Operating Agreement.docx
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OperatingAgreement
OperatingAgreement
amendedandrestatedoperatingagreementofccc,llcthisamendedandrestatedoperatingagreement(theagreement)isenteredintoasof_________,_________,_________(m/d/y),betweenaaa,inc.,a_________(state)corporation(aaa),andbbbinc.
amendedandrestatedoperatingagreementofccc,llc
thisamendedandrestatedoperatingagreement(the'agreement')isenteredintoasof_________,_________,_________(m/d/y),betweenaaa,inc.,a_________(state)corporation('aaa'),andbbbinc.,a_________(state)corporation('bbb'),bothofwhicharereferredtoasthe'members'andindividuallyasa'member.'promptlyfollowingtheexecutionofthisagreement,bbbintendstotransferallofitsinterestinthecompanytoust,inc.,itsindirectwhollyownedsubsidiary('ust')(uponsuchevent,theterm'bbb'asusedhereinshallbedeemedtoapplytoustforallpurposesofthisagreement).
alimitedliabilitycompanywasformedinaccordancewiththeprovisionsofthe_________(state)limitedliabilitycompanyact(the'act')underthenameofccc,llc(the'company')pursuanttoacertificateofformationfiled_________,_________,_________(m/d/y),withthe_________(state)secretaryofstate.anoperatingagreementofthecompanywasenteredintoasofthatsamedate,underwhichaaawasthesolemember.pursuanttoasubscriptionagreementbyandbetweenbbbandthecompanydatedasof_________,_________,_________(m/d/y)(the'subscriptionagreement'),bbbagreedtopurchaseanequityinterestinthecompanyinexchangeforthecapitalnote(ashereinafterdefined).additionally,aaaagreedunderacontributionagreementdatedasof_________,_________,_________(m/d/y)byandamongaaaandthecompany(the'contributionagreement')tocontributecertainassets(the'aaacontributedassets')tothecompany.inlightoftheforegoing,themembersnowdesiretoamendandrestatetheoperatingagreementofthecompany.accordingly,fromandafterthedatehereof,theaffairsofthecompanywillbegovernedbythisamendedandrestatedoperatingagreement.inconsiderationoftheforegoing,andofthemutualpromisescontainedherein,themembersagreeasfollows:
article1
thelimitedliabilitycompany
1.1name.thenameofthelimitedliabilitycompanyshallbeccc,llc.
1.2certificateofformation.acertificateofformationthatcomplieswiththerequirementsoftheacthasbeenproperlyfiledwiththe_________(state)secretaryofstate.inthefuture,themanagersshallexecutesuchfurtherdocuments(includingamendmentstothecertificateofformation)andtakesuchfurtheractionasshallbeappropriateornecessarytocomplywiththerequirementsoflawfortheformationandoperationofalimitedliabilitycompanyinallstatesandcountieswherethecompanyelectstocarryonitsbusiness.
1.3business.thebusinessofthecompanyshallbe(a)toprovideadvanceddigitalproduction,post-productionandtransmissionfacilities,digitalmediastorageanddistributionservices,telephony-baseddatastorageandenhancedservices,accessandroutingservices;(b)todoanyandallotherthingsnecessary,desirableorincidentaltotheforegoingpurposes;and(c)toengageinsuchotherlegalandlawfulbusinessactivitiesasthemanagementcommitteemaydeemdesirable.thecompanymaysellorotherwisedisposeofallorsubstantiallyallofitsassetsandanysuchsaleordispositionshallbeconsideredtobewithinthescopeofthecompany'sbusiness.
1.4registeredoffice;agent.theregisteredofficeofthecompanyshallbeat_________(address),orsuchotherplacein_________(state)asmaybeselectedbythemanagementcommittee.thecompany'sregisteredagentatsuchaddressshallberichardm.jones.
article2
definitions
2.1cashflow.'cashflow'shallmeantheexcessofallcashreceiptsofthecompanyoverallcashdisbursementsofthecompany.
2.2code.'code'shallmeantheinternalrevenuecodeof1986,asamended,oranysuccessorstatute.
2.3manager.'manager'isdefinedinsection7.1(a).
2.4profitorloss.'profit'or'loss'shallmeantheprofitorlossofthecompanyasdeterminedunderthecapitalaccountingrulesoftreasuryregulation(s)1.704-1(b)
(2)(iv)forpurposesofadjustingthecapitalaccountsofthemembersincluding,withoutlimitation,theprovisionsofparagraphs(b),(f)and(g)ofthoseregulationsrelatingtothecomputationofitemsofincome,gain,deductionandloss.
2.5sharingratio.'sharingratio'shallmeanthepercentagerepresentingtheratiothatthenumberofunitsownedbyamemberbearstotheaggregatenumberofunitsownedbyallofthemembers.upontheissuanceofadditionalunitsorthetransfer,repurchaseorcancellationofanyoutstandingunits,thesharingratiosofthemembersshallberecalculatedasofthedateofsuchissuance,transfer,repurchaseorcancellation.therecalculatedsharingratioofeachmembershallbethepercentagerepresentingtheratiothatthenumberofunitsownedbythememberbearstotheaggregatenumberofunitsownedbyallofthemembersaftergivingeffecttotheissuance,transfer,repurchaseorcancellation.
