Common use of Major Decision Approval Clause in Contracts

Major Decision Approval. Approval of the following major decisions shall require the approval of Members as set forth in this Section 7C: (1) Selling or contracting to sell (including the method of sale) or otherwise disposing of all or substantially all of the Company's assets or selling the Company shall require the approval of Members holding 80% of the Interests. (2) Refinancing the Company indebtedness incurred in acquiring property or operating the business of the Company shall require the approval of Members holding 75% of the Interests. (3) Compensating (pursuant to Section E(l), below) the Managing Member for its services in managing and directing the day to day operations of the Vessel shall require approval of Members holding 80% of the Interests.