Election of Controlling Class Representative Sample Clauses
The 'Election of Controlling Class Representative' clause establishes the process by which a group or class of stakeholders selects an individual or entity to act as their official representative in matters related to the agreement. Typically, this involves a voting mechanism or other agreed-upon method among class members to choose who will serve as the controlling representative, who then has the authority to make decisions, provide instructions, or take actions on behalf of the entire class. This clause ensures that the class acts with a unified voice, streamlining communication and decision-making, and helps prevent confusion or conflicting instructions from multiple parties.
Election of Controlling Class Representative. Pursuant to Section 11.1(c) of the Base Indenture, if two CCR Candidates both receive votes from Controlling Class Members holding beneficial interests in exactly 50% of the Aggregate Outstanding Principal Amount of Notes of the Controlling Class, the Manager shall have the right to direct the Trustee to appoint one of such CCR Candidates as the Controlling Class Representative.
Election of Controlling Class Representative. Pursuant to Section 11.1(d) of the Base Indenture, if a CCR Election results in a tie, the Manager shall have the right to direct the Trustee to appoint one of such tied CCR Candidates selected by the Manager as the Controlling Class Representative.