Limited Liability Company Agreement有限責(zé)任公司章程-3

-47-LimitedLiabilityCompanyAgreement有限責(zé)任公司章程核心提示：LIMITEDLIABILITYCOMPANYAGREEMENTofCCC,LLCbetweenAAAINC.andBBBCORPORATIONDatedasof_________(M,D,Y)TABLEOFCONTENTSARTICLEIDefinitionsSECTION1.01.DefinitionsSECTION1.02.DefinitionsGenerallyARTICLEIIGeneralProvisionsSECLIMITEDLIABILITYCOMPANYAGREEMENTofCCC,LLCbetweenAAAINC.andBBBCORPORATIONDatedasof_________(M,D,Y)TABLEOFCONTENTSARTICLEIDefinitionsSECTION1.01.DefinitionsSECTION1.02.DefinitionsGenerallyARTICLEIIGeneralProvisionsSECTION2.01.FormationSECTION2.02.NameSECTION2.03.TermSECTION2.04.PurposeSECTION2.05.RegisteredOffice/AgentSECTION2.06.PrincipalOfficeSECTION2.07.MembersARTICLEIIICapitalContributionsSECTION3.01.InitialCapitalContributionsSECTION3.02.AdditionalCapitalContributionsSECTION3.03.Withdrawals,InterestandCapitalAccountsARTICLEIVDistributionsSECTION4.01.DistributionsSECTION4.02.DistributionsinKindSECTION4.03.TaxWithholdingARTICLEVAllocationsandOtherTaxMattersSECTION5.01.CapitalAccountsSECTION5.02.AllocationofNetProfitsandNetLossesSECTION5.03.DefinitionofNetProfitsandNetLossesSECTION5.04.FederalIncomeTaxAllocationsSECTION5.05.ElectionsSECTION5.06.FiscalYearSECTION5.07.TaxMattersPartnerSECTION5.08.OtherTaxMattersARTICLEVIManagementSECTION6.01.DelegationofAuthoritySECTION6.02.ManagementCommitteeSECTION6.03.Employees;OfficersSECTION6.04.BusinessPlanSECTION6.05.MattersRequiringtheConsentofAllMembersARTICLEVIIDisputeResolutionSECTION7.01.NegotiationSECTION7.02.DisputeResolutionARTICLEVIIIBooksandRecordsSECTION8.01.BooksandRecordsSECTION8.02.ReportstoMembers;BudgetsARTICLEIXAdmissionofMembers;TransfersSECTION9.01.AdmissionofSubstituteorAdditionalMembersSECTION9.02.RestrictiononTransferSECTION9.03.RightofFirstRefusalARTICLEXExculpationandIndemnificationSECTION10.01.ExculpationandIndemnificationSECTION10.02.LiabilityoftheMembersARTICLEXIDissolution,LiquidationandTransferSECTION11.01.DissolutionSECTION11.02.LiquidationSECTION11.03.TimeLimitationSECTION11.04.MandatoryTransfersSECTION11.05.ClaimsofMembersARTICLEXIIBBBLoanSECTION12.01.BBBLoanARTICLEXIIIAgreementNotToCompeteSECTION13.01.AgreementNotToCompeteSECTION13.02.EnforcementARTICLEXIVMiscellaneousSECTION14.01.AmendmentsSECTION14.02.NoticesSECTION14.03.CounterpartsSECTION14.04.SeverabilitySECTION14.05.NoThird-PartyBeneficiariesSECTION14.06.GoverningLawSECTION14.07.PublicitySECTION14.08.WAIVEROFJURYTRIALSECTION14.09.ConsenttoJurisdictionSECTION14.10.HeadingsSECTION14.11.SurvivalSECTION14.12.NoWaiverSECTION14.13.EntireAgreementSECTION14.14.FurtherAssuranceEXHIBITAAddressesforNoticesEXHIBITBManagementCommitteeLIMITEDLIABILITYCOMPANYAGREEMENTdatedasof_________(M,D,Y),betweenAAAINC.,aNewYorkcorporation(AAA),andBBBCORPORATION,a_________(STATE)corporation(BBB).WHEREAS,havingformedalimitedliabilitycompanywiththenameCCC,LLC(theCompany)undertheAct(ashereinafterdefined)bythefilingofaCertificateofFormationwiththeSecretaryofStateoftheStateof_________onthedatehereof,thepartiesheretonowdesiretoenterintothisAgreementtogoverntheirrightsandobligationsasmembersthereof;WHEREAS,immediatelyfollowingtheexecutionanddeliveryofthisAgreement,AAAadBBBareenteringintotheContributionAgreementdatedasofthedatehereof(theContributionAgreement),amongAAA,BBBandtheCompany