OperatingAgreement

1、OperatingAgreementamendedandrestatedoperatingagreementofccc,llcthisamendedandrestatedoperatingagreement(theagreement)isenteredintoasof,(m/d/y),betweenaaa,inc.,a(state)corporation(aaa),andbbbinc.amendedandrestatedoperatingagreementofccc,llcthisamendedandrestatedoperatingagreement(the'agreement

2、9;)isenteredintoasof,(m/d/y),betweenaaa,inc.,a(state)corporation('aaa'),andbbbinc.,a(state)corporation('bbb'),bothofwhicharereferredtoasthe'members'andindividuallyasa'member.'promptlyfollowingtheexecutionofthisagreement,bbbintendstotransferallofitsinterestinthecompany

3、toust,inc.,itsindirectwhollyownedsubsidiary('ust')(uponsuchevent,theterm'bbb'asusedhereinshallbedeemedtoapplytoustforallpurposesofthisagreement).alimitedliabilitycompanywasformedinaccordancewiththeprovisionsofthe(state)limitedliabilitycompanyact(the'act')underthenameofccc,llc

4、(the'company')pursuanttoacertificateofformationfiled,(m/d/y),withthe(state)secretaryofstate.anoperatingagreementofthecompanywasenteredintoasofthatsamedate,underwhichaaawasthesolemember.pursuanttoasubscriptionagreementbyandbetweenbbbandthecompanydatedasof,(m/d/y)(the'subscriptionagreement

5、'),bbbagreedtopurchaseanequityinterestinthecompanyinexchangeforthecapitalnote(ashereinafterdefined).additionally,aaaagreedunderacontributionagreementdatedasof,(m/d/y)byandamongaaaandthecompany(the'contributionagreement')tocontributecertainassets(the'aaacontributedassets')tothecom

6、pany.inlightoftheforegoing,themembersnowdesiretoamendandrestatetheoperatingagreementofthecompany.accordingly,fromandafterthedatehereof,theaffairsofthecompanywillbegovernedbythisamendedandrestatedoperatingagreement.inconsiderationoftheforegoing,andofthemutualpromisescontainedherein,themembersagreeasf

7、ollows:article 1thelimitedliabilitycompany1.1 name.thenameofthelimitedliabilitycompanyshallbeccc,llc.1.2 certificateofformation.acertificateofformationthatcomplieswiththerequirementsoftheacthasbeenproperlyfiledwiththe(state)hefuture,themanagersshallexecutesuchfurtherdocuments(inc

8、ludingamendmentstothecertificateofformation)andtakesuchfurtheractionasshallbeappropriateornecessarytocomplywiththerequirementsoflawfortheformationandoperationofalimitedliabilitycompanyinallstatesandcountieswherethecompanyelectstocarryonitsbusiness.1.3 business.thebusinessofthecompanyshallbe(a)toprov

9、ideadvanceddigitalproduction,post-productionandtransmissionfacilities,digitalmediastorageanddistributionservices,telephony-baseddatastorageandenhancedservices,accessandroutingservices;(b)todoanyandallotherthingsnecessary,desirableorincidentaltotheforegoingpurposes;and(c)toengageinsuchotherlegalandla

10、wfulbusinessactivitiesasthemanagementcommitteemaydeemdesirable.thecompanymaysellorotherwisedisposeofallorsubstantiallyallofitsassetsandanysuchsaleordispositionshallbeconsideredtobewithinthescopeofthecompany'sbusiness.1.4 registeredoffice;agent.theregisteredofficeofthecompanyshallbeat(address),or

11、suchotherplacein(state)asmaybeselectedbythemanagementcommittee.thecompany'sregisteredagentatsuchaddressshallberichardm.jones.article 2definitions2.1 cashflow.'cashflow'shallmeantheexcessofallcashreceiptsofthecompanyoverallcashdisbursementsofthecompany.2.2 code.'code'shallmeanthei

12、nternalrevenuecodeof1986,asamended,oranysuccessorstatute.2.3 manager.'manager'isdefinedinsection7.1(a).2.4 profitorloss.'profit'or'loss'shallmeantheprofitorlossofthecompanyasdeterminedunderthecapitalaccountingrulesoftreasuryregulation(s)1.704-1(b)(2)(iv)forpurposesofadjusting

