AMENDED AND RESTATED OPERATING AGREEMENT OF PACKERTON LAND COMPANY, L.L.C.
Exhibit 3.708
This Amended and Restated Operating Agreement (the “Agreement”) is executed as of November 4,
1998, by Liberty Waste Services Limited, L.L.C, a Delaware limited liability company (the
“Member”), as the sole member of the Company.
SECTION 1. DEFINITIONS; THE COMPANY
1.1 Definitions. Capitalized words and phrases used in this Agreement shall have the meanings
set forth in Section 8.6 hereof.
1.2 Formation. The Company has been formed as a limited liability company pursuant to the
provisions of the Act and upon the terms and conditions set forth in this Agreement and the
Certificate of Formation. This Agreement amends and restates in its entirety any previous operating
agreement of the Company.
1.3 Name. The name of the company governed by this Agreement is Packerton Land Company, L.L.C.
(the “Company”). The name of the Company may be changed at any time by the Member.
1.4 Purpose. The purpose of the Company is primarily to engage in and conduct the business of
solid waste management and disposal, and to engage in any other business or activity permitted
under Delaware law and the laws of any jurisdiction in which the Company may do business.
1.5 Intent. It is the intent of the Member that the Company be treated as a separate entity
for state law purposes, but be disregarded as an entity and operated in a manner consistent with
its treatment as a “division” of the Member for federal and state income tax purposes. It also is
the intent of the Member that the Company not be operated or treated as a “partnership” for
purposes of Section 303 of the federal Bankruptcy Code.
1.6 Office. The registered office of the Company within the State of Delaware shall be
Corporation Trust Center, 0000 Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxx of New Castle. The registered
office may be changed to any other place within the State of Delaware upon the consent of the
Member. The Company may maintain a registered office in any state within which it does business at
any location approved by the Member.
1.7 Registered Agent for Service of Process. The name and address of the registered agent for
service of legal process on the Company in Delaware are The Corporation Trust Company, Corporation
Trust Center, 0000 Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx. The Company’s agent for service of legal
process may be changed upon the consent of the Member.
1.8 Term. The term of the Company shall continue in perpetuity until the Company is
dissolved as set forth in this Agreement.
1.9 Certificate of Formation. The Member shall file any amendments to the Certificate of
Formation deemed necessary by it to reflect the provisions of this Agreement or any amendments to
this Agreement adopted by the Member in accordance with the terms hereof. Upon the approval of the
Certificate of Formation, or any amendments thereto, by the Member in accordance with this
Agreement, the Member or a designee of a Member shall be authorized to execute and file such
instruments with the appropriate state agencies.
SECTION 2. MEMBER; CAPITAL CONTRIBUTIONS; LOANS
2.1 Member. The name of the sole Member is set forth in the heading of this Agreement.
2.2 Contributions of Member. The Member or its predecessor previously contributed capital to
the Company, as reflected in the books and records of the Company.
2.3 Additional Capital Contributions. The Member shall not be obligated to make additional
Capital Contributions to the Company.
2.4 Limitations Pertaining to Capital Contributions.
(a) Liability of Member. The Member shall not be liable for the debts, liabilities, contracts
or any other obligations of the Company. Except as agreed upon by the Member, and except as
otherwise provided by the Act or by any other applicable state law, the Member shall be liable only
to make the Capital Contributions as provided in Sections 2.2 and 2.3 hereof and shall not be
required to make any other Capital Contributions or loans to the Company
(b) No Third Party Rights. Nothing contained in this Agreement is intended or will be deemed
to benefit any creditor of the Company, and no creditor of the Company will be entitled to require
the Member to make additional Capital Contributions.
2.5 Member Loans. The Member, in its sole discretion, may make loans (“Member Loans”) to the
Company, which shall bear interest and be repaid on such reasonable terms and conditions as may be
approved by the Member.
SECTION 3. DISTRIBUTIONS
Except as otherwise provided in Section 7 hereof, Net Cash Flow, if any, shall be distributed
to the Member, at such times as may be determined by the Member.
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SECTION 4. ALLOCATIONS
Unless otherwise required by the Code, all Profits, Losses and items thereof for each fiscal
year of the Company shall be allocated to the Member in full, disregarding the Company as a
separate entity for federal income tax purposes.
SECTION 5. MANAGEMENT
5.1 General Management Structure. All decisions and actions concerning the Company and its
affairs shall be made or taken by the Member. Any party dealing with the Company shall be permitted
to rely absolutely on the signature of the Member as binding on the Company, without any duty of
further inquiry.
5.2 Delegation of Authority to Officers. The Member may designate one or more Persons as
officers of the Company. The officers shall have the authority to act for and bind the Company to
the extent of the authority granted to them in resolutions adopted by the Member on behalf of the
Company. The officers of the Company may include a president, vice presidents, a secretary, a
treasurer, and such other officers as the Member deems appropriate. The officers of the Company
will be entitled to such compensation for their services as the Member may determine from time to
time.
5.3 Indemnification. The Company, its receiver or its trustee shall defend, indemnify and save
harmless the Member, its officers and directors, and the officers of the Company (the “Indemnified
Parties”) from and against all losses, claims, costs, liabilities and damages incurred by them by
reason of any act performed or omitted to be performed by them in connection with the business of
the Company, including attorneys’ fees incurred by them in connection with the defense of any
action based on any such act or omission; provided, however, no Indemnified Party shall be
indemnified from any liability for fraud, bad faith, willful misconduct or gross negligence.
