Number. The authorized number of Managers of the Company shall be five, at least two of which shall be Independent Managers as defined in Section 7.16. The authorized number of Managers may be increased or decreased from time to time by the Board to a number not less than three nor more than seven, subject to the limitations contained in Sections 7.15 and 7.16.
Appears in 46 contracts
Samples: Limited Liability Company Agreement (Honda Auto Receivables 2012-1 Owner Trust), Limited Liability Company Agreement (Honda Auto Receivables 2013-4 Owner Trust), Limited Liability Company Agreement (Honda Auto Receivables 2014-4 Owner Trust)
Number. The authorized number of Managers of the Company shall be five, at least two of which shall be Independent Managers as defined in Section 7.16. The authorized number of Managers may be increased or decreased by the Member from time to time by the Board to a number not less than three nor more than seven, subject to the limitations contained in Sections 7.15 and 7.16.
Appears in 16 contracts
Samples: Limited Liability Company Agreement (Nissan Auto Leasing LLC Ii), Limited Liability Company Agreement (Nissan-Infiniti Lt), Limited Liability Company Agreement (Nissan-Infiniti Lt)
Number. The authorized number of Managers of the Company shall be five, at least two of which shall be Independent Managers as defined in Section 7.16. The authorized number of Managers may be increased or decreased from time to time by the Board to a number not less than three nor more than seven, subject to the limitations contained in Sections 7.15 and 7.16.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Toyota Auto Finance Receivables LLC)
