Common use of Meetings of the Managers Clause in Contracts

Meetings of the Managers. 7.2.1 The Managers are not required to hold meetings. Decisions may be reached through one or more informal consultations followed by agreement among the Managers, provided that all Managers are consulted (although all Managers need not be present during a particular consultation), or by a written consent signed by the minimum number of Managers needed to approve the decision. In the event that the Managers desire to hold a meeting, formal notice of the meeting shall not be required. Managers may participate in the meeting through the use of a conference telephone or similar communications equipment, provided that all Managers participating in the meeting can hear one another.