Majority in Interest of Members means, Members holding a majority of all Shares held by all Members of each Member group (for this purpose, the Member groups shall consist of the Common Members, the Series A Members, the Series B Members and the Series C Members); provided, that for the purposes hereof Preferred Members shall be deemed to own the number of Common Shares into which their Preferred Shares are convertible, and the number of such Preferred Members’ Preferred Shares shall be disregarded. Any action that may be taken at a meeting of the Members may be taken without a meeting if a consent in writing, setting forth the action to be taken, shall be signed and dated by Members of such Member group holding a majority of all Shares held by all Members of such Member group; provided that the Members have received prior written notice of any written consent. Such consent shall have the same force and effect as a vote of the signing Members at a meeting duly called and held.
Majority in Interest of Members means (a) the vote of sixty-seven percent (67%) or more of the Units present at a meeting of Members duly called, if more than fifty percent (50%) of the outstanding Units are present or represented by proxy at such meeting; or (b) the vote of more than fifty percent (50%) of the outstanding Units of the Fund, whichever is less.
Majority in Interest of Members means, at any time, the Members who hold in the aggregate greater than 50% of the profits and capital interest of the Company.
Examples of Majority in Interest of Members in a sentence
Upon the affirmative vote of a Majority-in-Interest of Members the LLC shall make all elections for Federal income tax purposes that such Members reasonably determine to be in the best interest of the Members and the LLC, including the election to adjust the basis of any asset of the LLC pursuant to Code Sections 734(b) and 743(b).
Unless this Agreement provides otherwise, at a meeting of Members, the presence in person or by proxy of a Majority-in-Interest of Members shall constitute a quorum.
Any one or more of the Directors (i) shall automatically, without any further action by the Board or the Members, be removed from such position due to such Director’s death, and (ii) may be removed from such position, either with or without cause, at any time by the consent of a Majority-in-Interest of Members.
More Definitions of Majority in Interest of Members
Majority in Interest of Members means, at any time, the Members who hold in the aggregate greater than 50% of the number of Units outstanding at such time.
Majority in Interest of Members. (a) for so long as Xxxxxxx is a Member, (i) Members owning more than 50% of the aggregate current share of profits held by all Members (excluding the profits owned by Xxxxxxx as of the date hereof, whether such profit interest is still owned by Xxxxxxx) and (ii) Xxxxxxx and (b) if Xxxxxxx is no longer a Member, (i) Members owning more than 50% of the aggregate share of profits (excluding the profits owned by Xxxxxxx as of the date hereof, whether such profit interest is still owned by Xxxxxxx) and (ii) those Persons owning more than 50% of the profits interest owned by Xxxxxxx as of the date hereof.
Majority in Interest of Members means those Members holding in excess of fifty percent (50%) of the Percentage Interests.
Majority in Interest of Members means Members whose aggregate Capital Contributions exceed fifty (50%) percent of the aggregate Capital Contributions of all Members not including the Managing Member.
Majority in Interest of Members means Members holding Units which, in the aggregate, exceed fifty (50%) percent of the outstanding Units.
Majority in Interest of Members means Members whose aggregate Membership Percentage Interests exceed 50 percentage points.
Majority in Interest of Members means, at any point in time, Members holding in excess of 50% of the aggregate percentage interest of all Members. In determining whether or not a Majority in Interest of Members has consented to any act or thing to be done by the Company, each Member shall be entitled to designate the portion of its Percentage Interest which is consenting or not consenting including, without limitation, as provided in SECTION 9.1(C).