Common use of Actions Requiring Approval of Members Clause in Contracts

Actions Requiring Approval of Members. (a) Notwithstanding any other provision of this Operating Agreement, the approval of the Members shall be required in order for any of the following actions to be taken on behalf of the Company; (i) Amending the Articles or this Operating Agreement in any manner that materially alters the preferences, privileges or relative rights of the Members. (ii) Electing the Managers as provided in Article V hereof. (iii) Taking any action which would make it impossible to carry on the ordinary business of the Company. (iv) Confessing a judgment against the Company in excess of $5,000. (v) Filing or consenting to filing a petition for or against the Company under any federal or state bankruptcy, insolvency or reorganization act. (vi) Loaning Company funds in excess of $25,000 or for a term in excess of one year to any Member. (b) Unless the express terms of this Operating Agreement specifically provides otherwise, the affirmative vote of the Members holding a majority of the Membership Interest shall be necessary and sufficient in order to approve or consent to any of the matters set forth in Section 4.02(a) above or any other matters which require the approval or consent of the Members.

Actions Requiring Approval of Members. (a) Notwithstanding any other provision of this Operating Agreement, the approval of the Members shall be required in order for any of the following actions to be taken on behalf of the Company;: (i) Amending the Articles or this Operating Agreement of Organization in any manner that materially alters the preferences, privileges or relative rights of the Members. (ii) Electing the Managers as provided in Article V IV hereof. (iii) Taking any action which that would make it impossible to carry on the ordinary business of the Company. (iv) Confessing a judgment against the Company in excess of $5,00010,000. (v) Filing or consenting to filing a petition for or against the Company under any federal or state bankruptcy, insolvency or reorganization act. (vi) Loaning Company funds in excess of $25,000 10,000 or for a term in excess of one year to any Member. (b) Unless the express terms of this Operating Agreement specifically provides provide otherwise, the affirmative vote of a Majority-In-Interest of the Members holding a majority of the Membership Interest shall be necessary and sufficient in order to approve or consent to any of the matters set forth in Section 4.02(a3.2(a) above or any other matters which that require the approval or consent of the Members.

Actions Requiring Approval of Members. (a) Notwithstanding any other provision of this Operating Agreement, the approval of the Members shall be required in order for any of the following actions to be taken on behalf of the Company;: (i) Amending the Articles or this Operating Agreement in any manner that materially alters the preferences, privileges or relative rights of the Members. (ii) Electing the Managers as provided in Article V hereof. (iii) Taking any action which would make it impossible to carry on the ordinary business of the Company. (iv) Confessing a judgment against the Company in excess of $5,000. (v) Filing or consenting to filing a petition for or against the Company under any federal or state bankruptcy, insolvency or reorganization act. (vi) Loaning Company funds in excess of $25,000 50,000 or for a term in excess of one year to any Member. (b) Unless the express terms of this Operating Agreement specifically provides provide otherwise, the affirmative vote of the Members holding a majority of the Membership Interest Interests shall be necessary and sufficient in order to approve or consent to any of the matters set forth in Section 4.02(a) above or any other matters which that require the approval or consent of the Members.