Major Decision definition
Examples of Major Decision in a sentence
If they are not able to agree after such thirty (30) day period, then for so long as they remain unable to agree on such Major Decision, a Member (the “Initiating Member”) shall have the right to purchase all of the Units of the remaining Members (the “Receiving Members”) or sell all of his or her own Units to the Receiving Members on an all-cash basis in an amount and in the manner set forth in this Article VII.
With respect to such request, the Servicer shall continue to cooperate with the Special Servicer by delivering any additional information in the Servicer’s possession to the Special Servicer requested by the Special Servicer relating to such Major Decision.
Further, upon receiving a request for any matter that constitutes a Major Decision with respect to the Whole Loan, the Servicer shall promptly forward such request to the Special Servicer, and the Special Servicer shall process such request (including, without limitation, interfacing with the Borrower) and except as provided in the next sentence, the Servicer shall have no further obligation with respect to such request or the Major Decision.
Notwithstanding anything to the contrary in this Agreement, the Special Servicer shall process any matter that constitutes a Major Decision with respect to the Whole Loan, whether or not it is a Specially Serviced Whole Loan (unless, in either case when the Mortgage Loan is not a Specially Serviced Whole Loan, the Servicer and Special Servicer mutually agree that any such action be processed by the Servicer subject to the consent of the Special Servicer).
Prior to the occurrence of a Consultation Termination Event, the Special Servicer shall consult on a non-binding basis with the Directing Certificateholder in connection with any Major Decision or Asset Status Report and consider alternative actions recommended by Directing Certificateholder in respect thereof.