Bmdholder Representative definition

Bmdholder Representative means any Person appointed to such position by written instrument signed by 100'/o of the Holders of the Outstanding Bands. If at any ti me there is no appointed B ondhd der Representative, the Servicer shal I be deemed to be the Bondholder Representative. If there is no appointed Bondholder Representative and no Servicer, the Hdder of a majority or plurality of the Outstanding Bonds shall be deemed to be the Bmdholder Representative. The initial Bondholder Representative is Standard Property Company Inc., a California corporation.

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