Common use of Actions Requiring Board Approval Clause in Contracts

Actions Requiring Board Approval. (a) Subject to Section 4.08, in no event may the Company or any Subsidiary of the Company (or the Operator or any Officer acting on behalf of the Company or a Subsidiary of the Company) take any Board Consent Action without the prior approval (at a meeting or by written consent pursuant to Section 4.02(d)) of the Board of Managers by an affirmative vote of Managers representing at least 50% of the voting power of the entire Board of Directors. (b) Subject to Section 4.08, in no event may the Company or any Subsidiary of the Company (or the Operator or any Officer acting on behalf of the Company or a Subsidiary of the Company) take any Supermajority Approval Action without the prior approval (at a meeting or by written consent pursuant to Section 4.02(d)) by an affirmative vote of Managers representing at least 80% of the voting power of the entire Board of Managers (“Supermajority Approval”).