Common use of Method of Voting and Vote Required Clause in Contracts

Method of Voting and Vote Required. Each Record Date Trust Unitholder shall be entitled to one vote for each Trust Unit owned by such Record Date Trust Unitholder, and any Record Date Trust Unitholder may vote in person or by duly executed written proxy. At any such meeting, the presence in person or by proxy of Record Date Trust Unitholders holding a majority of the Trust Units held by all Record Date Trust Unitholders shall constitute a quorum, and, except as otherwise provided herein, any matter shall be deemed to have been approved by the Trust Unitholders (including, but not limited to, appointment of a successor trustee and approval of amendments, waivers, consents and other changes relating to the Conveyance) if it is approved by the vote of Record Date Trust Unitholders holding more than 50% of the Trust Units represented at the meeting. In determining whether the holders of the required number of Units have approved any matter that is submitted to a vote of Unitholders or concurred in any request, demand, authorization, notice, direction, waiver or consent, Units owned by the Trustors or any of their Affiliates shall be disregarded if such matter either would result in increased costs and expenses to the Trust or would adversely affect the economic interests of Trust Unitholders.