Exhibit 3.42
PJC ARLINGTON REALTY LLC
LIMITED LIABILITY COMPANY AGREEMENT
Dated as of January 8, 2002
LIMITED LIABILITY COMPANY AGREEMENT
OF
PJC ARLINGTON REALTY LLC
THIS LIMITED LIABILITY COMPANY AGREEMENT of PJC ARLINGTON REALTY LLC,
dated as of January 8, 2002, entered into by PJC SPECIAL REALTY HOLDINGS, INC.,
a Delaware corporation with its principal office at 00 Xxxxxxx Xxxxxx, Xxxxxxx,
Xxxxx Xxxxxx 00000 ("PJC SPECIAL"), as the sole Member and Manager of PJC
ARLINGTON REALTY LLC (the "COMPANY"),
WITNESSETH THAT:
WHEREAS, the Company shall be formed as a limited liability company
pursuant to the Delaware Limited Liability Company Act, 6 Del. C. Sections
18-101 ET SEQ. (as from time to time amended and including any successor statute
of similar import, the "ACT") as of and by the filing of a Certificate of
Formation (the "CERTIFICATE") in the office of the Secretary of State of
Delaware; and
WHEREAS, PJC Special wishes to set out its rights, obligations and
duties as the sole Member and Manager with respect to the Company and its
business, management and operations;
NOW, THEREFORE, the sole Member hereby constitutes a limited liability
company for the purposes and on the terms and conditions set forth in this
Agreement as follows:
ARTICLE 1
DEFINITIONS
Capitalized terms used in this Agreement shall have the meanings set
forth below or in the section of this Agreement referred to below:
"ACT" shall have the meaning set forth in the recitals to this
Agreement.
"AFFILIATE" shall mean, with respect to any Person, (i) in the case of
any such Person which is a partnership, any partner in such partnership; (ii)
any other Person which is a Parent, a Subsidiary, or a Subsidiary of a Parent
with respect to such Person or to one or more of the Persons referred to in
preceding clause (i); and (iii) any other Person who is an officer, director,
trustee or employee of, or partner in, such Person or any Person referred to in
the preceding clauses (i) and (ii); PROVIDED, HOWEVER, that such term shall not
include within its meaning the Company itself or a Subsidiary of the Company.
"AGREEMENT" shall mean this Limited Liability Company Agreement,
including all schedules and exhibits hereto, as it and they may be amended,
restated or supplemented from time to time as herein provided.
"AVAILABLE CASH" shall mean the excess of (i) the cash and short term
investments of the
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Company over (ii) any reserves established from time to time in accordance with
SECTION 4.3.
"CERTIFICATE" shall mean the Certificate of Formation of Limited
Liability Company of the Company as provided for pursuant to the Act, as
originally filed with the office of the Secretary of State of Delaware, as
amended and restated from time to time as herein provided.
"CODE" shall mean the Internal Revenue Code of 1986, as amended from
time to time, and any subsequent Federal law of similar import, and, to the
extent applicable, any Treasury Regulations promulgated thereunder.
"COMPANY" shall mean the limited liability company hereby established in
accordance with this Agreement, as such limited liability company may from time
to time be constituted.
"COMPANY INTEREST" shall mean the interest of the sole Member in the
Company, as expressed on Schedule A opposite such Member's name.
"ENTITY" shall mean any general partnership, limited partnership,
corporation, joint venture, trust, limited liability company, business trust,
cooperative, association, or governmental unit.
"FISCAL YEAR" shall mean the fiscal year of the Company and shall be the
same as the taxable year of its sole Member. Each Fiscal Year shall commence on
the day immediately following the last day of the immediately preceding Fiscal
Year.
"LIQUIDATING TRANSACTION" shall have the meaning set forth in SECTION
6.2.
"MANAGER" shall mean PJC Special.
"MEMBER" shall mean PJC Special.
"PARENT" shall mean, with respect to any Person, any Person which owns
directly, or indirectly through one or more Subsidiaries, twenty percent (20%)
or more of the voting or beneficial interest in, or otherwise has the right or
power (whether by contract, through ownership of securities or otherwise) to
control, such Person.
"PERSON" shall mean any individual or Entity, and the heirs, executors,
administrators, legal representatives, successors and assigns of such Person
where the context so admits.