2.6treasuryregulations.'treasuryregulations'shallmeanregulationsissuedbythedepartmentoftreasuryunderthecode.anyreferencetoaspecificsectionorsectionsofthetreasuryregulationsshallbedeemedtoincludeareferencetoanycorrespondingprovisionoffutureregulationsunderthecode.
2.7units.'unit'shallmeananequityinterestinthecompany.thecompanyshallhavetwoclassesofunits:
classaandclassb.thetwoclassesofunitsshallbeidenticalinallrespectsexceptfortheirrespectivevotinginterests.thenumberofunitsownedbyeachmembershallbedeterminedinconnectionwiththeissuanceofamembershipinterestinthecompanyinexchangeforthecapitalcontributionmadebysuchmember.initiallytheunitsshallnotberepresentedbycertificates.ifthemanagementcommitteedeterminesthatitisintheinterestofthecompanytoissuecertificatesrepresentingtheunits,certificatesshallbeissuedandtheunitsshallberepresentedbysuchcertificates.thecompanyisauthorizedtoissue_________classaunitsand_________classbunits.
2.8votinginterest.(a)withrespecttotheclassaunits,'votinginterest'shallmeanthatnumberofclassaunitsheldbyamember,and(b)withrespecttotheclassbunits,'votinginterest'shallmeanthatnumberofclassbunitsheldbyamemberdividedby10.
article3
capitalcontributions
3.1initialcapitalcontributions.
(a)inaccordancewiththetermsofthecontributionagreement,aaahascontributedtothecompanyallofitsright,titleandinterestinandtotheaaacontributedassets.asaresultofsuchcontribution,aaahasbeencreditedwithacapitalaccountequalto$_________,andhasreceived$_________classaunits.
(b)inaccordancewiththetermsofthesubscriptionagreement,bbbhasagreedtocontributetothecompany,effectiveasofthedatehereof,apromissorynote(the'capitalnote')intheamountof$_________,andsuchamountshallbecreditedtoitscapitalaccountwhenandasthepaymentsofprincipalaremadeonthecapitalnote.asaresultofitsagreementtomakesuchcontributionandpursuanttothesubscriptionagreement,bbbisherebyaaattedasamemberofthecompany,andhasreceived$_________classaunits.
(c)asaresultofthetransactionsdescribedabove,themembersownthenumberandclassesofunitsandhavecapitalaccountbalancesattributabletotheunitsassetforthbelow:
classaunitsclassbunitscapitalaccountbalance
aaa$_________-0-$_________
bbb$_________-0-$0
(d)basedontheabove,theinitialsharingratioofaaais50%,andtheinitialsharingratioofbbbis50%.
3.2additionalcapitalcontributions.
(a)if,fromtimetotimeinthereasonablejudgmentofthemanagementcommittee,thecompanyrequiresadditionalcapitalforanypurpose,themanagementcommitteeisherebyauthorizedtocausethecompanytoissueadditionalunits,ontermsandconditionsandwithrepaymentprioritiesasapprovedbythemanagementcommittee.notwithstandingtheforegoing,untilathirdpartybecomesamember,unitsshallnotbeissuedatapriceperunitthatislessthan_________$.
(b)ifthecompanydesirestoissueadditionalunitspursuantto(a)above,thecompanyherebygrantstothememberstherightoffirstrefusaltopurchaseaproratashare(equalingthemember'srespectivesharingratioonthedaybeforesuchadditionalunitsaretobeissued)oftheadditionalunitswhichthecompanyproposestoissue.ifthecompanyproposestoissuesuchadditionalunits,itshallgivethememberswrittennoticeofitsintention,describingthepriceandtermsuponwhichthecompanyproposestoissuetheunits.eachmembershallhave15daysfromthedatesuchnoticeissentbythecompanytoagreetopurchasetheportionoftheadditionalunitsissuedwhichitisentitledtopurchaseforthepriceanduponthetermssospecifiedinthenotice.suchnoticeshallbeinwritingandshallspecifythequantityofadditionalunitstobepurchased.ifanymemberfailstoexercisetherightoffirstrefusalwithinthe15-dayperiod,thecompanyshallhavetherightthereaftertosellorissuethoseadditionalunitsupontermsnomorefavorabletothepurchasersoftheadditionalunitsthanspecifiedinthecompany'snoticetomembers.
3.3returnofcapitalcontributions.capitalcontributionsshallbeexpendedinfurtheranceofthebusinessofthecompany.allcostsandexpensesofthecompanyshallbepaidfromitsfunds.nointerestshallbepaidoncapitalcontributions.nomanagershallhaveanypersonalliab