13、thecapitalaccountsofthemembersincluding,withoutlimitation,theprovisionsofparagraphs(b),(f)and(g)ofthoseregulationsrelatingtothecomputationofitemsofincome,gain,deductionandloss.2.5 sharingratio.'sharingratio'shallmeanthepercentagerepresentingtheratiothatthenumberofunitsownedbyamemberbearstoth

14、eaggregatenumberofunitsownedbyallofthemembers.upontheissuanceofadditionalunitsorthetransfer,repurchaseorcancellationofanyoutstandingunits,thesharingratiosofthemembersshallberecalculatedasofthedateofsuchissuance,transfer,repurchaseorcancellation.therecalculatedsharingratioofeachmembershallbethepercen

15、tagerepresentingtheratiothatthenumberofunitsownedbythememberbearstotheaggregatenumberofunitsownedbyallofthemembersaftergivingeffecttotheissuance,transfer,repurchaseorcancellation.2.6 treasuryregulations.'treasuryregulations'shallmeanregulationsissuedbythedepartmentoftreasuryunderthecode.anyr

16、eferencetoaspecificsectionorsectionsofthetreasuryregulationsshallbedeemedtoincludeareferencetoanycorrespondingprovisionoffutureregulationsunderthecode.2.7 units.'unit'shallmeananequityinterestinthecompany.thecompanyshallhavetwoclassesofunits:classaandclassb.thetwoclassesofunitsshallbeidentic

17、alinallrespectsexceptfortheirrespectivevotinginterests.thenumberofunitsownedbyeachmembershallbedeterminedinconnectionwiththeissuanceofamembershipinterestinthecompanyinexchangeforthecapitalcontributionmadebysuchmember.initiallytheunitsshallnotberepresentedbycertificates.ifthemanagementcommitteedeterm

18、inesthatitisintheinterestofthecompanytoissuecertificatesrepresentingtheunits,certificatesshallbeissuedandtheunitsshallberepresentedbysuchcertificates.thecompanyisauthorizedtoissueclassaunitsandclassbunits.2.8 votinginterest.(a)withrespecttotheclassaunits,'votinginterest'shallmeanthatnumberof

19、classaunitsheldbyamember,and(b)withrespecttotheclassbunits,'votinginterest'shallmeanthatnumberofclassbunitsheldbyamemberdividedby10.article 3capitalcontributions3.1 initialcapitalcontributions.(a) inaccordancewiththetermsofthecontributionagreement,aaahascontributedtothecompanyallofitsright,t

20、itleandinterestinandtotheaaacontributedassets.asaresultofsuchcontribution,aaahasbeencreditedwithacapitalaccountequalto$,andhasreceived$classaunits.(b) inaccordancewiththetermsofthesubscriptionagreement,bbbhasagreedtocontributetothecompany,effectiveasofthedatehereof,apromissorynote(the'capitalnot

21、e')intheamountof$,andsuchamountshallbecreditedtoitscapitalaccountwhenandasthepaymentsofprincipalaremadeonthecapitalnote.asaresultofitsagreementtomakesuchcontributionandpursuanttothesubscriptionagreement,bbbisherebyaaattedasamemberofthecompany,andhasreceived$classaunits.(c) asaresultofthetransact

22、ionsdescribedabove,themembersownthenumberandclassesofunitsandhavecapitalaccountbalancesattributabletotheunitsassetforthbelow:classaunitsclassbunitscapitalaccountbalanceaaa$-0-$bbb$-0-$0(d) basedontheabove,theinitialsharingratioofaaais50%,andtheinitialsharingratioofbbbis50%.3.2 additionalcapitalcontr

23、ibutions.(a) if,fromtimetotimeinthereasonablejudgmentofthemanagementcommittee,thecompanyrequiresadditionalcapitalforanypurpose,themanagementcommitteeisherebyauthorizedtocausethecompanytoissueadditionalunits,ontermsandconditionsandwithrepaymentprioritiesasapprovedbythemanagementcommittee.notwithstand

24、ingtheforegoing,untilathirdpartybecomesamember,unitsshallnotbeissuedatapriceperunitthatislessthan$.(b) ifthecompanydesirestoissueadditionalunitspursuantto(a)above,thecompanyherebygrantstothememberstherightoffirstrefusaltopurchaseaproratashare(equalingthemember'srespectivesharingratioonthedaybefo

