Limited Liability Company Agreement
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Title: |
Limited Liability Company Agreement |
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Entities: |
Lebus Oil Field Service Co. |
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Date: |
2006 |
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Size: |
Preview shows 10KB of 35KB total |
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Price: |
$33 |
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ID: |
#2447972 |
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Start of
Preview |
Limited Liability Company Agreement
of
Basic Energy Services GP, LLC
This Limited Liability Company Agreement (this Agreement) of Basic Energy Services GP, LLC (the Company), dated effective as of January 7, 2003, is adopted, executed and agreed to, for good and valuable consideration, by BES Holding Co., a Delaware corporation (the Original Member).
1. Formation.
The Company is a limited liability company organized under the provisions of the Delaware Limited Liability Company Act, as amended from time to time (the Act). The Certificate of Formation (the Certificate) has been filed on January 7, 2003 with the Secretary of State of the State of Delaware.
2. Name.
The name of the Company is, and the business of the Company shall be conducted under the name of, Basic Energy Services GP, LLC.
3. Term.
The Company commenced its existence on the effective date of the filing of the Certificate and shall continue in existence until it is dissolved and terminated by all of the Members.
4. Office.
The registered office of the Company required by the Act to be maintained in the State of Delaware shall be the office of the initial registered agent named in the Certificate, or such other place as the Members may designate in the manner provided by law. The registered agent for service of process at such address shall be the initial registered agent named in the Certificate, or such other person as the Members may designate in the manner provided by law.
5. Purpose and Permitted Activities.
The business of the Company shall be the transaction of any and all lawful business for which limited liability companies may be formed under the Act.
6. Members.
The Members of the Company are the Original Member and any other Person admitted to the Company as a Member as provided in Section 13.3 hereof. The names and business or mailing addresses of the Members of the Company are set forth on Exhibit A attached hereto.
7. Management.
7.1 Management by Members. The Company shall be managed by its Members according to the remaining provisions of this Section 7. Under the direction of the Members, the day-to-day activities of the Company shall be conducted on the Companys behalf by the Officers, who shall be agents of the Company. In addition to the powers that now or hereafter can be granted under the Act and to all other powers granted under any other provision of this Agreement, the Officers (subject in each case to the requirements set forth in Section 7.4) shall have full power and authority to do all things on such terms as they may deem necessary or appropriate to conduct, or cause to be conducted, the business and affairs of the Company, including (i) the making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of evidences of indebtedness and the incurring of any other obligations; (ii) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Company; (iii) the merger or other combination or conversion of the Company with or into another Person; (iv) the use of the assets of the Company (including cash on hand) for any purpose consistent with the terms of this Agreement and the repayment of obligations of the Company; (v) the negotiation, execution and performance of any contracts, conveyances or other instruments; (vi) the distribution of Company cash in accordance with this Agreement; (vii) the selection, engagement and dismissal of Officers, employees and agents, outside attorneys, accountants, engineers, consultants and contractors and the determination of their compensation and other terms of employment or hiring; provided that in any transaction with an Affiliate of the Company (other than a sole Member or its subsidiaries), the compensation and terms shall be no less favorable than those that would be entered into at arms length and in accordance with commercially reasonable practices for like transactions; (viii) the maintenance of insurance for the benefit of the Company, its Members and Officers; (ix) the acquisition or disposition of assets; (x) the formation of, or acquisition of assets of or an interest in, or the contribution of property to, any Person; (xi) the control of any matters affecting the rights and obligations of the Company, including the commencement, prosecution and defense of actions at law or in equity and otherwise engaging in the conduct of litigation and the incurring of legal expense and the settlement of claims and litigation; and (xii) the indemnification of any Person against liabilities and contingencies to the extent permitted by law and this Agreement.
7.2 Meetings of the Members.
(a) Place of Meetings. All meetings of the Members shall be held at the principal office of the Company, or at such other place within or without the State of Delaware as shall be specified or fixed in the notices (or waivers of notice) thereof.
(b) Quorum; Required Vote for Member Action; Adjournment of Meetings.
2
(i) Except as expressly provided otherwise by this Agreement, a majority, present in person or represented by proxy, shall constitute a quorum at any such meeting for the transaction of business, and the affirmative vote of the holders of a majority of the Units so present or represented at such meeting at which a quorum is present and entitled to vote thereat shall constitute the act of the Members. The Members present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of sufficient Members to destroy the quorum.
(ii) Notwithstanding any other provision in this Agreement to the contrary, the chairman of the meeting of Members or holders of a majority of the Units, present in person or represented by proxy and entitled to vote thereat, whether or not a quorum is present, shall have the power to adjourn such meeting from time to time, without any notice other than announcement at the meeting of the time and place of the holding of the adjourned meeting. If the adjournment is for more than thirty (30) days, or if subsequent to the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each Member of record entitled to vote at such meeting. At such adjourned meeting at which a quorum shall be present or represented by proxy, any business may be transacted which might have been transacted at the meeting as originally called.
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