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.
Non-Lead Securitization Subordinate Class Representative means the holders of the majority of the class of securities issued in the Securitization of the Non-Lead Securitization Note designated as the “controlling class” pursuant to the Non-Lead Securitization Servicing Agreement or their duly appointed representative.
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 (or their duly appointed representative is) a Borrower Party, then no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative.
Examples of Non-Lead Securitization Subordinate Class Representative in a sentence
In no event shall the Lead Securitization Note Holder (or Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take any alternative actions recommended by any Non-Lead Securitization Note Holder (or its Non-Lead Securitization Subordinate Class Representative).
After a Securitization of any Note that is not the Lead Securitization Note, references in this paragraph to a Non-Controlling Noteholder as such term relates to such Note shall mean the related Non-Lead Securitization Subordinate Class Representative.
In no event shall the Lead Securitization Note Holder (or Servicer or Special Servicer, acting on its behalf) be obligated at any time to follow or take any alternative actions recommended by a Non-Lead Securitization Note Holder (or its Non-Lead Securitization Subordinate Class Representative).
After the Note A-2-1 Securitization, references in this paragraph to the Non-Controlling Noteholder as such term relates to the Note A-2-1 Holder shall mean the related Non-Lead Securitization Subordinate Class Representative.
After the Note A-2-B Securitization, references in this paragraph to the Non-Controlling Noteholder as such term relates to the Note A-2-B Holder shall mean the related Non-Lead Securitization Subordinate Class Representative.
More Definitions of Non-Lead Securitization Subordinate Class Representative
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 more than 50% 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 “controlling class” is held by any Borrower Affiliate, no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative under this Agreement or the related Non-Lead Securitization Servicing Agreement, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement; provided that in the event that no controlling class exists or no controlling class has any consent or consultation rights pursuant to the terms of the related Non-Lead Securitization Servicing Agreement, the Non-Lead Securitization Subordinate Class Representative shall be the Non-Lead Special Servicer for such Non-Lead Securitization and shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative under this Agreement or the related Non-Lead Securitization Servicing Agreement, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement.
Non-Lead Securitization Subordinate Class Representative means, with respect to each Non-Lead Securitization, the holders of the majority of the class of securities issued in such 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 such Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Note Holder”) 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 Non-Lead Securitization Subordinate Class Representative relating to such Non-Lead Securitization.
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 a Borrower Restricted Party, no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative.
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 PSA 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 a Mortgage Loan Borrower Related Party, no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate Class Representative.
Non-Lead Securitization Subordinate Class Representative means the “controlling class representative” as defined in any Non-Lead Securitization Servicing Agreement or such other analogous term used in any Non-Lead Securitization Servicing Agreement.
Non-Lead Securitization Subordinate Class Representative means (i) with respect to Note A-2, the holders of the majority of the class of securities issued in the Note A-2 Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement for the Note A-2 Securitization or their duly appointed representative and (ii) “controlling class representative” under and as defined in the Lead Securitization Servicing Agreement, and (ii) with respect to Note A-4, the holders of the majority of the class of securities issued in the Note A-4 Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement for the Note A-4 Securitization or their duly appointed representative.
Non-Lead Securitization Subordinate Class Representative means (i) with respect to Note A-2, the holders of the majority of the class of securities issued in the Note A-2 Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement for the Note A-2 Securitization or their duly appointed representative and (ii) “controlling class representative” under and as defined in the Lead Securitization Servicing Agreement, and (ii) with respect to Note A-4, the holders of the majority of the class of securities issued in the Note A-4 Securitization designated as the “controlling class” pursuant to the related Non-Lead Securitization Servicing Agreement for the Note A-4 Securitization or their duly appointed representative.