25、resuchadditionalunitsaretobeissued)oftheadditionalunitswhichthecompanyproposestoissue.ifthecompanyproposestoissuesuchadditionalunits,itshallgivethememberswrittennoticeofitsintention,describingthepriceandtermsuponwhichthecompanyproposestoissuetheunits.eachmembershallhave15daysfromthedatesuchnoticeiss

26、entbythecompanytoagreetopurchasetheportionoftheadditionalunitsissuedwhichitisentitledtopurchaseforthepriceanduponthetermssospecifiedinthenotice.suchnoticeshallbeinwritingandshallspecifythequantityofadditionalunitstobepurchased.ifanymemberfailstoexercisetherightoffirstrefusalwithinthe15-dayperiod,the

27、companyshallhavetherightthereaftertosellorissuethoseadditionalunitsupontermsnomorefavorabletothepurchasersoftheadditionalunitsthanspecifiedinthecompany'snoticetomembers.3.3 returnofcapitalcontributions.capitalcontributionsshallbeexpendedinfurtheranceofthebusinessofthecompany.allcostsandexpenseso

28、fthecompanyshallbepaidfromitsfunds.nointerestshallbepaidoncapitalcontributions.nomanagershallhaveanypersonalliabilityfortherepaymentofanycapitalcontributiontoamember.3.4 loans.(a) thecompanymayborrowadditionalcapitalfromanysource,includinganymember.nomembershallbeobligatedtomakealoantothecompany.(b)

29、 iffromtimetotimeinthereasonablejudgmentofthemanagementcommitteethecompanyrequiresadditionalcapitalforanypurposerelatedtothebusinessofthecompany,themanagementcommitteeisauthorizedtocausethecompanytoborrowsuchcapital,ontermsandconditionsasapprovedbythemanagementcommittee.ifthemanagementcommitteedecid

30、estoborrowsuchcapitalfromamember(the'loanamount),eachmembershallbegiventheopportunity,butshallnotbeobligated,toloanitsshareoftheloanamounttothecompany.amember'sshareoftheloanamountshallbetheloanamountmultipliedbythemember'ssharingratio.theloansshallbemadewithin10daysafterrequestbythemana

31、gementcommitteetothemembers.suchrequestshallbeinwritingandshallspecifytheamountoftheloanamount.ifamemberdoesnotloanitsshareoftheloanamount(the'shortfallamount')andtheothermemberdoesloanitsshare(a'participatingmember'),theparticipatingmembershallhavetheright,exercisablewithin10daysaft

32、ernotice,toloanthecompanytheshortfallamount.theloanstothecompanybytheparticipatingmembersshallbeunsecured,evidencedbypromissorynoteofthecompany,shallaccrueinterestataratedeterminedbythemanagementcommittee,shallbepayableonaproratabasissolelyfromcashflowpriortoanydistributionstomembers,andshallnotcont

33、ainanydefaultinterestorpenaltyprovisions.article 4distributions4.1 nonliquidatingdistributions.cashflowshallbedistributedtothemembersinamountsdeemedappropriatebythemanagementcommitteeafterestablishingappropriatereserves.exceptasprovidedinsection4.2,alldistributionsofcashflowshallbemadeamongthemember

34、sinaccordancewiththeirrespectivesharingratios.4.2 liquidatingdistributions.alldistributionsmadeinconnectionwiththesaleorexchangeofallorsubstantiallyallofthecompanyassetsandalldistributionsmadeinconnectionwiththeliquidationofthecompanyshallbemadetothemembersinaccordancewiththeirrelativecapitalaccount

35、balancesatthetimeofdistribution.article 5allocationofprofitandloss5.1 fitorlossshallbedeterminedonanannualbasisandforsuchotherperiodsasmayberequired.5.2 lossallocation.exceptasprovidedinsection5.4,lossshallbeallocatedamongthemembersinaccordancewiththeirrelativesharing

36、ratios.5.3 profitallocation.(a) exceptasprovidedinsection5.3(b)andsection5.4,profitshallbeallocatedamongthemembersinaccordancewiththeirrelativesharingratios.(b) anyprofitwithrespecttothesale,exchangeorotherdispositionofallorsubstantiallyallofthecompanyassetsorwithrespecttotheliquidationofthecompanys

37、hallbeallocatedamongthememberssothattheircapitalaccountbalancesareproportionatetotheirsharingratios.(c) forpurposesofsection5.3(b),thecapitalaccountsofthemembersshallbedetermined(i)beforegivingeffecttodistributionsundersection4.2;(ii)afterallocatingallotheritemsofprofitandloss;and(iii)aftermakingall

