Common use of Action by Members Clause in Contracts

Action by Members. Except as otherwise provided herein, if a Quorum exists, action on a matter is approved if Members holding a majority of the Profit-sharing Percentages vote in favor of the action. As used in this Agreement, the phrase “the approval of the Members,” “the consent of the Members,” and similar phrases shall mean the approval as set forth in the foregoing sentence except as expressly provided otherwise in this Agreement.

Action by Members. Except as otherwise provided herein, if a Quorum exists, action on a matter is approved if Members holding a majority of the Profit-sharing Percentages vote in favor of the actionaction at a meeting of the Management Committee. As used in this Agreement, the phrase “"the approval of the Members,” “" "the consent of the Members,” " and similar phrases shall mean the approval as set forth in the foregoing sentence except as expressly provided otherwise in this Agreement.