Advisory Committee. (a)The Managing Member may appoint a committee of representatives of the Non-Managing Members (the “Advisory Committee”). The Managing Member may, in its discretion, select on an annual basis Non-Managing Members who are entitled to appoint (and remove or replace at any time for any reason or for no reason) their representatives to serve as members of the Advisory Committee. Upon being constituted, the Advisory Committee shall have no less than three (3) and no more than nine (9) members at any time. At no time shall any member of the Advisory Committee be a representative of the Managing Member or any of its affiliates. Meetings of the Advisory Committee may be held in person or by telephone, in the discretion of the Managing Member.
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (DLP Positive Note Fund LLC), Limited Liability Company Operating Agreement (DLP Positive Note Fund LLC), Limited Liability Company Operating Agreement (DLP Positive Note Fund LLC)
