Majority Interest of the Members definition

Majority Interest of the Members means, as of any date, any one or more Members which taken together represent more than fifty percent (50%) of the aggregate Percentage Interests held by all Members as of such date.

Majority Interest of the Members means one or more Percentage Interests of Members, or a specified group of Members, which taken together exceed fifty percent (50%) of the aggregate of all Percentage Interests, or of all Percentage Interests held by such specified group of Members, on the first day of the current calendar month.

Majority Interest of the Members means the vote or written consent of Legacy.

Examples of Majority Interest of the Members in a sentence

• After making payment or provision for all debts and liabilities of the Company, the liquidator shall sell all properties and assets of the Company for cash as promptly as is consistent with obtaining the best price therefor; provided, however, that upon the consent of a Majority Interest of the Members, the liquidator may distribute such properties in kind.

• The Tax Matters Member may be removed and replaced by action of a Majority Interest of the Members.

• Except as otherwise expressly provided herein, to the extent that the vote of the Members may be required hereunder, the act of a Majority Interest of the Members shall be an act of the Members.

• The Company shall initially have five (5) managers (each, a “Manager” and, collectively, the “Managers”) and the Managers serving on the Board shall be appointed and removed by a Majority Interest of the Members, subject to the terms of the Voting and Transfer Restriction Agreement.

• Without first obtaining the approval of a Majority Interest of the Members, the Tax Matters Member shall not, with respect to Company tax matters: (a) enter into a settlement agreement with respect to any tax matter which purports to bind Members, (b) intervene in any action pursuant to Internal Revenue Code Section 6226(b)(5), (c) enter into an agreement extending the statute of limitations, or (d) file a petition pursuant to Internal Revenue Code Section 6226(a) or 6228.

More Definitions of Majority Interest of the Members

Majority Interest of the Members means Members who have more than fifty percent (50%) of the voting power of all Members entitled to vote on the issue.

Majority Interest of the Members means the vote or written consent of Legacy. As a result of the foregoing provisions, together with other similar provisions contained in this Agreement, Legacy has a substantial degree of control over the management and operation of the Company. CV acknowledges and agrees that many of the matters which will fall within the scope of Legacy's decision making authority may involve Legacy and/or a Legacy Affiliate (example: removal of a Manager), and, as a result, a conflict of interest may exist. Notwithstanding the foregoing, CV acknowledges and agrees that a material part of the consideration for Legacy entering into this Agreement is Legacy's control over the management and operations of the Company in accordance with the provisions of this Agreement. Accordingly, CV hereby acknowledges and agrees that Legacy shall have the right to exercise all of its rights and privileges as set forth in this Agreement, regardless of whether or not the matters involve Legacy and/or a Legacy Affiliate, and CV hereby waives and relinquishes any claims that CV may have that Legacy has a fiduciary or similar duty to CV or that Legacy has breached any other duties or obligations to CV as a result of the exercise by Legacy of any of its rights or privileges as set forth in this Agreement.

Majority Interest of the Members means the vote or written consent of Legacy. As a result of the foregoing provisions, together with other similar provisions contained in this Agreement, Legacy has a substantial degree of control over the management and operation of the Company. Newpar acknowledges and agrees that many of the matters which will fall within the scope of Legacy's decision making authority may involve Legacy and/or a Legacy Affiliate (example: removal of a Manager), and, as a result, Legacy may have a direct or perceived conflict of interest. Notwithstanding the foregoing, Newpar acknowledges and agrees that a material part of the consideration for Legacy entering into this Agreement is Legacy's control over the management and operations of the Company in accordance with the provisions of this Agreement. Accordingly, Newpar hereby acknowledges and agrees that Legacy shall have the right to exercise all of its rights and privileges as set forth in this Agreement, regardless of whether or not the matters involve Legacy and/or a Legacy Affiliate, and Newpar hereby waives and relinquishes any claims that Newpar may have that Legacy has a fiduciary or similar duty to Newpar or that Legacy has breached any other duties or obligations to Newpar as a result of the exercise by Legacy of any of its rights or privileges as set forth in this Agreement.

Majority Interest of the Members means, as of any given date one or more Members (including the Class A Member) that cumulatively hold Percentage Interests in the Company which taken together exceed fifty percent (50%) of the aggregate Percentage Interests of all Members.

Majority Interest of the Members means the vote or written consent of Legacy. As a result of the foregoing provisions, together with other similar provisions contained in this Agreement, Legacy has a substantial degree of control over the management and operation of the Company. G II acknowledges and agrees that many of the matters which will fall within the scope of Legacy's decision making authority may involve Legacy and/or a Legacy Affiliate (example: removal of a Manager), and, as a result, Legacy may have a direct or perceived conflict of interest. Notwithstanding the foregoing, G II acknowledges and agrees that a material part of the consideration for Legacy entering into this Agreement is Legacy's control over the management and operations of the Company in accordance with the provisions of this Agreement. Accordingly, G II hereby acknowledges and agrees that Legacy shall have the right to exercise all of its rights and privileges as set forth in this Agreement, regardless of whether or not the matters involve Legacy and/or a Legacy Affiliate, and G II hereby waives and relinquishes any claims that G II may have that Legacy has a fiduciary or similar duty to G II or that Legacy has breached any other duties or obligations to G II as a result of the exercise by Legacy of any of its rights or privileges as set forth in this Agreement.

Majority Interest of the Members means Members holding more than 50% of the aggregate outstanding Units of the Company, or of Units held by a specified group of Members, on the first day of the current calendar month.

Majority Interest of the Members means Members with Sharing Ratios aggregating more than 50% of the Sharing Ratios of all Members.