Operating Agreement Of Llc Page 6
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17iv.
The admission or withdrawal of Members or a change in their Sharing
Ratios in any manner other than in accordance with this Agreement;
v.
The dissolution of the Company other than in accordance with this
Agreement;
vi.
Any amendment to this Agreement;
vii.
The incurrence or prepayment of any debt for borrowed money by the
Company in excess of __________ Dollars ($________); [Instructions: Insert the minimum
debt prepayment amount that will trigger this section]
viii.
The incurrence of obligations having a maturity beyond __________ (__)
[Instructions: Insert the minimum number of months maturity an obligation must have to
trigger this section] months or in excess of __________ Dollars ($________); [Instructions:
Insert the minimum obligation amount that will trigger this section]
ix.
Any purchase of capital assets or other properties for the Company in
excess of __________ Dollars ($________); [Instructions: Insert the minimum purchase
price of capital assets or other properties that will trigger this section]
x.
Making, executing, or delivering on behalf of Company any assignment
for the benefit of creditors or any guarantee, indemnity bond, or surety bond, or any equivalent
thereof;
xi.
Lending funds belonging to Company to any third party or extending to
any person, firm, or corporation, credit on behalf of Company, except in the ordinary course of
business or as set forth in this Agreement;
xii.
Investing any funds of Company temporarily, including without limitation,
in time deposits, short-term governmental obligations, commercial paper, or other investments;
or
xiii.
Changes in tax elections and accounting policies of the Company.
c.
Other Activities; Affiliates.
i.
Members will not be required to manage the Company as their sole and
exclusive function and each of them may have other business interests and may engage in other
activities in addition to those relating to the Company, including the making or management of
other investments. Each Member recognizes that each other Member has or may have an interest
in investing in, operating, transferring, leasing, and otherwise using property of various kinds
and interests therein for profit, and engaging in any and all activities related or incidental thereto
and that each will make other investments consistent with such interests. Neither the Company
nor any Member by virtue of this Agreement or any relationship created hereby will have any
right in or to any other ventures or activities in which any other Member is involved or to the
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