Operating Agreement.doc

编号: _Operating Agreement甲 方：_乙 方：_签订日期：_年_月_日AMENDEDANDRESTATEDOPERATINGAGREEMENTOFCCC,LLCThisAMENDEDANDRESTATEDOPERATINGAGREEMENTtheAgreementisenteredintoasof,M/D/Y,betweenAAA,Inc,astatecorporationAAA,andBBBIncAMENDEDANDRESTATEDOPERATINGAGREEMENTOFCCC,LLCThisAMENDEDANDRESTATEDOPERATINGAGREEMENTtheAgreementisenteredintoasof,M/D/Y,betweenAAA,Inc,astatecorporationAAA,andBBBInc,astatecorporationBBB,bothofwhicharereferredtoastheMembersandindividuallyasaMemberPromptlyfollowingtheexecutionofthisAgreement,BBBintendstotransferallofitsinterestintheCompanytoUST,Inc,itsindirectwhollyownedsubsidiaryUSTuponsuchevent,thetermBBBasusedhereinshallbedeemedtoapplytoUSTforallpurposesofthisAgreementAlimitedliabilitycompanywasformedinaccordancewiththeprovisionsofthestateLimitedLiabilityCompanyActtheActunderthenameofCCC,LLCtheCompanypursuanttoaCertificateofFormationfiled,M/D/Y,withthestateSecretaryofStateAnOperatingAgreementoftheCompanywasenteredintoasofthatsamedate,underwhichAAAwasthesolememberPursuanttoaSubscriptionAgreementbyandbetweenBBBandtheCompanydatedasof,M/D/YtheSubscriptionAgreement,BBBagreedtopurchaseanequityinterestintheCompanyinexchangefortheCapitalNoteashereinafterdefinedAdditionally,AAAagreedunderaContributionAgreementdatedasof,M/D/YbyandamongAAAandtheCompanytheContributionAgreementtocontributecertainassetstheAAAContributedAssetstotheCompanyInlightoftheforegoing,theMembersnowdesiretoamendandrestatetheOperatingAgreementoftheCompanyAccordingly,fromandafterthedatehereof,theaffairsoftheCompanywillbegovernedbythisAmendedandRestatedOperatingAgreementInconsiderationoftheforegoing,andofthemutualpromisescontainedherein,theMembersagreeasfollows:ARTICLE1THELIMITEDLIABILITYCOMPANY11NameThenameofthelimitedliabilitycompanyshallbeCCC,LLC12CertificateofFormationACertificateofFormationthatcomplieswiththerequirementsoftheActhasbeenproperlyfiledwiththestateSecretaryofStateInthefuture,theManagersshallexecutesuchfurtherdocumentsincludingamendmentstotheCertificateofFormationandtakesuchfurtheractionasshallbeappropriateornecessarytocomplywiththerequirementsoflawfortheformationandoperationofalimitedliabilitycompanyinallstatesandcountieswheretheCompanyelectstocarryonitsbusiness13BusinessThebusinessoftheCompanyshallbeatoprovideadvanceddigitalproduction,post-productionandtransmissionfacilities,digitalmediastorageanddistributionservices,telephony-baseddatastorageandenhancedservices,accessandroutingservices;btodoanyandallotherthingsnecessary,desirableorincidentaltotheforegoingpurposes;andctoengageinsuchotherlegalandlawfulbusinessactivitiesastheManagementCommitteemaydeemdesirableTheCompanymaysellorotherwisedisposeofallorsubstantiallyallofitsassetsandanysuchsaleordispositionshallbeconsideredtobewithinthescopeoftheCompanysbusiness14RegisteredOffice;AgentTheregisteredofficeoftheCompanyshallbeataddress,orsuchotherplaceinstateasmaybeselectedbytheManagementCommitteeTheCompanysregisteredagentatsuchaddressshallbeRichardMJonesARTICLE2DEFINITIONS21CashFlowCashFlowshallmeantheexcessofallcashreceiptsoftheCompanyoverallcashdisbursementsoftheCompany22CodeCodeshallmeantheInternalRevenueCodeof1986,asamended,oranysuccessorstatute23ManagerManagerisdefinedinSection71a24ProfitorLossProfitorLossshallmeantheprofitorlossoftheCompanyasdeterminedunderthecapitalaccountingrulesofTreasuryRegulationS1704-1b2ivforpurposesofadjustingthecapitalaccountsoftheMembersincluding,withoutlimitation,theprovisionsofparagraphsb,fandgofthoseregulationsrelatingtothecomputationofitemsofincome,gain,deductionandloss25SharingRatioSharingRatioshallmeanthepercentagerepresentingtheratiothatthenumberofUnitsownedbyaMemberbearstotheaggregatenumberofUnitsownedbyalloftheMembersUpontheissuanceofadditionalUnitsorthetransfer,repurchaseorcancellationofanyoutstandingUnits,theSharingRatiosoftheMembersshallberecalculatedasofthedateofsuchissuance,transfer,repurchaseorcancellationTherecalculatedSharingRatioofeachMembershallbethepercentagerepresentingtheratiothatthenumberofUnitsownedbytheMemberbearstotheaggregatenumberofUnitsownedbyalloftheMembersaftergivingeffecttotheissuance,transfer,repurchaseorcancellation26TreasuryRegulationsTreasuryRegulationsshallmeanregulationsissuedbytheDepartmentofTreasuryundertheCodeAnyreferencetoaspecificsectionorsectionsoftheTreasuryRegulationsshallbedeemedtoincludeareferencetoanycorrespondingprovisionoffutureregulationsundertheCode27UnitsUnitshallmeananequityinterestintheCompanyTheCompanyshallhavetwoclassesofUnits:ClassAandClassBThetwoclassesofUnitsshallbeidenticalinallrespectsexceptfortheirrespectiveVotingInterestsThenumberofUnitsownedbyeachMembershallbedeterminedinconnectionwiththeissuanceofamembershipinterestintheCompanyinexchangeforthecapitalcontributionmadebysuchMemberInitiallytheUnitsshallnotberepresentedbycertificatesIftheManagementCommitteedeterminesthatitisintheinterestoftheCompanytoissuecertificatesrepresentingtheUnits,certificatesshallbeissuedandtheUnitsshallberepresentedbysuchcertificatesTheCompanyisauthorizedtoissueClassAUnitsandClassBUnits28VotingInterestaWithrespecttotheClassAUnits,VotingInterestshallmeanthatnumberofClassAUnitsheldbyaMember,andbwithrespecttotheClassBUnits,VotingInterestshallmeanthatnumberofClassBUnitsheldbyaMemberdividedby10ARTICLE3CAPITALCONTRIBUTIONS31InitialCapitalContributionsaInaccordancewiththetermsoftheContributionAgreement,AAAhascontributedtotheCompanyallofitsright,titleandinterestinandtotheAAAContributedAssetsAsaresultofsuchcontribution,AAAhasbeencreditedwithacapitalaccountequalto$,andhasreceived$ClassAUnitsbInaccordancewiththetermsoftheSubscriptionAgreement,BBBhasagreedtocontributetotheCompany,effectiveasofthedatehereof,apromissorynotetheCapitalNoteintheamountof$,andsuchamountshallbecreditedtoitscapitalaccountwhenandasthepaymentsofprincipalaremadeontheCapitalNoteAsaresultofitsagreementtomakesuchcontributionandpursuanttotheSubscriptionAgreement,BBBisherebyAAAttedasaMemberoftheCompany,andhasreceived$ClassAUnitscAsaresultofthetransactionsdescribedabove,theMembersownthenumberandclassesofUnitsandhavecapitalaccountbalancesattributabletotheUnitsassetforthbelow:ClassAUnitsClassBUnitsCapitalAccountBalanceAAA$-0-$BBB$-0-$0dBasedontheabove,theinitialSharingRatioofAAAis50,andtheinitialSharingRatioofBBBis5032AdditionalCapitalContributionsaIf,fromtimetotimeinthereasonablejudgmentoftheManagementCommittee,theCompanyrequiresadditionalcapitalforanypurpose,theManagementCommitteeisherebyauthorizedtocausetheCompanytoissueadditionalUnits,ontermsandconditionsandwithrepaymentprioritiesasapprovedbytheManagementCommitteeNotwithstandingtheforegoing,untilathirdpartybecomesaMember,UnitsshallnotbeissuedatapriceperUnitthatislessthan$bIftheCompanydesirestoissueadditionalUnitspursuanttoaabove,theCompanyherebygrantstotheMemberstherightoffirstrefusaltopurchaseaproratashareequalingtheMembersrespectiveSharingRatioonthedaybeforesuchadditionalUnitsaretobeissuedoftheadditionalUnitswhichtheCompanyproposestoissueIftheCompanyproposestoissuesuchadditionalUnits,itshallgivetheMemberswrittennoticeofitsintention,describingthepriceandtermsuponwhichtheCompanyproposestoissuetheUnitsEachMembershallhave15daysfromthedatesuchnoticeissentbytheCompanytoagreetopurchasetheportionoftheadditionalUnitsissuedwhichitisentitledtopurchaseforthepriceanduponthetermssospecifiedinthenoticeSuchnoticeshallbeinwritingandshallspecifythequantityofadditionalUnitstobepurchasedIfanyMemberfailstoexercisetherightoffirstrefusalwithinthe15-dayperiod,theCompanyshallhavetherightthereaftertosellorissuethoseadditionalUnitsupontermsnomorefavorabletothepurchasersoftheadditionalUnitsthanspecifiedintheCompanysnoticetoMembers33ReturnofCapitalContributionsCapitalcontributionsshallbeexpendedinfurtheranceofthebusinessoftheCompanyAllcostsandexpensesoftheCompanyshallbepaidfromitsfundsNointerestshallbepaidoncapitalcontributionsNoManagershallhaveanypersonalliabilityfortherepaymentofanycapitalcontributiontoaMember34LoansaTheCompanymayborrowadditionalcapitalfromanysource,includinganyMemberNoMembershallbeobligatedtomakealoantotheCompanybIffromtimetotimeinthereasonablejudgmentoftheManagementCommitteetheCompanyrequiresadditionalcapitalforanypurposerelatedtothebusinessoftheCompany,theManagementCommitteeisauthorizedtocausetheCompanytoborrowsuchcapital,ontermsandconditionsasapprovedbytheManagementCommitteeIftheManagementCommitteedecidestoborrowsuchcapitalfromaMembertheLoanAmount,eachMembershallbegiventheopportunity,butshallnotbeobligated,toloanitsshareoftheLoanAmounttotheCompanyAMembersshareoftheLoanAmountshallbetheLoanAmountmultipliedbytheMembersSharingRatioTheloansshallbemadewithin10daysafterrequestbytheManagementCommitteetotheMembersSuchrequestshallbeinwritingandshallspecifytheamountoftheLoanAmountIfaMemberdoesnotloanitsshareoftheLoanAmounttheShortfallAmountandtheotherMemberdoesloanitsshareaParticipatingMember,theParticipatingMembershallhavetheright,exercisablewithin10daysafternotice,toloantheCompanytheShortfallAmountTheloanstotheCompanybytheParticipatingMembersshallbeunsecured,evidencedbypromissoryNoteoftheCompany,shallaccrueinterestataratedeterminedbytheManagementCommittee,shallbepayableonaproratabasissolelyfromCashFlowpriortoanydistributionstoMembers,andshallnotcontainanydefaultinterestorpenaltyprovisionsARTICLE4DISTRIBUTIONS41NonliquidatingDistributionsCashFlowshallbedistributedtotheMembersinamountsdeemedappropriatebytheManagementCommitteeafterestablishingappropriatereservesExceptasprovidedinSection42,alldistributionsofCashFlowshallbemadeamongtheMembersinaccordancewiththeirrespectiveSharingRatios42LiquidatingDistributionsAlldistributionsmadeinconnectionwiththesaleorexchangeofallorsubstantiallyalloftheCompanyassetsandalldistributionsmadeinconnectionwiththeliquidationoftheCompanyshallbemadetotheMembersinaccordancewiththeirrelativecapitalaccountbalancesatthetimeofdistributionARTICLE5ALLOCATIONOFPROFITANDLOSS51DeterminationofProfitandLossProfitorLossshallbedeterminedonanannualbasisandforsuchotherperiodsasmayberequired52LossAllocationExceptasprovidedinSection54,LossshallbeallocatedamongtheMembersinaccordancewiththeirrelativeSharingRatios53ProfitAllocationaExceptasprovidedinSection53bandSection54,ProfitshallbeallocatedamongtheMembersinaccordancewiththeirrelativeSharingRatiosbAnyProfitwithrespecttothesale,exchangeorotherdispositionofallorsubstantiallyalloftheCompanyassetsorwithrespecttotheliquidationoftheCompanyshallbeallocatedamongtheMemberssothattheircapitalaccountbalancesareproportionatetotheirSharingRatioscForpurposesofSection53b,thecapitalaccountsoftheMembersshallbedeterminedibeforegivingeffecttodistributionsunderSection42;iiafterallocatingallotheritemsofProfitandLoss;andiiiaftermakingalldistributionsunderSection4154RegulatoryAllocationsandCurativeProvisionaThequalifiedincomeoffsetprovisionsofTreasuryRegulationSection1704-1b2iidareincorporatedhereinbyreferenceandshallapplytoadjusttheallocationofProfitandLossotherwiseprovidedforunderSections52and53totheextentprovidedinthatregulationbTheminimumgainprovisionsofTreasuryRegulationSection1704-2areincorporatedhereinbyreferenceandshallapplytoadjusttheallocationofProfitandLossotherwiseprovidedforunderSections52and53totheextentprovidedinthatregulationcNotwithstandingtheprovisionsofSection52,ifduringanyfiscalyearoftheCompanytheallocationofanylossordeduction,netofanyincomeorgain,toaMemberwouldcauseorincreaseanegativebalanceinaMemberscapitalaccountasoftheendofthatfiscalyear,onlytheamountofsuchlossordeductionthatreducesthebalancetozeroshallbeallocatedtotheMemberandtheremainingamountshallbeallocatedtotheotherMemberForthepurposeoftheprecedingsentence,acapitalaccountshallbereducedbytheadjustments,allocationsanddistributionsdescribedinTreasuryRegulationsSS1704-1b2d4,5and6,andincreasedbytheamount,ifany,thattheMemberisobligatedtorestoretotheMemberscapitalaccountwithinthemeaningofTreasuryRegulationS1704-1b2iicasofthattimeorisdeemedobligatedtorestoreunderTreasuryRegulationS1704-2g1orS1704-2i5dAllallocationspursuanttotheforegoingprovisionsofthisSection54theRegulatoryAllocationsshallbetakenintoaccountincomputingallocationsofotheritemsunderSections52and53,including,ifnecessary,allocationsinsubsequentfiscalyears,sothatthenetamountsreflectedintheMemberscapitalaccountsandthecharacterforincometaxpurposesofthetaxableincomerecognizedeg,ascapitalorordinarywill,totheextentpossible,bethesameasifnoRegulatoryAllocationshadbeengiveneffectARTICLE6ALLOCATIONOFTAXABLEINCOMEANDLOSS61InGeneralaExceptasprovidedinSection62,eachitemofincome,gain,lossanddeductionoftheCompanyforfederalincometaxpurposesshallbeallocatedamongtheMembersinthesamemannerassuchitemisallocatedforcapitalaccountpurposesunderArticle5bTotheextentofanyrecaptureincomeasdefinedbelowresultingfromthesaleorothertaxabledispositionofaCompanyasset,theamountofanygainfromsuchdispositionallocatedtoorrecognizedbyaMemberoritssuccessorininterestforfederalincometaxpurposesshallbedeemedtoconsistofrecaptureincometotheextentsuchMemberorsuchMemberspredecessorininteresthasbeenallocatedorhasclaimedanydeductiondirectlyorindirectlygivingrisetothetreatmentofsuchgainasrecaptureincomeForthispurposerecaptureincomeshallmeananygainrecognizedbytheCompanybutcomputedwithoutregardtoanyadjustmentrequiredbysections734and743oftheCodeuponthedispositionofanypropertyorassetoftheCompanythatdoesnotconstitutecapitalgainforfederalincometaxpurposesbecausesuchgainrepresentstherecaptureofdeductionspreviouslytakenwithrespecttosuchpropertyorassets62AllocationofSection704cItemsTheMembersrecognizethatwithrespecttopropertycontributedtotheCompanybyaMemberandwithrespecttopropertyrevaluedinaccordancewithTreasuryRegulationS1704-1b2ivf,therewillbeadifferencebetweentheagreedvaluesorcarryingvaluesofsuchpropertyatthetimeofcontributionorrevaluationandtheadjustedtaxbasisofsuchpropertyatthattimeAllitemsoftaxdepreciation,costrecovery,amortization,amountrealizedandgainorlosswithrespecttosuchassetsshallbeallocatedamongtheMemberstotakeintoaccountthebook-taxdisparitiesinaccordancewiththeprovisionsofsections704band704coftheCodeandtheTreasuryRegulationsunderthosesections63IntegrationWithSection