Class Majority Vote definition
Examples of Class Majority Vote in a sentence
For the avoidance of doubt, no Major Decision shall be agreed at any meeting, or otherwise taken, without a Class Majority Vote.
There shall be no distribution of assets of the Company in kind without a prior Class Majority Vote.
In no event, without the approval of Members by a Class Majority Vote, will a sale to a Member be for an amount that is less than fair market value (determined by the Appraisal Method if the Members (by a Class Majority Vote) are unable to agree on the fair market value).
Each of the Members acknowledges and agrees that the Administrator shall have the authority, powers and responsibilities described in the Administrative Services Agreement and as provided herein; provided that neither the Administrator nor the Managing Member shall (x) take or permit any action that would be a Major Decision hereunder without the prior occurrence of a Class Majority Vote approving such action, or (y) refrain from taking any action that has been approved as a Major Decision hereunder.
Except for an amendment of Schedule 4.2(d) in accordance with the terms of this Company LLC Agreement, and a Transfer of Membership Interests and the admission of a new Member in accordance with the terms of this Company LLC Agreement, this Company LLC Agreement may be changed, modified or amended only by an instrument in writing duly executed by Members representing a Class Majority Vote.
The Managing Member, in its capacity as the Managing Member, shall have no liability to the Company or to the other Members for actions taken, or decisions not to act taken, with the approval of the Members representing a Class Majority Vote for Major Decisions.
There shall be no distribution of assets of the Company in kind without a Class Majority Vote.
In no event, without the approval of Members by a Class Majority Vote, will a sale to a Member be for an amount that is less than Fair Market Value.
Except for a Class Majority Vote or as otherwise expressly provided in this Company LLC Agreement, no separate vote, consent or approval of either Class A Members, acting as a class, or Class B Members, acting as a class, shall be required to authorize or approve any matter for which a vote, consent or approval of Members is required under this Company LLC Agreement.
Each of the Members acknowledges and agrees that the Managing Member shall have the authority, powers and responsibilities described herein; provided that the Managing Member shall not (i) take or permit any action that would be a Major Decision hereunder without the prior occurrence of a Class Majority Vote approving such action, or (ii) refrain from taking any action that has been approved as a Major Decision hereunder.