;andWHEREAS,simultaneouslywiththeexecutionanddeliveryoftheContributionAgreement,AAAandtheCompanyareenteringintotheLicenseAgreementandBBBandtheCompanyareenteringintotheBBBServicesAgreement.NOW,THEREFORE,inconsiderationofthepremisesandthemutualagreementsherein,andforothergoodandvaluableconsideration,thereceiptandadequacyofwhichareherebyacknowledged,thepartieshereto,intendingtobelegallyboundbythetermshereofapplicabletoeachofthem,herebyagreeasfollows:ARTICLEIDefinitionsSECTION1.01.Definitions.Whenusedherein,thefollowingtermshavethefollowingmeanings:Actmeansthe_________LimitedLiabilityCompanyActasineffectfromtimetotime,oranysuccessorstatute.Affiliatemeans,withrespecttoanyPerson,anyotherPersondirectlyorindirectly,throughoneormoreintermediaries,ControllingorControlledbyorundercommonControlwithsuchPerson.AgreementmeansthisLimitedLiabilityCompanyAgreementasitmaybeamended,supplementedorotherwisemodifiedfromtimetotime.ArbitratorhasthemeaningassignedtothatterminSection7.02.BusinessmeansthebusinessconductedbytheCompany,whichshallbethebusinessesconductedwiththeassetscontributedtotheCompanybyBBBpursuanttotheContributionAgreementassuchbusinessesmaybeexpandedorotherwisechangedfromtimetotimebytheCompanypursuanttothetermshereof.BusinessDaymeansadaythatisnotaSaturday,SundayorotherdayonwhichbankinginstitutionsintheStateofNewYorkareauthorizedorrequiredbylaw,regulationorexecutiveordertobeclosed.BusinessPlanhasthemeaningassignedtothatterminSection6.04.CapitalAccounthasthemeaningassignedtothatterminSection5.01.AAAhasthemeaningassignedtothatterminthepreamble.AAACompetitiveActivitieshasthemeaningassignedtothatterminSection13.01(b).CertificateofFormationmeanstheCertificateofFormationoftheCompanyasfiledwiththeSecretaryofStateoftheStateof_________onthedatehereof,asthesamemaybeamended,modifiedorotherwisesupplementedfromtimetotimeinaccordancewiththetermshereof.CodemeanstheInternalRevenueCodeof1986,asamendedfromtimetotime.Companyhasthemeaningassignedtothatterminthepreamble.ContributionAgreementhasthemeaningassignedtothatterminthepreamble.Controlmeansthepossession,directlyorindirectly,ofthepowertodirectorcausethedirectionofthemanagementorpoliciesofaPerson,whetherthroughtheownershipofvotingsecuritiesorgeneralpartnershipormanagingmemberinterests,bycontractorotherwise,andControllingandControlledshallhavemeaningscorrelativethereto.Withoutlimitingthegeneralityoftheforegoing,aPersonshallbedeemedtoControlanyotherPersoninwhichitowns,directlyorindirectly,amajorityoftheownershipinterestsoramajorityofalloutstandingvotingstockofsuchPerson.BBBhasthemeaningassignedtothatterminthepreamble.BBBChangeofControlhasthemeaningassignedtothatterminSection11.04.BBBCompetitiveActivitieshasthemeaningassignedtothatterminSection13.01(a)(i).BBBLoanhasthemeaningassignedtothatterminSection12.01.BBBOfferhasthemeaningassignedtothatterminSection11.04.BBBServicesAgreementmeanstheServicesAgreementdatedasofthedatehereof,amongBBBandtheCompany.DefinitiveDocumentsmeansthisAgreement,theContributionAgreement,theLicenseAgreement,theBBBServicesAgreementandallotheragreementsanddocumentscontemplatedbyanyoftheforegoing,asthesamemaybeamended,supplementedorotherwisemodifiedinaccordancewiththetermshereoforthereof,asapplicable.DetrimentalActivitieshasthemeaningassignedtothatterminSection13.01.InitialCapitalContributionshasthemeaningassignedtothatterminSection3.01.InterestmeanstheinterestofaMemberintheCompanyatanyparticulartime,includingtherightofsuchMembertoanyandallbenefitstowhichsuchMembermaybeentitledasprovidedinthisAgreement,togetherwiththeobligationsofsuchMembertocomplywithallthetermsandprovisionsofthisAgreement.LicenseAgreementmeanstheLicenseAgreementdatedasofthedatehereof,amongAAAandtheCompany.ManagementCommitteehasthemeaningassignedtothatterminSection6.01.MemberNonrecourseDebtmeansanyCompanyliability(orportionthereof)thatisapartnernonrecoursedebtwithinthemeaningofTreasuryRegulationSection1.704-2(b)(4).MembersmeansAAAandBBBandanyPersonsadmittedasadditionalorsubstituteMembersoftheCompanypursuanttoSection9.01.MembershipPercentagesmeans,withrespecttoeachMember,suchMember’sownershipInterestintheCompany,expressedasapercentage.TheinitialMembershipPercentagesare50%withrespecttoAAAand50%withrespecttoBBB.NegotiationPeriodhasthemeaningassignedtothatterminSection7.02.NetLosseshasthemeaningassignedtothatterminSection5.03.NetProfitshasthemeaningassignedtothatterminSection5.03.NonsellingMemberhasthemeaningassignedtothatterminSection9.03.OfferNotificationhasthemeaningassignedtothatterminSection9.03.Personmeansanyindividual,corporation,partnership,jointventure,limitedliabilitycompany,limitedliabilitypartnership,association,joint-stockcompany,trust,unincorporatedorganizationorotherorganization,whetherornotalegalentity,andanygovernmentalauthority.Section704(c)PropertymeansanypropertythatiscontributedtotheCompanyatatimewhenitsadjustedtaxbasisdiffersfromitsfairmarketvalueandanyCompanypropertythatisthesubjectofarevaluationpursuanttoTreasuryRegulationSection1.704-1(b)(2)(iv)(f)atatimewhenitsadjustedtaxbasisdiffersfromitsfairmarketvalue.SellingMemberhasthemeaningassignedtothatterminSection9.03.SubmissionDatehasthemeaningassignedtothatterminSection7.02.ThirdPartyOfferhasthemeaningassignedtothatterminSection9.03.Transfermeans,withrespecttoanyitemofproperty,anydirectorindirectsale,assignment,dispositionoforothertransfer,pledgeorencumbranceofsuchitem,andTransferredhasameaningcorrelativetotheforegoing.TriggeringEventhasthemeaningassignedtothatterminSection11.04.SECTION1.02.DefinitionsGenerally.DefinitionsinthisAgreementapplyequallytoboththesingularandpluralformsofthedefinedterms.Thewordsincludeandincludingshallbedeemedtobefollowedbythephrasewithoutlimitationwhensuchphrasedoesnototherwiseappear.Thetermsherein,hereofandhereunderandotherwordsofsimilarimportrefertothisAgreementasawholeandnottoanyparticularsection,paragraphorsubdivision.ThearticleandsectiontitlesappearasamatterofconvenienceonlyandshallnotaffecttheinterpretationofthisAgreement.Allarticle,section,paragraph,clause,exhibitorschedulereferencesnotattributedtoaparticulardocumentshallbereferencestosuchpartsofthisAgreement.ARTICLEIIGeneralProvisionsSECTION2.01.Formation.TheCompanyhasbeenformedasalimitedliabilitycompanypursuanttotheprovisionsoftheActbythefilingoftheCertificateofFormationwiththeSecretaryofStateoftheStateof_________.Eachmemberherebyadopts,confirmsandratifiestheCertificateofFormationandallactstakeninconnectiontherewith.SECTION2.02.Name.ThenameoftheCompanyisCCC,LLC.TheManagementCommitteemaychangethenameoftheCompanyoradoptsuchtradeorfictitiousnamesasitmaydeterminewiththeapprovaloftheMembers.SECTION2.03.Term.ThetermoftheCompanybeganonthedatehereofandshallcontinueinperpetuityoruntilterminatedinaccordancewiththetermshereof.SECTION2.04.Purpose.ThepurposeoftheCompanyshallbetocarryonanylawfulbusiness,purposeoractivityforalimitedliabilitycompanyundertheAct.SECTION2.05.RegisteredOffice/Agent.TheregisteredofficeoftheCompanyintheStateof_________isTheCorporationTrustCompany,CorporationTrustCenter,_________(ADDRESS).ThenameandaddressoftheregisteredagentoftheCompanyforserviceofprocessontheCompanyintheStateof_________isTheCorporationTrustCompany,CorporationTrustCenter,_________(ADDRESS).SECTION2.06.PrincipalOffice.TheCompany’sprincipalplaceofbusinesswillbeat_________(ADDRESS),orsuchotheraddressastheManagementCommitteeshallspecifyfromtimetotimebywrittennoticetotheMembers.SECTION2.07.Members.TheaddressesoftheinitialMembersareassetforthinExhibitAattachedhereto.ARTICLEIIICapitalContributionsSECTION3.01.InitialCapitalContributions.PursuanttotheContributionAgreement,eachoftheMemberswillmakeaninitialcapitalcontribution(theInitialCapitalContributions)assetforthintheContributionAgreementinexchangeforthetheirrespectiveInterests.TheInitialCapitalContributionsmadebyeachoftheMembersaredeemedtohaveequaldiscountedpresentvalues.SECTION3.02.AdditionalCapitalContributions.UponrequestfromtheManagementCommittee,andsubjecttotheunanimousconsentandapprovaloftheMembers,theMemberswillmakeadditionalcapitalcontributionstotheCompanyproratainaccordancewiththeirrespectiveMembershipPercentages.SECTION3.03.Withdrawals,InterestandCapitalAccounts.NomembershallhavetherighttowithdrawanypartofitscapitalcontributionortoreceiveanydistributionexceptinaccordancewiththeprovisionsofthisAgreement.NointerestshallbepaidonanycapitalcontributiontotheCompanyexceptasmaybesetforthinthisAgreement.AmembershallnothaveanyobligationtotheCompanyortoanyotherMembertorestoreanynegativebalanceintheCapitalAccountofsuchMember.ARTICLEIVDistributionsSECTION4.01.Distributions.TheCompanywillmakecashdistributionstotheMembersinaccordancewiththeirMembershipPercentagesatsuchtimesandinsuchamountsastheManagementCommitteeshalldetermineinitssolediscretion.SECTION4.02.DistributionsinKind.TheCompanyshallnotdistributeanyassetsinkindunlessapprovedbyalloftheMembers.Suchpropertydistributionsshallbedistributedbasedupontheirfairmarketvalueinthesameproportionsasifcashweredistributed.Ifcashandpropertyinkindaretobedistributedsimultaneously,theCompanyshalldistributesuchcashandpropertyinkindinthesameproportiontoeachMember,unlessotherwiseagreedbytheMembers.SECTION4.03.TaxWithholding.Notwithstandinganyprovisionhereintothecontrary,theManagementCommitteemaytakeanyandallactionsthatitdeterminestobenecessaryorappropriatetoensurethattheCompanysatisfiesanyandallwithholdingandtaxpaymentobligationsunderSection1441,1445or1446oftheCodeoranyotherprovisionoftheCodeorotherapplicablelaw.Withoutlimitingthegeneralityoftheforegoing,theManagementCommitteemaywithholdanyamountoftaxesthatitdeterminesisrequiredtobewithheldfromamountsotherwisedistributabletoanyMemberpursuanttothisArticleIV;provided,however,thatsuchamountshallbedeemedtohavebeendistributedtosuchMemberforpurposesofapplyingthisAgreement.ARTICLEVAllocationsandOtherTaxMattersSECTION5.01.CapitalAccounts.