Examples of Supermajority Approval of the Board in a sentence
In the event of the resignation, removal, incapacity or expiration of term of employment of any member of the Executive Management Team, a successor may be appointed by the Board by Supermajority Approval of the Board.
Any borrowing of funds exceeding $250,000 shall require Supermajority Approval of the Board.
The Capital Contribution of the System Member may be paid in installments on a basis to be determined by Supermajority Approval of the Board.
The terms of a loan, including but not limited to, the interest rate, term, security and prepayment rights, shall be as agreed upon by the Supermajority Approval of the Board to the extent required pursuant to Section 5.5, the Supermajority Approval of the Members pursuant to Section 5.6 and the Members making such loans.
The Initial Members shall coordinate with each other prior to finalizing any material term sheets relating to any such Third Party Investor’s investment in the Company, and no offer shall be made to any Third Party Investor except upon Supermajority Approval of the Board.
The overall management and control of the business and affairs of the Company shall be vested in the Board of Managers, acting by Approval or Supermajority Approval of the Board of Managers as described below, but subject to the Member protections as set forth in Section 7.5 hereof.
A Member may lend money to and transact other business with the Company subject to the Approval of the Board (or Supermajority Approval of the Board if required under Section 5.5) and the Supermajority Approval of the Members.
Any modification to the Business Plan shall be subject to the Supermajority Approval of the Board as set forth in Section 5.5 and may be subject to the Supermajority Approval of the Members as set forth in Section 5.6, as applicable.
Upon Supermajority Approval of the Board and subject to the terms of Sections 2.6 and 2.8, the officers of the Company may admit one or more Persons who are strategic and/or financial investors as additional Members (“Third Party Investors”).
If at such rescheduled meeting a quorum is not present within one hour from the time appointed for such rescheduled meeting, any *** Directors present in person shall constitute a quorum; provided, however, that no such quorum may take any action requiring Supermajority Approval of the Board and such quorum shall include at least ***.