Common use of Approval or Ratification of Acts or Contracts Clause in Contracts

Approval or Ratification of Acts or Contracts. Any act or contract that shall be approved or be ratified by the Management Committee on behalf of the Company shall be as valid and as binding upon the Company and upon all the Members (in their capacity as Members) as if it shall have been approved or ratified by every Member of the Company; provided, that no action taken under this Section 3.5 shall bind any party other than the Company with respect to the Securityholders Agreement, the Senior Management Unit Subscription Agreements (as defined in the Securityholders Agreement) and the Option Cancellation Agreements (as defined in the Securityholders Agreement).

Approval or Ratification of Acts or Contracts. Any act or contract that shall be approved or be ratified by the Management Committee on behalf of the Company in accordance with Section 3.3(a) shall be as valid and as binding upon the Company and upon all the Members (in their capacity as Members) as if it shall have been approved or ratified by every Member of the Company; provided, that no action taken under this Section 3.5 shall bind any party other than the Company with respect to the Securityholders Agreement, the Senior Management Unit Subscription Agreements (as defined in the Securityholders Agreement) and the Option Cancellation Agreements (as defined in the Securityholders Agreement).