Permitted Amendments. Amendments to this Agreement may be proposed by the Managing Member or by Member(s) holdings Interests that in the aggregate equal to at least 10% of the Net Asset Value of the Fund. Except as otherwise provided in this Section 11.1, this Agreement may be amended, in whole or in part, with the approval of Members holding a majority in interest (over fifty percent (50%)) of the outstanding Interests (excluding Interests held by the Managing Member and its Affiliates); provided that the Managing Member may approve any amendment that would not adversely affect the Members without the consent of the Members.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement (World Monitor Trust Ii Series E), Limited Liability Company Operating Agreement (KMP Futures Fund I LLC)