Common use of Classes and Series Clause in Contracts

Classes and Series. The Directors shall have the authority, without the approval of any Members of the Company, to classify and reclassify both issued and outstanding and authorized but unissued Shares into one or more classes and one or more series of any or all of such classes, each of which classes and series thereof shall have such designations, powers, preferences, voting, conversion and other rights, limitations, qualifications and terms and conditions as the Directors shall determine from time to time with respect to each such class or series by amendment to this Agreement without the approval of any Members of the Company; provided, however, that no reclassification of any issued and outstanding Shares and no modifications of any of the designations, powers, preferences, voting, conversion or other rights, limitations, qualifications and terms and conditions of any issued and outstanding Shares may be made by the Directors without the affirmative vote of the Shares specified in Section 10.3 to the extent required thereby and the satisfaction of any conditions to such reclassification as set forth in the applicable Statement of Preferences.