(a)ThereshallbeestablishedforeachMemberonthebooksoftheCompanyanaccount(aCapitalAccount)tobemaintainedpursuanttothisAgreement.TheCapitalAccountofeachMembershallbecreditedwith(i)theamountofallcashcontributedbyaMembertotheCompany,(ii)thefairmarketvalueofanypropertycontributedtotheCompany(netofanyliabilitiessecuredbysuchpropertythattheCompanyisconsideredtoassumeortakesubjecttounderSection752oftheCode)and(iii)theamountofanyNetProfits(oritemsofincome)allocatedtoaMemberpursuanttoSection5.02,andshallbedecreasedby(a)theamountofanycashdistributedtoaMemberbytheCompany,(b)thefairmarketvalueofanypropertydistributedtoaMemberbytheCompany(netofanyliabilitiessecuredbysuchdistributedpropertythatsuchMemberisconsideredtoassumeortakesubjecttounderSection752oftheCode),(c)theamountofanyexpenditureoftheCompanydescribedinSection705(a)(2)(B)oftheCode(ortreatedasaSection705(a)(2)(B)expenditureforpurposesofSection704(b)oftheCode)thatisallocabletoaMemberand(d)theamountofanyNetLosses(oritemoflossordeduction)allocatedtoaMemberpursuanttoSection5.02.TheCapitalAccountsoftheMembersshallalsobeadjustedappropriatelyfortheirrespectivesharesofanyotheradjustmentrequiredunderTreasuryRegulationSections1.704-1(b)and1.704-2.(b)IntheeventthatanyInterestintheCompanyisTransferred,thetransfereeofsuchInterestshallsucceedtotheprorataportionofthetransferor’sCapitalAccountattributabletosuchInterest.(c)UpontheoccurrenceofanyeventspecifiedinTreasuryRegulationSection1.704-1(b)(2)(iv)(f),theManagementCommitteemaycausetheCapitalAccountsoftheMemberstobeadjustedtoreflectthefairmarketvalueoftheCompany’spropertyatsuchtime,asprovidedinsuchregulation.SECTION5.02.AllocationofNetProfitsandNetLosses.(a)SubjecttoSection5.02(b),theNetProfitsandNetLossesoftheCompanyforeachtaxableyearshallbeallocatedamongtheMembersproratainproportiontotheirrespectiveMembershipPercentages.(b)NotwithstandingSection5.02(a),specialallocationsofNetProfits,NetLossesorspecificitemsofincome,gain,lossordeductionmayberequiredforanytaxableyearasfollows:(i)TheCompanyshallallocateitemsofCompanyincomeandgainamongtheMembersatsuchtimesandinsuchamountsasnecessarytosatisfytheminimumgainchargebackrequirementsofTreasuryRegulationSections1.704-2(f)and1.704-2(i)(4).(ii)AnydeductionsattributabletoMemberNonrecourseDebtshallbeallocatedamongtheMembersthatbeartheeconomicriskoflossforsuchMemberNonrecourseDebtinaccordancewiththeratiosinwhichsuchMemberssharesucheconomicriskoflossandinamannerconsistentwiththerequirementsofTreasuryRegulationSections1.704-2(c),1.704-2(i)(2)and1.704-2(j)(1).(iii)TheCompanyshallspeciallyallocateNetLossesanditemsofincomeandgainwhenandtotheextentrequiredtosatisfythequalifiedincomeoffsetrequirementwithinthemeaningofTreasuryRegulationSection1.704-1(b)(2)(ii)(d).(iv)Duringthetaxableyearinwhichaliquidationoccurs,theCompanyshallallocateNetProfitsorNetLossesandanyotheritemallocabletosuchtaxableyearsuchthatthebalanceineachMember’sCapitalAccountequalstheamounttobedistributedtothatMemberpursuanttoSection11.02(b).