Common use of Action by Vote Clause in Contracts

Action by Vote. Except as may be otherwise provided by law, this Agreement or the Transaction Documents, when a quorum is present at any meeting the vote of at least a majority of the Board Members present shall be the act of the Board of Managers. On any matter presented to the Board Members for their action or consideration at any meeting of the Board (or by written consent of Board Members in lieu of meeting), (a) each of the Series A Managers and Independent Managers shall be entitled to cast one vote, and (b) each of the Common Managers shall be entitled to cast (X) three votes for so long as there are a total of seven or fewer Board Members duly elected, (Y) three and one-half votes for so long as there are a total of eight Board Members duly elected, and (Z) four votes for so long as there are a total of nine Board Members duly elected, provided that during any period when a Common Manager is not a full-time employee of the Company or any of its wholly-owned Subsidiaries, the number of votes that such Common Manager shall be entitled to cast shall be reduced by one vote.