Voting of Excess Interests. The Excess Interest Trustee shall be entitled to vote the Excess Interests for the benefit of the Charitable Beneficiary on any matter. Subject to Delaware law, any vote taken by a Purported Record Transferee prior to the discovery by the Venture that the Excess Interests were held in trust shall be rescinded ab initio. The owner of the Excess Interests shall be deemed to have given an irrevocable proxy to the Excess Interest Trustee to vote the Excess Interests for the benefit of the Charitable Beneficiary.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Behringer Harvard Multifamily Reit I Inc), Limited Liability Company Agreement (Behringer Harvard Multifamily Reit I Inc), Limited Liability Company Agreement (Behringer Harvard Multifamily Reit I Inc)
Voting of Excess Interests. The Excess Interest Interests Trustee shall be entitled to vote the Excess Interests for the benefit of the Charitable Beneficiary on any matter. Subject to Delaware law, any vote taken by a Purported Record Transferee prior to the discovery by the Venture Partnership that the Excess Interests were held in trust shall be rescinded ab initio. The owner of the Excess Interests shall be deemed to have given an irrevocable proxy to the Excess Interest Interests Trustee to vote the Excess Interests for the benefit of the Charitable Beneficiary.
Appears in 3 contracts
Samples: Asset Management Agreement (CatchMark Timber Trust, Inc.), Asset Management Agreement (CatchMark Timber Trust, Inc.), Asset Management Agreement (CatchMark Timber Trust, Inc.)
