Controlling Owner definition

Controlling Owner means any single shareholder of a Mortgagor that owns shares appurtenant to 50% or more of the residential cooperative units at the related Mortgaged Property and holds a majority of the seats of the cooperative corporation’s board of directors. For purposes of this exception to Representation 42, there are no Mortgage Loans that have a Controlling Owner, as defined above.

Controlling Owner means any single shareholder of a Mortgagor that owns, directly or indirectly, 50% or more of the outstanding shares of such Mortgagor. With respect to such Controlling Owners, the Mortgage Loan Seller’s due diligence consists of, to the extent such information is available to the Mortgage Loan Seller, (a) an analysis of the rent collection processes and administration of the Controlling Owner, (b) an analysis of the financial statements of the Controlling Owner, including an analysis of net worth, liquidity and certain legal issues, (c) an analysis of positive and/or negative carry, (d) an analysis of the rent roll, leases and occupancy history pertaining to the units owned by the Controlling Owner, and (e) an analysis of credit reports, including FICO scores, of the Controlling Owners (such items, collectively, as used in these representations and warranties with respect to Mortgage Loans secured by residential cooperatives, the “Sponsor Diligence”).

Controlling Owner means Magnus Holdings Co., Ltd. or any successor or affiliate thereof.

Examples of Controlling Owner in a sentence

• Based solely on the Sponsor Diligence, to the knowledge of the Mortgage Loan Seller, no Controlling Owner or guarantor (i) was in a state or federal bankruptcy or insolvency proceeding, (ii) had a prior record of having been in a state or federal bankruptcy or insolvency, or (iii) had been convicted of a felony.

• Based solely on the Sponsor Diligence, to the knowledge of the Loan Seller, no Controlling Owner or guarantor (i) was in a state or federal bankruptcy or insolvency proceeding, (ii) had a prior record of having been in a state or federal bankruptcy or insolvency, or (iii) had been convicted of a felony.

• Controlling Owner has all necessary capacity to execute and deliver this Agreement and each of the other Transaction Documents to which Controlling Owner is or will be a party and to consummate the transactions contemplated hereby and thereby.

• The Board of Directors may postpone, reschedule or cancel any special meeting of stockholders previously scheduled by the Board of Directors or the Chairperson of the Board of Directors; provided, however, that prior to the Trigger Date with respect to any special meeting previously scheduled at the request the Controlling Owner, the Board of Directors shall not postpone, reschedule or cancel such special meeting without the prior written consent of such Controlling Owner requesting such special meeting.

• The New Controlling Owner must complete and return the appropriate Change of Control application and send it to the Executive Director of NACCAS at least thirty (30) days prior to the effective date of the change of control, together with the applicable fee.

More Definitions of Controlling Owner

Controlling Owner means any Owner (as defined in the NBA Constitution and Bylaws) that Controls the Borrower.

Controlling Owner means any single shareholder of a Mortgagor that owns shares appurtenant to 50% or more of the residential cooperative units at the related Mortgaged Property. For purpose of all representations and warranties with respect to Mortgage Loans secured by residential cooperatives, the term “Sponsor Diligence” shall mean, to the extent such information is available to the Mortgage Loan Seller, (a) an analysis of the rent collection processes of the Controlling Owner, (b) an analysis of the financial statements of the Controlling Owner, including an analysis of net worth, liquidity and certain legal issues, (c) an analysis of positive and/or negative carry, (d) an analysis of the rent roll, pertaining to the units owned by the Controlling Owner and (e) an analysis of credit reports, including FICO scores, of the Controlling Owners. For purposes of this exception to Representation 42, there are no Mortgage Loans that have a Controlling Owner, as defined above.

Controlling Owner means any Controlling Owner (as defined in the NHL Constitution and Bylaws).

Controlling Owner means an individual or legal entity holding a direct or indirect Controlling Ownership Interest in Franchisee.

Controlling Owner has the meaning specified in Exhibit VI.

Controlling Owner means any single shareholder of a Mortgagor that owns shares appurtenant to 50% or more of the residential cooperative units at the related Mortgaged Property and holds a majority of the seats of the cooperative corporation’s board of directors. For purposes of this exception to representation and warranty 42, there are no Mortgage Loans that have a Controlling Owner, as defined above. 47 150 West 87th Owners Corp. (Loan No. 41) 000 X. Xxxxxxxx Owners Corp. (Loan No. 43) Imperial Owners Corp. (Loan No. 48) East 10th St. Owners Corp. (Loan No. 52) Willow House Owners Corp. (Loan No. 69) Xxxxxxx Xxxxxxxx Owners Corp. (Loan No. 71) 11194 Owners Corp. (Loan Xx. 00) Xxxxx Xxxx Xxxxxxxxx Xxxx. (Xxxx Xx. 00) Each of the referenced Mortgaged Properties are encumbered by a subordinate credit line mortgage in the original principal amount of $500,000.00; as of the Cut-off Date, no advances have been made under such subordinate credit line mortgages. 47 601 79 Owners Corp. (Loan No. 56) The referenced Mortgaged Property is encumbered by a subordinate credit line mortgage in the original principal amount of $300,000.00; as of the Cut-off Date, no advances have been made under such subordinate credit line mortgage. 00 Xxxx 00xx Xxxxxx Tenants Corp. (Loan No. 79) The referenced Mortgaged Property is encumbered by a subordinate credit line mortgage in the original principal amount of $150,000.00; as of the Cut-off Date, no advances have been made under such subordinate credit line mortgage. 47 Greenwich 33 Apartment Corp. (Loan No. 68) The referenced Mortgaged Property is encumbered by a subordinate credit line mortgage in the original principal amount of $200,000.00; as of the Cut-off Date, $75,000.00 has been advanced under said subordinate credit line mortgage. The undersigned does hereby certify that, as of the date hereof, he is the duly elected and acting secretary of National Cooperative Bank, N.A., a national banking association (the “Company”), and does hereby further certify as follows:

Controlling Owner means any Owner (as defined in the NBA Constitution and Bylaws) that Controls TeamCo.