Operating Agreement.docx

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