"SUBSIDIARY" shall mean, with respect to any Person, any Entity (i) in
which such Person owns directly, or indirectly through one or more Subsidiaries,
twenty percent (20%) or more of the voting or beneficial interest; or (ii) which
such Person otherwise has the right or power to control (whether by contract,
through ownership of securities or otherwise).
"TREASURY REGULATIONS" shall mean the Federal income tax regulations,
including any temporary or proposed regulations, promulgated under the Code, as
such Treasury Regulations may be amended from time to time (it being understood
that all references herein to specific sections of the Treasury Regulations
shall be deemed also to refer to any corresponding
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provisions of succeeding Treasury Regulations).
ARTICLE 2
FORMATION OF LIMITED LIABILITY COMPANY
2.1 FORMATION. The Company is hereby formed as a limited liability
company under and pursuant to the Act.
2.2 COMPANY NAME. The name of the Company shall be "PJC Arlington
Realty LLC". The business of the Company shall be conducted under such name or
such other names as may from time to time be established by the Manager.
2.3 THE CERTIFICATE, ETC. The filing of the Certificate with the
Secretary of State of Delaware by the Manager is hereby ratified and confirmed
by the sole Member. The Manager hereby agrees to cause to be executed, filed and
recorded all such other certificates and documents, including amendments to the
Certificate, and to cause to be done such other acts as may be necessary or
appropriate to comply with all requirements for the formation, continuation and
operation of a limited liability company, the ownership of property, and the
conduct of business under the laws of the State of Delaware and any other
jurisdiction in which the Company may own property or conduct business.
2.4 PRINCIPAL BUSINESS OFFICE, REGISTERED OFFICE AND REGISTERED
AGENT. The principal business office of the Company shall be located at 00
Xxxxxxx Xxxxxx, Xxxxxxx, Xxxxx Xxxxxx 00000, or at such other location as may
hereafter be designated by the Manager. The registered office of the Company
shall be 0000 Xxxxxxxxxxx Xxxx, Xxxxx 000, Xxxxxxxxxx, Xxx Xxxxxx Xxxxxx,
Xxxxxxxx 00000. The registered agent for service of process on the Company shall
be Corporation Service Company, 0000 Xxxxxxxxxxx Xxxx, Xxxxx 000, Xxxxxxxxxx,
Xxx Xxxxxx Xxxxxx, Xxxxxxxx 00000. The principal business office, the registered
office and the registered agent of the Company may be changed from time to time
by the Manager and in accordance with the then applicable provisions of the Act
and any other applicable laws.
2.5 TERM OF COMPANY. The term of the Company shall commence on the
date of the initial filing of the Certificate with the office of the Secretary
of State of Delaware and shall continue until dissolved pursuant to the
provisions of SECTION 8.1.
2.6 PURPOSES. The purposes of the Company are to engage in any lawful
business that may be engaged in by a limited liability company organized under
the Act. In addition, and not in limitation of the foregoing, the Company shall
have the following purposes: (i) to acquire, hold, own, operate, maintain,
improve, expand, sell, pledge, mortgage, develop, lease, manage, subdivide,
exchange or otherwise dispose of real and personal property of every kind and
description and interests in Entities which own (directly or indirectly) real
and personal property, and (ii) to acquire, hold, own, manage, sell, exchange or
otherwise dispose of investments of every kind and description and interests in
Entities which own (directly and indirectly) interests in businesses or ventures
of every kind.
