Common use of Required Members Clause in Contracts

Required Members. All actions required or permitted to be taken, or consents or approvals required or permitted to be given, by the Appraising Members or the Liquidating Members, as the case may be, pursuant to this Section 12.5 shall only require the approval in writing of the taking of such action or giving of such consent or approval by (i) in the case of an appraisal or Sale initiated by delivery of an Appraisal Election Notice delivered prior to the seventh anniversary of the Effective Date, Appraising Members or Liquidating Members holding a majority of the Class B Units that are Appraised Units held by the Initiating Members or (ii) in the case of an appraisal or sale initiated by delivery of an Appraisal Election Notice delivered on or following the seventh anniversary of the Effective Date, Appraising Members or Liquidating Members holding two-thirds of the Class B Units that are Appraised Units held by the Appraising Members or the Liquidating Members, as the case may be. Any action, consent or approval taken or given pursuant to this Section 12.5.9 shall be binding on all other Appraising Members and Liquidating Members, as the case may be.