38、distributionsundersection regulatoryallocationsandcurativeprovision.(a) the'qualifiedincomeoffset'provisionsoftreasuryregulationsection1.704-1(b)(2)(ii)(d)areincorporatedhereinbyreferenceandshallapplytoadjusttheallocationofprofitandlossotherwiseprovidedforundersections5.2and5.3totheex

39、tentprovidedinthatregulation.(b) the'minimumgain'provisionsoftreasuryregulationsection1.704-2areincorporatedhereinbyreferenceandshallapplytoadjusttheallocationofprofitandlossotherwiseprovidedforundersections5.2and5.3totheextentprovidedinthatregulation.(c) notwithstandingtheprovisionsofsectio

40、n5.2,ifduringanyfiscalyearofthecompanytheallocationofanylossordeduction,netofanyincomeorgain,toamemberwouldcauseorincreaseanegativebalanceinamember'scapitalaccountasoftheendofthatfiscalyear,onlytheamountofsuchlossordeductionthatreducesthebalancetozeroshallbeallocatedtothememberandtheremainingamo

41、untshallbeallocatedtotheothermember.forthepurposeoftheprecedingsentence,acapitalaccountshallbereducedbytheadjustments,allocationsanddistributionsdescribedintreasuryregulations(s)(s)1.704-1(b)(2)(d)(4),(5)and(6),andincreasedbytheamount,ifany,thatthememberisobligatedtorestoretothemember'scapitalac

42、countwithinthemeaningoftreasuryregulation(s)1.704-1(b)(2)(ii)(c)asofthattimeorisdeemedobligatedtorestoreundertreasuryregulation(s)1.704-2(g)(1)or(s)1.704-2(i)(5).(d) allallocationspursuanttotheforegoingprovisionsofthissection5.4(the'regulatoryallocations')shallbetakenintoaccountincomputingal

43、locationsofotheritemsundersections5.2and5.3,including,ifnecessary,allocationsinsubsequentfiscalyears,sothatthenetamountsreflectedinthemembers'capitalaccountsandthecharacterforincometaxpurposesofthetaxableincomerecognized(e.g.,ascapitalorordinary)will,totheextentpossible,bethesameasifnoregulatory

44、allocationshadbeengiveneffect.article 6allocationoftaxableincomeandloss6.1 ingeneral.(a) exceptasprovidedinsection6.2,eachitemofincome,gain,lossanddeductionofthecompanyforfederalincometaxpurposesshallbeallocatedamongthemembersinthesamemannerassuchitemisallocatedforcapitalaccountpurposesunderarticle5

45、.(b) totheextentofanyrecaptureincome(asdefinedbelow)resultingfromthesaleorothertaxabledispositionofacompanyasset,theamountofanygainfromsuchdispositionallocatedto(orrecognizedby)amember(oritssuccessorininterest)forfederalincometaxpurposesshallbedeemedtoconsistofrecaptureincometotheextentsuchmember(or

46、suchmember'spredecessorininterest)hasbeenallocatedorhasclaimedanydeductiondirectlyorindirectlygivingrisetothetreatmentofsuchgainasrecaptureincome.forthispurpose'recaptureincome'shallmeananygainrecognizedbythecompany(butcomputedwithoutregardtoanyadjustmentrequiredbysections734and743ofthec

47、ode)uponthedispositionofanypropertyorassetofthecompanythatdoesnotconstitutecapitalgainforfederalincometaxpurposesbecausesuchgainrepresentstherecaptureofdeductionspreviouslytakenwithrespecttosuchpropertyorassets.6.2 allocationofsection704(c)items.themembersrecognizethatwithrespecttopropertycontribute

48、dtothecompanybyamemberandwithrespecttopropertyrevaluedinaccordancewithtreasuryregulation(s)1.704-1(b)(2)(iv)(f),therewillbeadifferencebetweentheagreedvaluesor'carryingvalues'ofsuchpropertyatthetimeofcontributionorrevaluationandtheadjustedtaxbasisofsuchpropertyatthattime.allitemsoftaxdeprecia