2.7 POWERS. In furtherance of its purposes, but subject to all of the
provisions of this
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Agreement, the Company shall have the power and is hereby authorized to:
(a) acquire by purchase, lease, contribution of property or
otherwise and own, hold, sell, convey, transfer or dispose of real or
personal property or securities or other interests in Entities which own
or hold, directly or indirectly, real property or interests in
businesses or ventures which may be necessary, convenient or incidental
to the accomplishment of the purposes of the Company;
(b) operate, purchase, maintain, finance, improve, expand,
own, sell, convey, assign, mortgage, lease or demolish or otherwise
dispose of real or personal property or securities or other interests in
Entities which own or hold, directly or indirectly, real property or
interests in businesses or ventures which may be necessary, convenient
or incidental to the accomplishment of the purposes of the Company;
(c) borrow money and issue evidences of indebtedness in
furtherance of any or all of the purposes of the Company, and secure the
same by mortgage, pledge or other lien on the assets of the Company;
(d) invest any funds of the Company pending distribution or
payment of the same pursuant to the provisions of this Agreement;
(e) prepay in whole or in part, refinance, recast, increase,
modify or extend any indebtedness of the Company and, in connection
therewith, execute any extensions, renewals or modifications of any
mortgage or security agreement securing such indebtedness;
(f) enter into, perform and carry out contracts of any kind,
including, without limitation, contracts with any Affiliate of a Member
and contracts in respect of rendering operating or management services
or in respect of acting as a manager to any Person or Persons, necessary
to, in connection with, or incidental to the accomplishment of the
purposes of the Company;
(g) establish reserves for capital expenditures, working
capital, debt service, taxes, assessments, insurance premiums, repairs,
improvements, depreciation, depletion, obsolescence, and general
maintenance of buildings and other property out of the rents, profits,
or other income received;
(h) employ or otherwise engage employees, managers,
contractors, advisors and consultants and pay reasonable compensation
for such services;
(i) enter into partnerships, limited liability companies or
other ventures with other Persons in furtherance of the purposes of the
Company; and
(j) do such other things and engage in such other activities
related to the foregoing as may be necessary, convenient or advisable
with respect to the conduct of the business of the Company, and have and
exercise all of the powers and rights conferred upon limited liability
companies formed pursuant to the Act.
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ARTICLE 3
CAPITALIZATION
3.1 CAPITALIZATION.
(a) The sole Member shall contribute or cause to be
contributed to the Company as promptly as possible following the
execution of this Agreement, the sum of One Thousand and 00/100 Dollars
($1,000.00) in cash in consideration for which the sole Member shall be
issued and shall be deemed to own 100% of the member interest of the
Company. Such member interest shall not be certificated.
(b) The sole Member may from time to time contribute or cause
to be contributed to the Company such additional money or property as
the sole Member may desire to contribute, provided that at no time shall
the sole Member be required to contribute any cash or property other
than the aforesaid sum of One Thousand and 00/100 Dollars ($1,000.00).
ARTICLE 4
BOOKS; ACCOUNTING; REPORTS
4.1 BOOKS AND RECORDS; INSPECTION.
(a) The Company shall keep, or cause to be kept, complete and
accurate books and records of account of the Company. The Company shall
maintain the following at its principal business office: (i) a writing
setting forth the sole Member's full name and last known business
address; (ii) a copy of the Certificate, including all certificates of
amendment thereto and executed copies of all powers of attorney pursuant
to which the Certificate or any certificate of amendment has been
executed; (iii) copies of the Company's Federal, state and local income
tax returns and reports, if any, for the three (3) most recent Fiscal
Years of the Company; (iv) copies of this Agreement and of any financial
statements of the Company for the three (3) most recent Fiscal Years of
the Company; and (v) all other records required to be maintained
pursuant to the Act.
(b) The sole Member shall have the right, at all reasonable
times and upon reasonable notice during usual business hours, to audit,
examine and make copies of or extracts from the books of account of the
Company for any purpose reasonably related to such Member's interest as
the sole Member of the Company. Such right may be exercised through any
agent or employee of such Member designated by it or by a certified
public accountant designated by such Member. The sole Member shall bear
all expenses incurred in any examination made for such Member's account.
4.2 FILING OF RETURNS AND OTHER WRITINGS.
(a) The Company shall cause the preparation and timely filing
of all Company tax returns and shall timely file all other writings
required by any governmental authority having jurisdiction to require
such filing.
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(b) The provisions of this SECTION 4.2 shall survive the
termination of the Company and shall remain binding for as long a period
of time as is necessary to resolve with the Internal Revenue Service or
other governmental authority any and all matters regarding the Federal
income or other taxation of the Company or the sole Member.
4.3 RESERVES. The Company may establish such reserves as the Manager
shall from time to time determine to be necessary or appropriate.