SECTION 6. BOOKS AND RECORDS; TRANSFERS
6.1 Books and Records. The Company shall maintain and preserve at its office all accounts,
books and other relevant Company documents.
6.2 Transfers. No interest of the Company may be assigned, transferred, or otherwise disposed
of without the consent of the Member. Any attempted transfer, assignment, encumbrance,
hypothecation or other disposition shall be null and void.
SECTION 7. DISSOLUTION AND TERMINATION
7.1 Dissolution. The Company shall dissolve upon the first to occur of any of the following
events:
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(a) The sale of all or substantially all of the Company’s assets and the collection of the
proceeds of such sale;
(b) The decision by the Member to dissolve the Company; or
(c) The entry of a decree of dissolution under Section 18-802 of the Act.
7.2 Winding Up.
(a) General. Following the dissolution of the Company, as provided in Section 7.1 hereof, the
Member may participate in the winding up of the Company as provided in Section 18-803 of the Act.
The Company shall cease to carry on its business, except insofar as may be necessary for the
winding up of its business, but the Company’s separate existence shall continue until a certificate
of cancellation has been filed with the Delaware Secretary of State or until a decree dissolving
the Company has been entered by a court of competent jurisdiction.
(b) Liquidation and Distribution of Assets. Upon the dissolution of the Company, the Member,
or court-appointed trustee, if there is no remaining Member, shall take full account of the
Company’s liabilities and assets, and such assets shall be liquidated as promptly as is consistent
with obtaining the fair value thereof. During the period of liquidation, the business and affairs
of the Company shall continue to be governed by the provisions of this Agreement, with the
management of the Company continuing as provided in Section 5 hereof. The proceeds from liquidation
of the Company’s property, to the extent sufficient therefor, shall be applied and distributed in
the following order:
(i) To the payment and discharge of all of the Company’s debts and liabilities, including
those to the Member as a creditor, to the extent permitted by law, and the establishment of any
necessary reserves;
(ii) To the Member in satisfaction of any Member Loans which have not been satisfied pursuant
to Section 7.2(b)(i); and
(iii) To the Member in accordance with Section 3.
7.3 Certificate of Cancellation. When all debts, liabilities and obligations of the Company
have been paid and discharged or adequate provisions have been made therefor and all of the
remaining property and assets of the Company have been distributed to the Member, a certificate of
cancellation shall be executed and filed by the Member with the Delaware Secretary of State.
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SECTION 8. MISCELLANEOUS
8.1 Binding Effect. Except as otherwise provided in this Agreement, every covenant, term and
provision of this Agreement shall be binding upon and inure to the benefit of the Member and its
legal representatives, successors, transferees and assigns.
8.2 Headings. Section and other headings contained in this Agreement are for reference
purposes only and are not intended to describe, interpret, define or limit the scope, extent or
intent of this Agreement or any provision hereof.
8.3 Severability. Every provision of this Agreement is intended to be severable. If any term
or provision hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity
shall not affect the validity or legality of the remainder of this Agreement.
8.4 Variation of Pronouns. All pronouns and any variations thereof shall be deemed to refer
to masculine, feminine or neuter, singular or plural, as the identity of the Person or Persons may
require.
8.5 Delaware Law. The laws of the State of Delaware shall govern the validity of this
Agreement, the construction of its terms and the interpretation of the rights and duties of the
Member.
8.6 Glossary. For purposes of this Agreement, the following terms shall have the meanings
specified in this Section:
“Act” means the Delaware Limited Liability Company Act, as set forth in Del. Code Xxx. Tit. 6,
§ 18-101, et. seq., as amended from time to time (or any corresponding provisions of succeeding
law).
“Agreement” means this Amended and Restated Operating Agreement, as amended from time to time.
Words such as “herein,” “hereinafter,” “hereof,” “hereto” and “hereunder,” refer to this Agreement
as a whole, unless the context otherwise requires.
“Capital Contribution” means, with respect to any Member, the amount of money and the net fair
market value of property (other than money) contributed to the Company by such Member.
“Certificate of Formation” has the meaning given that term in Section 1.2 hereof.
“Code” means the Internal Revenue Code of 1986, as amended from time to time (or any
corresponding provisions of succeeding law).
“Company” means the limited liability company governed by this Agreement and any limited
liability company continuing the business of this Company in the event of dissolution as herein
provided.
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“Member” means any Person identified as a Member in the heading to this Agreement, or any
other Person admitted as a Member pursuant to the terms of this Agreement. “Member” refers
collectively to all Persons who are designated as a “Member” pursuant to this definition.
“Net Cash Flow” means the gross cash proceeds to the Company from all sources, less the
portion thereof used to pay or establish reserves for Company expenses, debt payments (including
payments on Member Loans), capital improvements, replacements and contingencies, all as determined
by the Member.
“Person” means any individual, partnership, corporation, limited liability company, trust or
other entity.
“Profits” and “Losses” mean, for each fiscal year or other period, an amount equal to the
Company’s taxable income or loss for such year or period, determined in accordance with Code
Section 703(a), reduced by any items of income or gain subject to special allocation pursuant to
this Agreement, and otherwise adjusted by the Member to comply with the Regulations.
“Regulations” means the Income Tax Regulations promulgated under the Code, as such regulations
may be amended from time to time (including corresponding provisions of succeeding regulations).
IN WITNESS WHEREOF, the parties have entered into this Agreement as of the date first above
written.
| Liberty Waste Services Limited, L.L.C., a Delaware limited liability company |
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| By: | /s/ Xxxxxx X. Xxxxxx | |||
| Its: President | ||||