49、tion,costrecovery,amortization,amountrealizedandgainorlosswithrespecttosuchassetsshallbeallocatedamongthememberstotakeintoaccountthebook-taxdisparitiesinaccordancewiththeprovisionsofsections704(b)and704(c)ofthecodeandthetreasuryregulationsunderthosesections.6.3 integrationwithsection754election.alli

50、temsofincome,gain,loss,deductionandcreditrecognizedbythecompanyforfederalincometaxpurposesandallocatedtothemembersinaccordancewiththeprovisionshereofandallbasisallocationstothemembersshallbedeterminedwithoutregardtoanyelectionundersection754ofthecodethatmaybemadebythecompany;provided,however,suchall

51、ocations,oncemade,shallbeadjustedasnecessaryorappropriatetotakeintoaccounttheadjustmentspermittedbysections734and743ofthecode.article 7management7.1 managementcommittee.(a) managementofthecompanyshallbevestedinamanagementcommittee(the'managementcommittee').themanagementcommitteeshallconsisto

52、fsixmembers(each,a'manager'),threeofwhomshallbeappointedbyaaa,threeofwhomshallbeappointedbybbb.themanagementcommitteeshallhavetheexclusivepowerandauthoritytoconductthebusinessofthecompany.inconductingthebusinessofthecompany,themanagementcommitteeshallhaveallrights,dutiesandpowersconferredbyt

53、heact,exceptaslimitedhereby.themanagementcommitteeisherebyexpresslyauthorizedonbehalfofthecompanytomakealldecisionswithrespecttothecompany'sbusinessandtotakeallactionsnecessarytocarryoutsuchdecisions.noactionsshallbetaken,noranydecisionsmade,byanymanagerorofficerofthecompanywithoutthepriorapprov

54、alof,orpursuanttoanexpressdelegationofauthorityby,themanagementcommittee.theactofthemajorityofthemembersofthemanagementcommitteeshallbetheactofthemanagementcommittee.notwithstandingtheforegoing,alldocumentsexecutedonbehalfofthecompanyneedonlybesignedbyamanagerorbyanofficerofthecompanywhohasbeengiven

55、thepowerandauthoritytodosobythemanagementcommittee.(b) themanagementcommitteeshallappointanindividualtoserveasthechiefexecutiveofficerofthecompany.inaddition,themanagementcommitteeshallhavetherighttodelegateallorportionsofitsmanagementauthoritytooneormoreofficersofthecompany.anyofficermayberemovedor

56、itsauthoritywithdrawnatanytimebythemanagementcommittee.7.2 managementcommitteemeetings.(a) themanagementcommitteewillholdregularquarterlymeetingswithoutcallornoticeatsuchtimeaswillfromtimetotimebefixedbystandingresolutionofthemanagementcommittee.(b) specialmeetingsofthemanagementcommitteemaybecalled

57、byanytwomanagers.allmeetingswillbeheldupon10days'noticebymailor72hours'noticedeliveredpersonallyorbytelephoneorfacsimile.anoticeneednotspecifythepurposeofanymeeting.noticeofaspecialmeetingneednotbegiventoanymanagerwhosignsawaiverofnoticeoraconsenttoholdingthemeetingoranapprovaloftheminutesth

58、ereof,whetherbeforeorafterthemeeting,orwhoattendsthemeetingwithoutprotesting,priortoitscommencement,thelackofnoticetosuchmanager.allsuchwaivers,consentsandapprovalswillbefiledwiththecompanyrecordsormadeapartoftheminutesofthemeeting.(c) meetingsofthemanagementcommitteemaybeheldatanyplacewithinorwitho

59、utthestateof(state)thathasbeendesignatedinthenoticeofthemeetingoratsuchplaceasmaybeapprovedbythemanagementcommittee.managersmayparticipateinameetingthroughuseofconferencetelephoneorsimilarcommunicationsequipment,solongasallmanagersparticipatinginsuchmeetingcanhearoneanother.participationinameetingin

60、suchmannerconstitutesapresenceinpersonatsuchmeeting.7.3duties.themanagersshallcarryouttheirdutiesingoodfaith,inamannerthemanagersbelievetobeinthebestinterestsofthecompany,andwithsuchcareasanordinarilyprudentpersoninalikepositionwoulduseundersimilarcircumstances.amanagerwhosoperformsitsdutiesshallnothaveanyliabilitybyreasonofbeingorhavingbeenamanagerofthecompany.1.4 timedevotedtobusiness.themembersandthemanagerss