time.

  • Initial Class B Note Balance means $129,750,000.

  • Class A-2 Note Balance means, at any time, the Initial Class A-2 Note Balance reduced by all payments of principal made prior to such time on the Class A-2 Notes.

  • Required Subordinated Amount of Class D Notes means, for the Class C( - ) Notes for any date of determination, an amount equal to the sum of

  • Controlling Note Holder herein shall mean the holders of the majority of the class of securities issued in such Securitization designated as the “controlling class” or any other party that is assigned the rights to exercise the rights of the “Controlling Note Holder” hereunder, as and to the extent provided in the related Securitization Servicing Agreement; provided that for so long as 50% or more of the Controlling Note is held by (or the party assigned the rights to exercise the rights of the “Controlling Note Holder” (as described above) is) the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, the Controlling Note (and such party assigned the rights to exercise the rights of the “Controlling Note Holder” as described above) shall not be entitled to exercise any rights of the Controlling Note Holder, and there shall be deemed to be no Controlling Note Holder hereunder. If the Controlling Note is included in a Securitization, the related Securitization Servicing Agreement may contain additional limitations on the rights of the designated party entitled to exercise the rights of the “Controlling Note Holder” hereunder if such designated party is the Mortgage Loan Borrower or if it has certain relationships with the Mortgage Loan Borrower.

  • Class D Notes has the meaning assigned to such term in the Indenture.