Xyz Limited Liability Company Operating Agreement Page 21
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28amendment changing the Percentage Interests of the Members requires the unanimous
vote of the Members.
[or]
10.1
Amendments. This Operating Agreement may not be amended except in
writing by the unanimous affirmative vote of Members holding an Interest. Any
amendment changing the Percentage Interests of the Members also requires the
unanimous vote of the Members.
[The first provision is for an LLC seeking to give the Members more control over their Manager.
The second provision ensures the Manager has more control, which offers a higher degree of
protection in the event there is a charging order attack and possible foreclosure.]
10.2
Execution of Additional Instruments. Each Member hereby agrees to
execute such other and further statements of interest and holdings, designations and
other instruments necessary to comply with any laws, rules or regulations.
10.3
Construction. Whenever the singular number is used in this Operating
Agreement and when required by the context, the same shall include the plural and
vice versa, and the masculine gender shall include the feminine and neuter genders and
vice versa.
10.4
Headings. The headings in this Operating Agreement are inserted for
convenience only and are in no way intended to describe, interpret, define, or limit the
scope, extent or intent of this Operating Agreement or any provision hereof.
10.5
Waivers. The failure of any party to seek redress for default of or to insist
upon the strict performance of any covenant or condition of this Operating Agreement
shall not prevent a subsequent act, which would have originally constituted a default,
from having the effect of an original default.
10.6
Rights and Remedies Cumulative. The rights and remedies provided by
this Operating Agreement are cumulative and the use of any one right or remedy by
any party shall not preclude or waive the right to use any other remedy. Said rights
and remedies are given in addition to any other legal rights the parties may have.
10.7
Severability. If any provision of this Operating Agreement or the
application thereof to any person or circumstance shall be invalid, illegal or
unenforceable to any extent, the remainder of this Operating Agreement and the
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