Common use of Financial Monitor Clause in Contracts

Financial Monitor. In the event the Financial Monitor is removed or has resigned, the Trustee shall appoint a successor Financial Monitor at the direction of the Significant Bondholder and in the absence of such direction, an entity experienced in affordable multifamily financial monitoring selected by the Owners of a majority in principal amount of Outstanding Bonds shall be so appointed. The Issuer does not employ and is not responsible for any actions or non-actions of the Financial Monitor.

Financial Monitor. In the event the Financial Monitor is removed or has resigned, the Trustee shall appoint a successor Financial Monitor at the direction of the Significant Bondholder and in the absence of such direction, an entity experienced in affordable multifamily financial monitoring selected by the Owners of a majority in principal amount of Outstanding Bonds shall be so appointedBonds. The Issuer does not employ and is not responsible for any actions or non-actions of the Financial Monitor.