ARTICLE 5
ALLOCATIONS
5.1 ALLOCATION OF PROFIT AND LOSS. The profit and loss of the Company
for each Fiscal Year shall be attributed to the sole Member. For purposes of
determining profit, loss or any other items allocable to any period, profit,
loss and any such other items shall be determined on a daily, monthly or other
basis, as determined by the Manager using any permissible method under the Code
and the Treasury Regulations promulgated thereunder.
5.2 TAX ALLOCATIONS. All items of income, gain, loss, deduction or
credit shall be attributed to the sole Member, as required by law.
ARTICLE 6
DISTRIBUTIONS
6.1 DISTRIBUTIONS OTHER THAN PROCEEDS OF ANY LIQUIDATING TRANSACTION.
Subject to SECTION 6.2, Section 18-607 of the Act and any other applicable law,
Available Cash shall be applied and distributed from time to time, as the
Manager shall determine, to the sole Member.
6.2 PROCEEDS OF ANY LIQUIDATING TRANSACTION. Upon the occurrence of
any transaction (a "LIQUIDATING TRANSACTION") involving the sale or other
disposition of all or substantially all of the assets of the Company, all
Available Cash resulting therefrom (or from any other source during the period
of winding up of the Company) shall be applied FIRST to the payment of any debts
or liabilities of the Company to creditors (including, as applicable, the sole
Member in its capacity as a creditor) or to the funding of reserves for debts or
liabilities not then due and owing and for contingent liabilities to the extent
deemed reasonable by the Manager and THEN to the sole Member. It is understood
and agreed that all payments under this SECTION 6.2 shall be made as soon as
reasonably practicable and in any event by the end of the Fiscal Year in which
such Liquidating Transaction occurs or, if later, within ninety (90) days after
the date of such Liquidating Transaction.
ARTICLE 7
RIGHTS AND OBLIGATIONS OF MEMBERS;
MANAGEMENT OF THE COMPANY'S BUSINESS
7.1 LIMITED LIABILITY. Except as otherwise provided by the Act, the
debts, obligations and liabilities of the Company, whether arising in contract,
tort or otherwise, shall be solely the debts, obligations and liabilities of the
Company, and the sole Member shall not be obligated personally for any such
debt, obligation or liability of the Company by reason of being a member of the
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Company. The sole Member shall not be required to lend any funds to the Company.
7.2 MANAGEMENT AND CONTROL.
(a) The sole Member, in its capacity as such: (i) shall not
participate in the management or control of the business of, or transact
any business for or on behalf of, the Company; (ii) shall have no voting
rights, except as specifically provided in this Agreement; and (iii)
shall have no power to sign for or bind the Company. The Sole Member
shall, however, have the approval rights expressly set forth elsewhere
in this Agreement or specifically required by the Act.
(b) Except as otherwise specifically provided in this
Agreement, the Manager shall have full authority and responsibility and
exclusive and complete discretion in the management, control, operation
and disposition of the business and assets of the Company for the
purposes herein stated, shall make all decisions affecting the Company's
business and assets and shall have full, complete and exclusive
discretion to take any and all actions that the Company is authorized to
take and to make all decisions with respect thereto. The Manager may
appoint a President, one or more Vice Presidents, a Treasurer and a
Secretary and such other officers as the Manager shall deem appropriate,
each of which officers may, to the extent provided by the Manager, have
the powers attendant to a similar officer of a Delaware corporation.
Except as otherwise provided by the Act, the Manager shall not be
personally liable for any of the debts, liabilities, obligations or
contracts of the Company, nor shall the Manager, in its capacity as
such, be required to contribute or lend any funds to the Company.
(c) Subject to the express provisions of this Agreement, the
Manager shall have the authority to execute on behalf of the Company, as
its authorized signatory, such agreements, contracts, instruments and
other documents as it shall from time to time approve, such approval to
be conclusively evidenced by its execution and delivery of any of the
foregoing, including, without limitation: (i) checks, drafts, notes and
other negotiable instruments; (ii) deeds of trust and assignments of
rights; (iii) contracts for the sale of assets or relating to
consulting, advisory or management services, deeds, leases, assignments
and bills of sale; and (iv) loan agreements, mortgages, security
agreements, pledge agreements and financing statements. The signature of
the Manager on any such instrument, agreement, contract, lease,
conveyance or document, or upon any check, draft, note or other
negotiable instrument, shall be sufficient to bind the Company in
respect thereof and shall conclusively evidence the authority of the
Manager with respect thereto, and no third person need look to the
application of funds or authority to act or require the joinder or
consent of any other party.
