The Operating Agreement Sample Clauses
The Operating Agreement clause defines the foundational contract that governs the internal operations, management structure, and member relationships of a limited liability company (LLC). It typically outlines procedures for decision-making, profit distribution, member roles, and dispute resolution, applying to all members and managers of the LLC. By clearly establishing the rules and expectations for how the business will be run, this clause ensures organizational clarity and helps prevent conflicts among members.
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The Operating Agreement. The operating agreement of the Merger Sub in effect immediately prior to the Effective Time shall be the operating agreement of the Surviving Company (the “Operating Agreement”), until thereafter amended as provided therein or by applicable law.
The Operating Agreement. The list of documents comprising the Operating Agreement attached hereto as Schedule 2 to this Agreement is true, accurate and complete Operating Agreement and, except as set forth therein, the Operating Agreement has not been modified or amended. Neither Seller nor, to Seller's knowledge, any of the parties to the Operating Agreement is in default under the Operating Agreement that remains uncured (and Seller has no knowledge of any event or condition which, with the passage of time or the giving of notice, would constitute a material default thereunder). To Seller's knowledge, the Operating Agreement is in full force and effect. Notwithstanding anything to the contrary contained herein, Seller shall have no obligation or liability to Buyer with respect to any of the foregoing matters which shall be confirmed as correct in any Anchor Estoppel Certificate, determined on a case by case basis.
The Operating Agreement. The LLC, and the Parties ----------------------- obligations and duties in connection therewith, shall be governed by the Operating Agreement which will be executed immediately prior to or concurrently with the Detoxahol Transfer, and is incorporated as though fully set forth herein.
The Operating Agreement. The respective rights and obligations of Oxis and ▇▇▇▇▇▇ relating to the Company, its management and operations, and their ownership and disposition of their Shares, will be governed by the provisions of the Operating Agreement. To the extent there is any inconsistency between the provisions of this Agreement and the Operating Agreement, the provisions of this Agreement will govern.
The Operating Agreement. The Parties hereto shall execute the Operating Agreement attached as Exhibit "C" contemporaneously with the execution of this Joint Venture Agreement. Article VI of the Operating Agreement is intended by the Parties to contain their full and complete understanding with respect to the development of the Contract Area and with respect to all oil and gas ▇▇▇▇▇ to be drilled by the Parties within the Contract Area. The Parties further agree to enter into separate Operating Agreements in the same form as Exhibit "C" for any Additional Contract Areas developed by the Parties.
The Operating Agreement