Meetings, Rules, and Expenses Sample Clauses

Meetings, Rules, and Expenses. The Advisory Board shall meet at the call of the Managing Member or any member of such board on not less than three (3) Business Days prior notice. The Advisory Board shall adopt rules and procedures that shall be consistent with the terms of this Agreement and shall govern the conduct of the board s meetings and affairs. The presence of Advisory Board Members representing a majority of all Advisory Board Members of the Advisory Board then serving shall constitute a quorum for any meeting. Notice of any meeting may be waived by any Advisory Board Member in writing (before or after such meeting), and any member who attends any meeting of the Advisory Board and does not (at the commencement of such meeting) object to the calling and convening of such meeting shall be deemed to have waived notice of such meeting. Members of the Advisory Board may participate in a meeting by telephone conference permitting all participants in the meeting to hear and speak with one another. All actions of the Advisory Board shall be taken by the concurrence of a majority of the Advisory Board Members thereof participating in the meeting of the Advisory Board, unless a greater percentage is expressly required by this Agreement. Any action or vote of the Advisory Board may be taken by written consent, with or without a meeting, of Advisory Board Members constituting the requisite number of Advisory Board Members authorized to take such action or vote under this Agreement. Any Advisory Board Member may, upon prior notice given to the Managing Member and the other Advisory Board Members, appoint one or more individuals to act as such appointing member s alternate from time to time for purposes of attending or acting at any and all meetings or by written consent of the Advisory Board. Members of the Advisory Board shall receive no compensation from the Fund for services rendered in their capacity as members of the Advisory Board, but shall be entitled to reimbursement from the Fund for any reasonable expenses incurred in connection with such attendance; provided, however, that no Advisory Board Member (including, without limitation, any replacement or additional Advisory Board Members) shall be reimbursed for expenses incurred in attending in person more than one (1) meeting (outside the metropolitan area in which such member resides or conducts business) in any annual period after the Initial Closing Date.