Common use of Limitations on Power of Manager Clause in Contracts

Limitations on Power of Manager. Notwithstanding any other provisions of this Agreement, the Manager shall not have authority hereunder to cause the Company to engage in the following transactions without first obtaining the affirmative vote or written consent of a Majority Interest (or such larger percentage as is specified in this Agreement), the concurrence of the Manager (except where expressly not required) and (except the case of removal of the Manager) the concurrence of any Member materially and adversely affected by the proposed amendment: (i) The merger of the Company with another limited liability company or limited partnership or corporation, general partnership or other Person; (ii) The establishment of different classes of Members; (iii) An alteration of the primary purpose or business of the Company as set forth in Section 2.5; (iv) Any act which would make it impossible to carry on the ordinary business of the Company; (v) To engage in any other transaction described in this Agreement that requires the vote, consent, or approval of the Members;

Appears in 2 contracts

Sources: Operating Agreement (Freedom Securities Corp /De/), Operating Agreement (Freedom Securities Corp /De/)