Common use of Quorum; Vote Required Clause in Contracts

Quorum; Vote Required. At all meetings of Members the Members holding a majority of the outstanding LLC Shares, whether present in person or by proxy, shall constitute a quorum for the transaction of business. Action by the Members on all matters shall require the affirmative vote of Members holding a majority of the LLC Shares represented at a meeting at which a quorum is present, except that the affirmative vote of Members holding 80% of all of the LLC Shares outstanding shall be required (i) to approve the Company's engaging in any business not reasonably related to the business purpose of the Company, or (ii) to approve the Company's guaranty or collateralization of the debt of any person other than a wholly-owned subsidiary of the Company. A lesser number may adjourn a meeting from day to day, and shall announce the time and place to which the meeting is adjourned.