7.3 EVIDENCE OF AUTHORITY, ETC.
(a) Any Person dealing with the Company may rely on a
certificate signed by the Manager as to:
(i) the identity of the sole Member, the Manager or
the officers,
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employees or agents of the Company;
(ii) the existence or nonexistence of any fact or
facts which constitute conditions precedent to acts
by the sole Member, the Manager, or any officer,
employee or agent or are in any other manner germane
to the affairs of the Company;
(iii) who is authorized to execute and deliver any
instrument or document on behalf of the Company;
(iv) the authenticity of a copy of this Agreement
and amendments hereto;
(v) any act or failure to act by the Company or
as to any other matter whatsoever involving the
Company, the sole Member, the Manager, or any
officer, employee or agent; or
(vi) the authority of the Manager or any officer,
employee or agent or other Person to act on behalf of
the Company.
7.4 DESIGNATION OF MANAGER. The sole Member hereby confirms the
designation of the Person specified as the Manager in the first paragraph of
this Agreement as the Manager. By execution of this Agreement, such Person
hereby accepts such designation.
7.5 OTHER BUSINESS, ETC.
(a) The Manager, sole Member and any Affiliate thereof may
engage in or possess an interest in other business ventures (unconnected
with the Company) of every kind and description, independently or with
others, and the Company shall not have any rights in or to such
independent ventures or the income or profits therefrom by virtue of
this Agreement.
(b) Unless otherwise approved by the Company, no Person shall
use any proprietary or confidential information owned by the Company
other than for the benefit of the Company, whether or not such Person
remains a Member, Affiliate, Manager, director, officer or employee of
the Company.
7.6 STANDARD OF CARE; INDEMNIFICATION OF MEMBERS, OFFICERS, EMPLOYEES
AND AGENTS.
(a) No Member shall have any personal liability whatsoever to
the Company or any other Member on account of such Member's status as a
Member or by reason of such Member's acts or omissions in connection
with the conduct of the business of the Company.
(b) The Company shall indemnify and hold harmless each Member
and the affiliates of any Member (each an "Indemnified Person") against
any and all losses, claims, damages, expenses and liabilities
(including, but not limited to, any investigation, legal
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and other reasonable expenses incurred in connection with, and any
amounts paid in settlement of, any action, suit, proceeding or claim) of
any kind or nature whatsoever that such Indemnified Person may at any
time become subject to or liable for by reason of the formation,
operation or termination of the Company, or the Indemnified Person's
acting as a Member under this Agreement, or the authorized actions of
such Indemnified Person in connection with the conduct of the affairs of
the Company (including, without limitation, indemnification against
negligence, gross negligence or breach of duty). The indemnities
provided hereunder shall survive termination of the Company and this
Agreement. Costs and expenses that are subject to indemnification
hereunder shall, at the request of any Indemnified Person, be advanced
by the Company to or on behalf of such Indemnified Person prior to final
resolution of a matter, so long as such Indemnified Person shall have
provided the Company with a written undertaking to reimburse the Company
for all amounts so advanced if it is ultimately determined that the
Indemnified Person is not entitled to indemnification hereunder.
(c) The contract rights to indemnification and to the
advancement of expenses conferred in this Section 7.6 shall not be
exclusive of any other right that any person may have or hereafter
acquire under any statute, agreement, vote of the Members or otherwise.
(d) The Company may maintain insurance, at its expense, to
protect itself and any Member, employee or agent of the Company or
another limited liability company, corporation, partnership, joint
venture, trust or other enterprise against any expense, liability or
loss, whether or not the Company would have the power to indemnify such
person against such expense, liability or loss under the Delaware Act.
(e) The Company may, to the extent authorized from time to
time by the Members, grant rights to indemnification and to advancement
of expenses to any officer, employee or agent of the Company to the
fullest extent of the provisions of this Section 7.6 with respect to the
indemnification and advancement of expenses of Members of the Company.
