Majority Owner Representative definition

Majority Owner Representative means any entity designated in writing by the Holder to act as a Majority Owner Representative hereunder, in accordance with Article IX hereof. If at any time a Majority Owner Representative has not been designated by the Holder, all references herein and in other Bond Documents to “Majority Owner Representative” shall refer to the Majority Owner. The initial Majority Owner Representative is Red Stone Servicer, LLC.

Examples of Majority Owner Representative in a sentence

• The Bond is subject to mandatory redemption in whole on any date specified by the Majority Owner Representative in connection with the Project Facilities achieving Stabilization (as defined in the Senior Indenture) under the Senior Indenture at a redemption price equal to 100% of the principal amount thereof plus accrued interest thereon to, but not including, the redemption date.

• The Majority Owner Representative shall provide immediate written notice to the Holder of any Event of Default of which it receives notice or has actual knowledge, or any event which, with the giving of notice or the passage of time, or both, would constitute any Event of Default of which it receives notice or has actual knowledge.

• The Majority Owner Representative shall prepare payoff letters and delinquency and default notices when necessary, as required by the Bond Documents or this Indenture or otherwise as directed by the Holder.

• Such other documents, opinions and certificates as may be required by the Issuer, Trustee, Bond Counsel, Majority Owner or Majority Owner Representative.

• Moneys representing a Condemnation Award or Insurance Proceeds shall be deposited into the Insurance and Condemnation Proceeds Account of the Project Fund, and notice of such deposit thereof shall be given by the Trustee to the Majority Owner Representative and the Holder.

• The Majority Owner Representative shall refer to the Trustee all Borrower requests for a quote of a payoff amount for the Loan, shall request a copy of any such quote from the Trustee, and shall notify the Holder of the Borrower’s request.

• Such resignation shall take effect only upon the appointment of a successor Trustee by the Issuer with the consent of the Majority Owner Representative and the acceptance of such appointment by the successor Trustee.

• Upon written request, the Trustee shall provide the Borrower and the Majority Owner Representative, within a reasonable period of time, with a report stating the principal amount of the Bond Outstanding and the registered owner of the Bond as of the date specified by the Borrower or the Majority Owner Representative in its request.

• If no successor is appointed within 60 days after the notice of resignation, the Majority Owner Representative may appoint a Trustee or the resigning Trustee, at the Borrower’s expense, may appoint a successor or petition any court of competent jurisdiction to appoint a successor.

• The Bond is subject to optional redemption in whole but not in part, at the direction of the Borrower upon not less than 45 days written notice (or such shorter period as may be agreed to by the parties) to the Trustee and the Majority Owner Representative (which notice shall be unconditional and irrevocable), on any Interest Payment Date, at a redemption price equal to 100% of the principal amount thereof, plus accrued interest thereon to, but not including, the redemption date.