Common use of Member Voting Clause in Contracts

Member Voting. No person shall be entitled to exercise any voting rights as a Member until such person shall have been admitted as a Member. Except as provided otherwise by law or this Agreement: (a) each Member holding Common Units shall be entitled to one (1) vote for each Common Unit held; (b) each Member holding both (x) Common Units and either (y) Preferred Units or Series PA Preferred Units shall be entitled to one (1) vote for each Common Unit held and one (1) vote for each Preferred Unit or Series PA Preferred Unit held by such Member. Members holding Common Units and Preferred Units or Series PA Preferred Units shall vote together on all matters on which such Members are permitted to vote by reason of such Units. Notwithstanding anything in this Agreement to the contrary, Members holding only Preferred Units or Series PA Preferred Units (and not Common Units) shall not be entitled to vote on, consent to, or approve any matters by reason of their ownership of such Preferred Units or Series PA Preferred Units or otherwise.

Appears in 3 contracts

Sources: Operating Agreement (Slingshot USA LLC), Operating Agreement (Slingshot USA LLC), Operating Agreement (Slingshot USA LLC)