Amendments to Operating Agreements Clause Samples
The "Amendments to Operating Agreements" clause defines the process and requirements for making changes to an existing operating agreement. Typically, this clause outlines who must approve amendments—such as a majority or unanimous vote of members—and may specify procedures like written consent or formal meetings. By establishing clear rules for modifying the agreement, this clause ensures that all parties understand how changes can be made, thereby preventing disputes and maintaining organizational stability.
Amendments to Operating Agreements. (a) For purposes of the Company Operating Agreement, the Contributor and the ▇▇▇▇ ▇▇▇▇▇ Annuity Trust shall be deemed to have Capital Contributions equal to, in the aggregate, $4,592,488.82, such that, among other things, the aggregate amount of their entitlement to distributions pursuant to Section 4.3(a)(i)(1) of the Company Operating Agreement shall equal $4,592,488.82. For the avoidance of doubt, the Contributor and the ▇▇▇▇ ▇▇▇▇▇ Annuity Trust shall be deemed to have such aggregate amount of Capital Contributions and an entitlement to such aggregate amount of distributions notwithstanding any actual or deemed transfer of Class D-1 Preferred Shares pursuant to that certain Share Purchase Agreement, dated as of May 11, 2016.
(b) For purposes of the Pharma Operating Agreement, the Contributor shall be deemed to have Capital Contributions equal to, in the aggregate, $10,907,511.18, such that, among other things, the aggregate amount of his entitlement to distributions pursuant to Section 4.3(a)(i)(1) of the Pharma Operating Agreement shall equal $10,907,511.18.
(c) The Company Operating Agreement and the Pharma Operating Agreement, including any schedules thereto, shall be deemed amended to the extent necessary to reflect the terms of this Section 5.
Amendments to Operating Agreements. Amend the existing operating agreement of any Subsidiary to include, or permit to exist an operating agreement of any new Subsidiary which includes, any provision which would (a) prohibit or restrict distributions by such Subsidiary to the Borrower under such operating agreement in respect of the ownership interest of the Borrower in such Subsidiary or in any restaurant or (b) decrease below 80% the percentage ownership interest of the Borrower in such Subsidiary or in any restaurant. 73 80 ARTICLE XI
Amendments to Operating Agreements. Holdings shall have amended the operating agreements of (i) SelectBuild Florida, LLC, (ii) A-1 Building Components, LLC, (iii) SelectBuild Mid-Atlantic, LLC, (iv) SelectBuild Trim, LLC, and (v) SelectBuild Mechanical, LLC, in form and substance reasonably satisfactory to the Administrative Agent, to address the provisions relating to (x) the restrictions upon transfer of membership interests and (y) the incapacity, death, bankruptcy or dissolution of a member.
Amendments to Operating Agreements. 73 ARTICLE XI Events of Default and Acceleration
Amendments to Operating Agreements. The Sellers and Mission Maryland shall cause (A) Chesapeake to amend and restate its operating agreement in form and substance reasonably acceptable to the Buyers, (B), MAR to amend and restate its operating agreement in form and substance reasonably acceptable to the Buyers, and (C) Mission Maryland to amend and restate its operating agreement in form and substance reasonably acceptable to the Buyers.