Directing Holder definition

Directing Holder means the Holder of Note A-1 or, if Note A-1 is included in a Securitization, the holders of Certificates issued in connection with such Securitization representing the specified interest in the class of Certificates designated as the “Controlling Class” or the duly appointed representative of the holders of such Certificates or such other party that the Note A-1 Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement; provided, that no Borrower Party shall be entitled to act as Directing Holder.

Directing Holder shall have the meaning set forth in Section 21(a).

Directing Holder means the “Directing Certificateholder” or equivalent Person under the Lead Securitization Servicing Agreement.

Examples of Directing Holder in a sentence

• Subject to the terms of the Lead Securitization Servicing Agreement for so long as the Lead Note is included in the Lead Securitization, the Directing Holder shall have the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof.

• The Directing Holder shall designate a Person to serve as Special Servicer by delivering to the other Holders and the parties to each PSA a written notice stating such designation and by satisfying the other conditions required under the Servicing Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms of the Servicing Agreement), if any.

• Subject to the foregoing, each of the Lead Note Holder, the Directing Holder, the Non-Lead Note Holders and the Non-Directing Holders shall be permitted to submit an offer at any sale of the Defaulted Mortgage Loan (unless such Person is a Borrower Party).

• The Directing Holder shall be entitled to exercise the rights and powers granted to the Directing Holder hereunder and the rights and powers granted to the “Directing Holder,” “Controlling Class Certificateholder,” “Controlling Class Representative” or similar party under, and as defined in, the Servicing Agreement with respect to the Mortgage Loan.

• To the extent the Mortgage Loan Borrower requests or the Servicer or Special Servicer structures, as part of a workout or otherwise, an extension of the Mortgage Loan for two or more years beyond the Maturity Date, the Servicer or Special Servicer, as applicable, shall obtain the prior written consent of the Lead Securitization Note Holder (in the same manner as the Directing Holder) in addition to the consent of the Directing Holder.

More Definitions of Directing Holder

Directing Holder. With respect to any Serviced Mortgage Loan or, if applicable, Serviced Loan Combination:

Directing Holder. (a) With respect to all of the Serviced Loans other than a Serviced Outside Controlled Loan Combination and any Excluded Mortgage Loan, the Controlling Class Representative, and (b) with respect to any Serviced Outside Controlled Loan Combination, the related Outside Controlling Note Holder.

Directing Holder means (i) during the period prior to the Note A-1 Securitization Date, the Note A-1 Holder or such other party that the Note A-1 Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement and (ii) after the Note A-1 Securitization Date, the holders of Certificates representing the specified interest in the class of Certificates designated as the “controlling class” under the Note A-1 Securitization or the duly appointed representative of the holders of such Certificates; provided, that no Borrower Party, as defined in the applicable Servicing Agreement, thereof shall be entitled to act as Directing Holder.

Directing Holder means (i) during the period prior to the Note A-1 Securitization Date, the Note A-1 Holder or such other party that the Note A-1 Holder grants the right to exercise the rights granted to the Directing Holder in this Agreement and (ii) after the Note A-1 Securitization Date, the holders of Certificates representing the specified interest in the class of Certificates designated as the “controlling class” under the Note A-1 Securitization or the duly appointed representative of the holders of such Certificates; provided, that no Borrower, property manager or affiliate thereof shall be entitled to act as Directing Holder.

Directing Holder means the Holder of the Directing Note or, if the Directing Note is included in a Securitization, the holders of Certificates representing the specified interest in the class of Certificates designated as the “controlling class” or the duly appointed representative of such holders under the related PSA (or such other party under the related PSA that is entitled to exercise the rights of the “Directing Holder” hereunder) or such other party that the Directing Holder grants the right to exercise the rights granted to the “Directing Holder” in this Agreement; provided, that if at any time 50% or more of the Directing Note (or class of securities issued in a Securitization into which such Note has been deposited that is designated as the “controlling class”) is held by (or such other party otherwise assigned the rights to exercise the rights of the “controlling class” under the related PSA is) the Borrower or a Borrower Party Affiliate, no such Holder or other Person shall be entitled to exercise any rights of the Directing Holder under this Agreement or the related PSA, and there shall be deemed to be no Directing Holder.

Directing Holder has the meaning specified in Section 5.02.

Directing Holder means (a) so long as the Indenture shall not have terminated, the Required Noteholders, and (b) in all other instances, the holder or holders of more than 50% of the voting power of the Beneficial Interests.