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.

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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.

• In connection with any financing benefiting the Hotel or otherwise with respect to the Hotel, Owner will not, and will not allow any Person to, mortgage, grant a security interest in, or otherwise pledge as collateral the Hotel, the revenues of the Hotel, or an Ownership Interest in Owner or in a Person Controlling Owner unless such financing meets the requirements of Section 7.A above or Franchisor otherwise consents to such financing in writing.

• 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.

• Seller and the Controlling Owner understand that Parent is a publicly traded corporation, and that the disclosure of information concerning Parent and its business affairs and financial condition is strictly regulated by the Commission and other legal and administrative bodies.

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 has the meaning specified in Exhibit VI.

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

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. 47 ▇▇ ▇. ▇▇▇▇▇▇▇▇ Owners, Inc. (Loan No. 49); ▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Owners Corp. (Loan No. 74); 3636 Greystone Owners, Inc. (Loan No. 51); 3901 Independence Owners, Inc. (Loan No. 68); ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Tenants Corp. (Loan No. 60); Lincoln Co-Operative Apartments, Inc. (Loan No. 65); Woodlawn Veterans Mutual Housing Company, Inc. (Loan No. 80); Blindbrook Lodge Owners Inc. a/k/a Blind Brook Lodge Owners Inc. (Loan No. 50). 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 ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Owners, Inc. (Loan No. 86) 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, no advances have been made under such subordinate credit line mortgage. ▇▇ ▇▇▇-▇▇▇ Fort Washington Ave. Owners Corp. (Loan No. 23) The referenced Mortgaged Property is encumbered by a subordinate credit line mortgage in the original principal amount of $1,000,000.00; as of the Cut-off Date, no advances have been made under such subordinate credit line mortgage.

Controlling Owner of the Sellers" means a company that owns and controls (whether directly or indirectly) at least 90% of the issued and fully paid up share capital and voting rights of each Seller.