Subordinate Control Period definition

Subordinate Control Period. Unless a Senior Consultation Period is deemed to occur and is continuing pursuant to clause (ii) of the definition of “Senior Consultation Period”, any period when the Class Principal Balance of the Class F Certificates, net of any Appraisal Reduction Amounts allocable to such Class, is at least 25% of the initial Class Principal Balance of the Class F Certificates. No Subordinate Control Period shall limit the control and consultation rights of the “Controlling Note Holder” (as defined in the related Intercreditor Agreement) of any Non-Serviced Pari Passu Companion Loan.

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Subordinate Control Period means any period when the Aggregate Certificate Balance of the Class F Certificates (as notionally reduced by any Appraisal Reductions allocable to such Class in accordance with Section 6.9) is at least 25% of the initial Aggregate Certificate Balance of the Class F Certificates.

Subordinate Control Period. With respect to the Control Eligible Certificates and any date of determination, any period when the Certificate Balance of any Class of the Control Eligible Certificates on such date (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Certificates) is at least 25% of the initial Certificate Balance of that Class of Certificates.

Examples of Subordinate Control Period in a sentence

• During any Subordinate Control Period, if the Controlling Class Representative objects to an Asset Status Report within the above-referenced five (5) Business Day period, then the Special Servicer (absent a determination as described in the last sentence of the immediately preceding paragraph) shall revise such Asset Status Report as soon as practicable thereafter, but in no event later than thirty (30) days after such objection.

• Any appointment or succession by the Trustee to the rights and obligations of the Special Servicer hereunder shall be subject to the right of the Controlling Class Representative to replace the Special Servicer during any Subordinate Control Period.

• Upon the Certificate Administrator’s determination that a Subordinate Consultation Period or Subordinate Control Period has occurred or is terminated, the Certificate Administrator shall, within 10 Business Days, post a “special notice” on the Certificate Administrator’s Website.

• If the Controlling Class Representative (during any Subordinate Control Period) affirmatively approves in writing an Asset Status Report, the Special Servicer shall implement the recommended action as outlined in such Asset Status Report.

• In any event, if the Controlling Class Representative (during any Subordinate Control Period) does not approve an Asset Status Report within ninety (90) days from the first submission of such Asset Status Report, the Special Servicer shall take such action as specified in the last proposed Asset Status Report, provided that such action does not violate Accepted Servicing Practices.

More Definitions of Subordinate Control Period

Subordinate Control Period. Any period when the Class Principal Balance of the Class E Certificates, net of any Appraisal Reduction Amounts allocable to such Class, is at least 25% of the initial Class Principal Balance of the Class E Certificates.

Subordinate Control Period. Any period when the Certificate Balance of the Class E Certificates (taking into account the application of any Trust Appraisal Reduction Amount to notionally reduce the Certificate Balance of such Class of Certificates) is at least equal to 25% of the initial Certificate Balance of such Class of Certificates.

Subordinate Control Period. Any period when the Class Principal Balance of the Class F Certificates, net of any Appraisal Reduction Amounts allocable to such Class, is at least 25% of the initial Class Principal Balance of the Class F Certificates.

Subordinate Control Period. Unless a Senior Consultation Period is deemed to occur and is continuing pursuant to clause (ii) of the definition of “Senior Consultation Period”, any period when the Class Principal Balance of the Class F Certificates, net of any Appraisal Reduction Amounts allocable to such Class, is at least 25% of the initial Class Principal Balance of the Class F Certificates. No Subordinate Control Period shall limit the control and consultation rights of the “Controlling Note Holder” (as defined in the related Intercreditor Agreement) of any Non-Serviced Loan Combination (other than the Commerce Point I & II Loan Combination).

Subordinate Control Period. Any period when the Certificate Balance of the Class E Certificates (taking into account the application of Allocated Appraisal Reduction Amounts and Allocated Collateral Deficiency Amounts to notionally reduce the Certificate Balance of such Certificates) is at least 25% of the initial Certificate Balance of the Class E Certificates; provided, (A) if at any time the Certificate Balances of the Sequential Pay Certificates (other than the Control Eligible Certificates) have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loan, then a Subordinate Control Period shall be deemed to then be in effect, and (B) notwithstanding clause (A), if a majority of the Controlling Class, by Certificate Balance, is directly or indirectly held by any of the Guarantor, the Borrower Sponsor, the Property Manager, an affiliate of the Guarantor, the Borrower Sponsor, the Property Manager or any Borrower or any other Borrower Party or any agent of the foregoing, then a Subordinate Control Period shall be deemed not to be in effect.

Subordinate Control Period shall have the meaning assigned to such term in the Lead Securitization Servicing Agreement.

Subordinate Control Period. With respect to the Class D Certificates and any date of determination, any period when the Certificate Balance of the Class D Certificates on such date (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Class D Certificates) is at least 25% of the Initial Certificate Balance of the Class D Certificates.