BREDS Representative Clause Samples
The 'BREDS Representative' clause designates a specific individual or entity to act on behalf of BREDS (likely a lender or investment group) in matters related to the agreement. This representative is authorized to make decisions, give approvals, and communicate with other parties as required under the contract. By clearly identifying who holds this authority, the clause ensures efficient communication and decision-making, reducing confusion and streamlining the administration of the agreement.
BREDS Representative. (i) For so long as BREDS II Q Landmark LLC (“BREDS”) or one of its controlled Affiliates owns shares of Series E Preferred Stock or Series E Preferred Partnership Units, BREDS shall hereby be designated as the “BREDS Representative.” Each initial and subsequent transferee of shares of Series E Preferred Stock or Series E Preferred Partnership Units originally held by BREDS (the “BREDS Group Shares” and the holders thereof the “BREDS Group Holders”) shall, without further act of the General Partner, the Partnership or of any stockholder of the General Partner or partner of the Partnership, be deemed to have approved the designation of BREDS as the “BREDS Representative,” and without further act of the General Partner, the Partnership or of any stockholder of the General Partner or partner of the Partnership, the “BREDS Representative” is hereby appointed as agent and attorney-in-fact for each BREDS Group Holder, for and on behalf of each BREDS Group Holder, to (i) receive any request from the General Partner or the Partnership for a consent, waiver or approval under this Designation of Series E Preferred Partnership Units or the Series E Preferred Articles Supplementary from the BREDS Group Holders; (ii) deliver to the General Partner and the Partnership any instrument evidencing such BREDS Group Holder’s assent to a request of the General Partner or the Partnership described in subclause (i); and (iii) to take other actions required to be taken by the Representatives under this Designation of Series E Preferred Partnership Units or the Series E Preferred Articles Supplementary. Each BREDS Group Holder hereby agrees to receive correspondence from the BREDS Representative, including in electronic form. In BREDS’s sole discretion, BREDS may designate a new “BREDS Representative” by delivering written notice of such designation to the General Partner and the iStar Representative and, upon receipt of such written notice and an acknowledgment from such Person of its desire to serve as the “BREDS Representative,” such Person shall automatically be appointed the “BREDS Representative” without further act of the General Partner, the Partnership or of any stockholder of the General Partner or partner of the Partnership.
(ii) The BREDS Representative shall incur no liability to the General Partner, the Partnership, the BREDS Group Holders or any other stockholder of the General Partner or partner of the Partnership with respect to any act or omission of the BREDS Rep...