Common use of Majority Member Directors Clause in Contracts

Majority Member Directors. The Majority Member, at the direction, in writing, of its sole member, shall have the right to designate the Majority Member Directors. The Majority Member Directors are intended to represent the approximately 80.03% indirect interest in the Company that is being acquired by Sempra in connection with consummation of the transactions contemplated by the Merger Agreement. To the extent that at some point Sempra chooses to sell or transfer all or a portion of such 80.03% interest, the size of the Company’s board of directors shall not be increased and Sempra and any new owners will determine how they will allocate the two board seats attributable to Majority Member Directors.

Appears in 2 contracts

Sources: Limited Liability Company Agreement (Oncor Electric Delivery Co LLC), Limited Liability Company Agreement

Majority Member Directors. The Majority Member, at the direction, in writing, of its sole member, shall have the right to designate the Majority Member Directors. The Majority Member Directors are intended to represent the approximately 80.03% indirect interest in the Company that is being acquired by Sempra in connection with consummation of the transactions contemplated by the Merger Agreement. To the extent that at some point Sempra ▇▇▇▇▇▇ chooses to sell or transfer all or a portion of such 80.03% interest, the size of the Company’s board of directors shall not be increased and Sempra and any new owners will determine how they will allocate the two board seats attributable to Majority Member Directors.

Appears in 1 contract

Sources: Limited Liability Company Agreement