Examples of LP Advisory Committee in a sentence
The chair (the “Chair”) of all meetings will be chosen by the General Partner unless the LP Advisory Committee chooses some other Person who will be present at such meeting to be Chair.
The initial auditor of the Partnership will be a nationally recognized independent firm of chartered professional accountants appointed by the General Partner with the consent of the LP Advisory Committee.
However, sometimes, co-investments by emerging Fund managers are subject to LP Advisory Committee approval.
The Advisory Boards shall take no part in the management or control of the business or affairs of the Partnership, except to the extent provided in Section 11.1 for the LP Advisory Committee.
No Limited Partner or member of the LP Advisory Committee owes any duties (fiduciary or otherwise) under this Agreement, or at law or in equity, to the Partnership or any other Partner in respect of the activities of the LP Advisory Committee, other than the duty of the member to act in good faith.
The General Partner, with the consent of the LP Advisory Committee, may replace the auditor, or fill a vacancy resulting for the removal or resignation of the auditor, from time to time.
LP Advisory Committee shall be a consultative body and shall have no decision-making power in respect of the activities or affairs of the Fund.
For purposes of this Section 11.2, the Partners acknowledge that, in taking or omitting to take any action under this Agreement in respect of the LP Advisory Committee, each Limited Partner is permitted to take into consideration solely the interests of the Limited Partner, and each member is permitted to take into consideration solely the interest of the Limited Partner that nominated the member and, in so doing, such member is deemed to have fulfilled its duty to act in good faith.
In these circumstances, a priority of allocation of investment opportunities among Prior Funds and the Fund should be considered, and whether the LP Advisory Committee should be involved in approving the allocation of investment opportunities among multiple funds.
The General Partner shall apply valuation methodologies consistent with the International Private Equity and Venture Capital Valuation Guidelines endorsed by the Canadian Venture Capital Association from time to time and shall consult with the LP Advisory Committee regarding its valuation methodology in connection with (i) each investment in Portfolio Assets and (ii) the preparation of the Partnership’s financial statements and reports required under Section 12.4(e).