754ElectionAllitemsofincome,gain,loss,deductionandcreditrecognizedbytheCompanyforfederalincometaxpurposesandallocatedtotheMembersinaccordancewiththeprovisionshereofandallbasisallocationstotheMembersshallbedeterminedwithoutregardtoanyelectionundersection754oftheCodethatmaybemadebytheCompany;provided,however,suchallocations,oncemade,shallbeadjustedasnecessaryorappropriatetotakeintoaccounttheadjustmentspermittedbysections734and743oftheCodeARTICLE7MANAGEMENT71ManagementCommitteeaManagementoftheCompanyshallbevestedinamanagementcommitteetheManagementCommitteeTheManagementCommitteeshallconsistofsixmemberseach,aManager,threeofwhomshallbeappointedbyAAA,threeofwhomshallbeappointedbyBBBTheManagementCommitteeshallhavetheexclusivepowerandauthoritytoconductthebusinessoftheCompanyInconductingthebusinessoftheCompany,theManagementCommitteeshallhaveallrights,dutiesandpowersconferredbytheAct,exceptaslimitedherebyTheManagementCommitteeisherebyexpresslyauthorizedonbehalfoftheCompanytomakealldecisionswithrespecttotheCompanysbusinessandtotakeallactionsnecessarytocarryoutsuchdecisionsNoactionsshallbetaken,noranydecisionsmade,byanyManagerorofficeroftheCompanywithoutthepriorapprovalof,orpursuanttoanexpressdelegationofauthorityby,theManagementCommitteeTheactofthemajorityofthemembersoftheManagementCommitteeshallbetheactoftheManagementCommitteeNotwithstandingtheforegoing,alldocumentsexecutedonbehalfoftheCompanyneedonlybesignedbyaManagerorbyanofficeroftheCompanywhohasbeengiventhepowerandauthoritytodosobytheManagementCommitteebTheManagementCommitteeshallappointanindividualtoserveastheChiefExecutiveOfficeroftheCompanyInaddition,theManagementCommitteeshallhavetherighttodelegateallorportionsofitsmanagementauthoritytooneormoreofficersoftheCompanyAnyofficermayberemovedoritsauthoritywithdrawnatanytimebytheManagementCommittee72ManagementCommitteeMeetingsaTheManagementCommitteewillholdregularquarterlymeetingswithoutcallornoticeatsuchtimeaswillfromtimetotimebefixedbystandingresolutionoftheManagementCommitteebSpecialmeetingsoftheManagementCommitteemaybecalledbyanytwoManagersAllmeetingswillbeheldupon10daysnoticebymailor72hoursnoticedeliveredpersonallyorbytelephoneorfacsimileAnoticeneednotspecifythepurposeofanymeetingNoticeofaspecialmeetingneednotbegiventoanyManagerwhosignsawaiverofnoticeoraconsenttoholdingthemeetingoranapprovaloftheminutesthereof,whetherbeforeorafterthemeeting,orwhoattendsthemeetingwithoutprotesting,priortoitscommencement,thelackofnoticetosuchManagerAllsuchwaivers,consentsandapprovalswillbefiledwiththeCompanyrecordsormadeapartoftheminutesofthemeetingcMeetingsoftheManagementCommitteemaybeheldatanyplacewithinorwithouttheStateofstatethathasbeendesignatedinthenoticeofthemeetingoratsuchplaceasmaybeapprovedbytheManagementCommitteeManagersmayparticipateinameetingthroughuseofconferencetelephoneorsimilarcommunicationsequipment,solongasallManagersparticipatinginsuchmeetingcanhearoneanotherParticipationinameetinginsuchmannerconstitutesapresenceinpersonatsuchmeeting73DutiesTheManagersshallcarryouttheirdutiesingoodfaith,inamannertheManagersbelievetobeinthebestinterestsoftheCompany,andwithsuchcareasanordinarilyprudentpersoninalikepositionwoulduseundersimilarcircumstancesAManagerwhosoperformsitsdutiesshallnothaveanyliabilitybyreasonofbeingorhavingbeenaManageroftheCompany74TimeDevotedtoBusinessTheMembersandtheManagersshalldevotesuchtimetothebusinessoftheCompanyasthey,intheirdiscretion,deemnecessaryfortheefficientcarryingonoftheCompanysbusinessTheMembersandtheMana