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Title: |
Limited Liability Company Agreement |
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Entities: |
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Date: |
2006 |
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Preview shows 10KB of 81KB total |
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$43 |
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ID: |
#2634320 |
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LIMITED LIABILITY COMPANY AGREEMENT
OF
NMV SPECIAL HOLDINGS, LLC
DATED AS OF OCTOBER 19, 2006
-----------------------------------------------------
===========================================================================
THE MEMBERSHIP INTERESTS IN NMV SPECIAL HOLDINGS, LLC HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER
APPLICABLE SECURITIES LAWS IN RELIANCE UPON EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THOSE LAWS. THE
INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY, AND NEITHER THE
INTERESTS NOR ANY PART THEREOF MAY BE OFFERED FOR SALE, PLEDGED,
HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN
COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE STATE
SECURITIES LAWS AND ANY OTHER APPLICABLE SECURITIES LAWS AND (II) THE
TERMS AND CONDITIONS OF THIS AGREEMENT. THE INTERESTS WILL NOT BE
TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH THOSE LAWS AND THIS
AGREEMENT.
{PAGE}
TABLE OF CONTENTS
PAGE
ARTICLE I DEFINITIONS...................................................1
ARTICLE II ORGANIZATION.................................................5
Section 2.01 Formation.................................................5
Section 2.02 Name......................................................5
Section 2.03 Organizational Certificates and Other Filings.............5
Section 2.04 Principal Place of Business...............................5
Section 2.05 Registered Office and Registered Agent....................5
Section 2.06 Term......................................................6
Section 2.07 Fiscal Year...............................................6
Section 2.08 No State-Law Partnership..................................6
Section 2.09 Purpose...................................................6
Section 2.10 Powers of the Company.....................................6
Section 2.11 Investment Restrictions...................................6
Section 2.12 Members' Rights and Obligations...........................6
Section 2.13 Liability of Members......................................7
ARTICLE III MANAGEMENT OF THE COMPANY...................................8
Section 3.01 The Managing Member.......................................8
Section 3.02 Delegation by Managing Member.............................8
Section 3.03 Authority of the Managing Member..........................8
Section 3.04 Term and Replacement of the Managing Member...............9
Section 3.05 Expenses..................................................9
ARTICLE IV CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS AND
ALLOCATIONS..............................................................9
Section 4.01 Capital Contributions.....................................9
Section 4.02 Capital Accounts..........................................9
Section 4.03 Capital Account Allocations..............................10
Section 4.04 Changes of Interest......................................13
Section 4.05 Valuation of Assets......................................13
Section 4.06 Liabilities; Reserves....................................13
Section 4.07 Tax Allocations..........................................13
Section 4.08 Determination by the Managing Member of Certain
Matters..................................................14
ARTICLE V DISTRIBUTIONS................................................14
Section 5.01 Distributions............................................14
Section 5.02 Limitations on Distributions.............................14
i
{PAGE}
ARTICLE VI TRANSFERS OF INTERESTS......................................15
Section 6.01 Transfer of a Member's Interest..........................15
Section 6.02 Substituted Member.......................................15
ARTICLE VII DURATION AND DISSOLUTION...................................15
Section 7.01 Duration.................................................15
Section 7.02 Dissolution..............................................16
Section 7.03 No Restoration Obligation................................16
ARTICLE VIII TAX RETURNS; REPORTS TO MEMBERS...........................16
Section 8.01 Tax Returns..............................................16
Section 8.02 Reports to Current Members...............................17
Section 8.03 Tax Reports to Members and Former Members................17
Section 8.04 Confidentiality..........................................17
ARTICLE IX EXCULPATION AND INDEMNIFICATION.............................19
Section 9.01 Performance of Duties....................................19
Section 9.02 Right to Indemnification.................................20
Section 9.03 Advance Payment..........................................20
Section 9.04 Nonexclusivity of Rights.................................21
Section 9.05 Savings Clause...........................................21
ARTICLE X GENERAL PROVISIONS...........................................21
Section 10.01 Members' Holdings........................................21
Section 10.02 Other Expenses and Costs.................................21
Section 10.03 General..................................................22
Section 10.04 Amendments to Limited Liability Company Agreement........22
Section 10.05 Governing Law............................................22
Section 10.06 Notices..................................................22
Section 10.07 Entire Agreement.........................................23
ii
{PAGE}
LIMITED LIABILITY COMPANY AGREEMENT of NMV SPECIAL HOLDINGS, LLC a
Delaware limited liability company (the "Company"), dated and effective as
of October 19, 2006, among the Persons listed on the signature pages
hereto.
WHEREAS, the Company was formed by the filing of a Certificate of
Formation, dated as of October 18, 2006, which was filed in the office of
the Secretary of State of Delaware on October 18, 2006.
WHEREAS, the Members desire to enter into this Agreement to set forth
their binding agreement as to the affairs of the Company, the conduct of
its business and the rights and obligations of the Company.
NOW, THEREFORE, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
-----------
As used in this Agreement, the following terms have the following
meanings:
"Accounting Period" means the period beginning on (a) in the case of
the first Accounting Period, the Company's initial closing date and (b) in
the case of each subsequent Accounting Period, the first Business Day
following the last Business Day of the immediately preceding Accounting
Period, as the case may be, and ending on the earliest of: (i) the date
immediately preceding the next date on which the Company receives a capital
contribution, (ii) the next date on which any Member effects a withdrawal,
(iii) the next date on which the Company makes a distribution, (iv) the
last Business Day of each calendar quarter, (v) the date on which the
Company dissolves or (vi) such other date as the Managing Member
determines, in its sole discretion, that an allocation should be made among
the Members.
"Act" shall mean the Delaware Limited Liability Company Act (6 Del. C.
ss. 18-101, et seq.), aS amended from time to time, or any successor
statute thereto.
"Affiliate" means, with respect to a Person, any other Person which
directly or indirectly controls, is controlled by or is under common
control with the first Person. As used herein with respect to a Member, the
term Affiliate shall not include the Company.
"Agreement" shall mean this Limited Liability Company Agreement, as
amended, modified, supplemented or restated from time to time. This
Agreement shall be deemed a "limited liability company agreement" within
the meaning of Section 18-101(7) of the Act.
"Allocation Date" has the meaning specified in Section 4.03(b)(ii).
"Allocation Payment Date" has the meaning specified in Section 5.02.
"Available Cash" shall mean, as of any date, the excess, if any, of
(i) all cash received by the Company from dispositions of Securities by the
Company less (ii) such cash reserves as may be determined by the Managing
Member pursuant to Section 4.6.
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