Template Operating Agreement: Worker Cooperative Llc With A Permanent Capital Member Page 2
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264.3
ICA and PCA Investments. .............................................................................................. 8
4.4
Member Guaranteed Payments. ....................................................................................... 8
4.5
Distributions from Operations. ......................................................................................... 8
4.6
Advances Against Distributions. ...................................................................................... 8
4.7
Tax Payment Advances to Permanent Capital Member................................................... 9
4.8
Additional Payments to Meet Minimum. ......................................................................... 9
4.9
General. ............................................................................................................................ 9
Section 5.
Allocation of Net Income, Etc. ................................................................................. 9
Section 6.
Capitalization ............................................................................................................ 9
6.1
Initial Contributions. ........................................................................................................ 9
6.2
Additional Contributions. ............................................................................................... 10
6.3
Loans. ............................................................................................................................. 10
6.4
Investment of Surplus Capital. ....................................................................................... 10
Section 7.
Accounting Matters ................................................................................................. 10
7.1
Maintenance of Records. ................................................................................................ 10
7.2
Delivery to Members and Inspection. ............................................................................ 11
7.3
Reports. .......................................................................................................................... 11
7.4
Tax and Accounting Matters. ......................................................................................... 11
Section 8.
Dissolution and Liquidation .................................................................................... 11
8.1
Events of Dissolution. .................................................................................................... 11
8.2
Effect of Dissolution. ..................................................................................................... 11
8.3
Liquidation and Termination. ......................................................................................... 11
8.4
Certificate of Cancellation. ............................................................................................ 13
8.5
Recourse to Assets. ........................................................................................................ 13
Section 9.
General Provisions .................................................................................................. 13
9.1
Indemnification. ............................................................................................................. 13
9.2
Amendments................................................................................................................... 14
9.3
PCA Lock-Up. ................................................................................................................ 14
9.4
Mergers........................................................................................................................... 14
9.5
Governing Law. .............................................................................................................. 14
9.6
Arbitration. ..................................................................................................................... 14
9.7
Binding Effect. ............................................................................................................... 15
9.8
Headings. ........................................................................................................................ 15
9.9
Severability..................................................................................................................... 15
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Parent category: Business