(v)IntheeventaMember’scontributiontotheCompanycausesanyMembertorecognizeincomeforFederalincometaxpurposes,theentireamountofanydeductionsassociatedwithsuchcontributionshallbeallocatedtotheMemberthatrecognizesincomeor,ifmorethanoneMemberrecognizesincomeasaresultofsuchcontributionstotheCompany,shallbeallocatedproportionatelybasedupontheamountofincomesorecognizedbyeachMember.SECTION5.03.DefinitionofNetProfitsandNetLosses.TheNetProfitsorNetLossesoftheCompany,asappropriate,shallbethetaxableincomeortaxlossoftheCompanyasdeterminedforFederalincometaxpurposesforagiventaxableyear,takingintoaccountanyseparatelystateditems,increasedbytheamountofanytaxexemptincomeoftheCompanyduringsuchtaxableyearanddecreasedbytheamountofanyCodeSection705(a)(2)(B)expenditures(withinthemeaningofTreasuryRegulationSection1.704-1(b)(2)(iv)(i))oftheCompanyduringsuchtaxableyear;provided,however,thatitemsofincome,gain,lossanddeductionattributabletoSection704(c)PropertyshallbedeterminedinaccordancewiththeprinciplesofTreasuryRegulationSection1.704-1(b)(2)(iv)(g).SECTION5.04.FederalIncomeTaxAllocations.Section5.02providesfortheallocationofNetProfitsandNetLossesforaccountingandCapitalAccountmaintenancepurposes.TheCompany’sordinaryincomeandlossesandcapitalgainsandlossesasdeterminedforFederalincometaxpurposes(andeachitemofincome,gain,lossordeductionenteringintothecomputationthereof)shallbeallocatedtotheMembersinthesameproportionsasthecorrespondingbookitemsareallocatedpursuanttotheprecedingprovisionsofthisArticleV;provided,however,thatitemsofincome,gain,lossanddeductionrelatingtoSection704(c)PropertyshallbeallocatedinaccordancewithSection704(c)(1)(A)oftheCodeandtheTreasuryRegulationsthereunder.ItemsdescribedinthisSectionshallneitherbecreditednorchargedtotheMembers’CapitalAccounts.SECTION5.05.Elections.(a)TheManagementCommitteeshallcausetheCompanytomakeanelectionunderSection754oftheCodeuponreceiptofawrittenrequestthereforfromanytransfereeofanInterestpermittedhereunder.(b)TheMembersintendthattheCompanybetreatedasapartnershipforFederalincometaxpurposes.Accordingly,neithertheManagementCommitteenoranyMembershallfileanyelectiononbehalfoftheCompanythatisinconsistentwiththatintent.(c)Exceptasotherwiseexpresslyprovidedherein,anytaxelectionsrequiredorpermittedtobemadebytheCompanyundertheCodeorotherwiseshallbemadeinsuchmannerasmaybereasonablydeterminedbytheManagementCommittee.SECTION5.06.FiscalYear.ThefiscalyearoftheCompanyshallendonthelastdayofDecemberofeachyear.SECTION5.07.TaxMattersPartner.BBB,orsuchotherMemberasshallbedesignatedbyamajorityinMembershipPercentage,shallbethetaxmatterspartneroftheCompanywithinthemeaningofSection6231(a)(7)oftheCodeandshallactinanysimilarcapacityunderstateorlocaltaxlaw.ThedesignatedMembershallkeepeachotherMemberfullyinformedregardingmattersforwhichitisresponsiblewhileactinginsuchcapacity.ThedesignatedMembershallperformonlyministerialdutiesinitscapacityastaxmatterspartnerandshallnottakeanymaterialactioninsuchcapacitywithouttheconsentoftheManagementCommittee.AllreasonableexpensesincurredbythetaxmatterspartnerwhileactinginsuchcapacityshallbepaidorreimbursedbytheCompany.SECTION5.08.OtherTaxMatters.TheMembersagreetotreatcontributionsmadepursuanttotheContributionAgreementasgovernedbySection721oftheCode,unlessafinaldetermination(whichshallincludetheexecutionofaForm870-ADorsuccessorform)requiresadifferenttreatmentforU.S.Federalincometaxpurposes.IntheeventthatanytaxingauthoritycontestssuchagreedtreatmentofthecontributionsorthetreatmentofanyotheritemasagreedtobytheMembersintheDefinitiveDocuments,aMemberreceivingnoticeofsuchcontestfromsuchtaxingauthorityshallpromptlygivewrittennoticeofsuchcontesttoeachotherMember.SuchotherMembersmay,attheirownexpense,participateinthedefenseofsuchcontest.TheMembersshallreasonablycooperateindefendinganysuchcontest,andnoMembershallsettleorotherwisecompromisesuchacontestwithoutthewrittenconsentoftheotherMembers(whichshallnotbeunreasonablydelayedorwithheld).IntheeventofaMember’srefusaltoconsenttoasettlement,suchMembershall,totheextentpermittedbylaw,assumecontrolofthedefenseofsuchcontest,andsuchMembershallbearanylegalfeesincurredbysuchMemberinundertakingsuchdefensetotheextentincurredaftertheassumption.ARTICLEVIManagementSECTION6.01.DelegationofAuthority.Exceptasotherwiseprovidedherein,eachoftheMembersagreethatthepowertodirectandcontroltheCompanyshallbedelegatedtoamanagementcommittee(theManagementCommittee).ApprovaloractiontakenbytheManagementCommitteeinaccordancewiththisAgreementshallconstituteapprovaloractionbytheCompanyandshallbebindingoneachMember.SECTION6.02.ManagementCommittee.(a)VotingandMembers.(i)AAAshallappointthreemembersoftheManagementCommitteeandBBBshallappointthreemembersoftheManagementCommittee.EachmemberoftheManagementCommittee,includinganyalternatememberdesignatedbyanyMember,shallbeanemployeeoftheMembermakingsuchappointmentoranemployeeoftheCompany.TheinitialmembersandalternativemembersoftheManagementCommitteeandtheirrespectivetelephoneandtelecopiernumbersaresetforthinExhibitB.(ii)ForpurposesofanyapprovaloractiontakenbytheManagementCommittee,eachmemberoftheManagementCommitteeshallhaveonevote.Exceptassetforthherein,amajorityvoteofallofthemembersoftheManagementCommitteeshallconstituteactiononthatmatterthatisbindingupontheCompanyandtheMembers.IntheeventthattheVoteoftheManagementCommitteeisevenlydivided,andthemembersoftheManagementCommitteecannotresolvesuchconflictbygoodfaithnegotiationwithin15days,theManagementCommitteeshall,bywrittennoticetotheMembers,submitsuchissueforresolutionassetforthinArticleVIIhereof.(iii)ThequorumnecessaryforanymeetingoftheManagementCommitteeshallbethosemembersentitledtocastallofthevotesheldbythemembersoftheManagementCommittee.Aquorumshallbedeemednotbepresentatanymeetingforwhichnoticewasnotproperlygivenasprovidedforherein,unlessthememberormembersastowhomsuchnoticewasnotproperlygivenattendsuchmeetingwithoutprotestingthelackofnoticeordulyexecuteanddeliverawrittenwaiverofnoticeorawrittenconsenttotheholdingofsuchmeeting.(iv)EachMembershallbeentitledtonameanalternatemembertoserveintheplaceofanymemberoftheManagementCommitteeappointedbysuchMembershouldanysuchmembernotbeabletoattendameetingormeetingsoftheManagementCommittee.EachmemberoralternatemembershallserveattherequestofthedesignatingMemberandmayberemovedassuchbythedesignatingMemberwithorwithoutcause.EachMembershallbearanycostincurredbyanymemberdesignatedbyittoserveontheManagementCommittee,andnomemberoftheManagementCommitteeshallbeentitledtocompensationfromtheCompanyforservinginsuchcapacity.EachmembershallnotifytheotherMemberandtheCompanyofthename,businessaddressandbusinesstelephoneandfacsimilenumbersofeachmemberandeachalternatememberthatsuchMemberhasappointedtotheManagementCommittee.EachMembershallpromptlynotifytheotherMember