Common use of Majority of the Outstanding Voting Securities Clause in Contracts

Majority of the Outstanding Voting Securities. The term “Approval of a Majority of the Outstanding Voting Securities” shall mean the affirmative vote, at a duly called and held meeting of stockholders of Company, (a) of the holders of 67% or more of the shares of Company present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Company entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Company entitled to vote at the meeting, whichever is less.