(f) Notwithstanding the foregoing provisions of this Section
7.6, the Company shall indemnify an Indemnified Person in connection
with a proceeding (or part thereof) initiated by such Indemnified
Person only if such proceeding (or part thereof) was authorized by the
Members; provided, however, that an Indemnified Person shall be entitled
to reimbursement of his or her reasonable counsel fees with respect to a
proceeding (or part thereof) initiated by such Indemnified Person to
enforce his or her right to indemnity or advancement of expenses under
the provisions of this Section 7.6 to the extent the Indemnified Person
is successful on the merits in such proceeding (or part thereof).
ARTICLE 8
TERMINATION
8.1 EVENTS OF DISSOLUTION.
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(a) In accordance with Section 18-801 of the Act, the Company
shall be dissolved and the affairs of the Company wound up upon (i) a
determination of the sole Member to dissolve the Company; or (ii) entry
of a judicial decree of dissolution.
(b) Dissolution of the Company shall be effective on the day
on which a determination of the sole Member to dissolve the Company
occurs or the day on which a judicial decree of dissolution is entered,
but the Company shall not terminate until the assets of the Company
shall have been distributed as provided herein and a certificate of
cancellation of the Company has been filed with the Secretary of State
of Delaware.
8.2 APPLICATION OF ASSETS. In the event of dissolution, the Company
shall conduct only such activities as are necessary to wind up its affairs
(including the sale of the assets of the Company in an orderly manner), and the
assets of the Company shall be applied in the manner, and in the order of
priority, set forth in SECTION 6.2.
ARTICLE 9
MISCELLANEOUS
9.1 NOTICES.
(a) Any and all notices, consents, offers, elections and other
communications required or permitted under this Agreement shall be
deemed adequately given only if in writing and the same shall be
delivered either in hand or by Federal Express or similar expedited
commercial carrier, addressed to the recipient of the notice, postage
prepaid and registered, or with all freight charges prepaid (if by
Federal Express or similar carrier).
(b) All notices, demands and requests to be sent hereunder
shall be deemed to have been given for all purposes of this Agreement
upon the date of receipt or refusal.
(c) All such notices, demands and requests shall be addressed
to the address set forth on SCHEDULE A hereto or to such other United
States address as the Member may have designated for itself by written
notice to the Company in the manner herein prescribed, except that
notices of change of address shall be effective only upon receipt.
9.2 WORD MEANINGS. The words such as "herein", "hereinafter",
"hereof" and "hereunder" refer to this Agreement as a whole and not merely to a
subdivision in which such words appear unless the context otherwise requires.
The singular shall include the plural and the masculine gender shall include the
feminine and neuter, and vice versa, unless the context otherwise requires.
9.3 BINDING PROVISIONS. The covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, the heirs, executors,
administrators and legal representatives or successors and assigns, as the case
may be, of the party hereto.
9.4 APPLICABLE LAW. This Agreement shall be construed and enforced in
accordance with the laws of the State of Delaware. In the event of a conflict
between any provision of this Agreement and any non-mandatory provision of the
Act, the provision of this Agreement shall control and
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take precedence.
9.5 SEPARABILITY OF PROVISIONS. Each provision of this Agreement
shall be considered separable and if for any reason any provision or provisions
herein are determined to be invalid, unenforceable or illegal under any existing
or future law, such invalidity, unenforceability or illegality shall not impair
the operation of or affect those portions of this Agreement which are valid,
enforceable and legal.
9.6 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original of this Agreement.
9.7 ENTIRE AGREEMENT. This Agreement constitutes the entire
understanding of the sole Member and the Company with respect to the
transactions contemplated herein and supersedes all prior understandings or
agreements in respect of such transactions.
9.8 AMENDMENTS. This Agreement shall not be amended except with the
prior written consent of the sole Member. Any consent may be given subject to
satisfaction of conditions stated therein. 9.9
9.9 INVESTMENT REPRESENTATIONS. The sole Member understands that its
Company Interest has not been registered under the Securities Act of 1933, as
amended (the "SECURITIES ACT"), on the grounds that its acquisition of such
Company Interest is exempt under Section 4(2) of the Securities Act as not
involving a public offering.
9.10 TAX PRINCIPLES. For so long as the Company is owned by a sole
Member, it shall be treated as a disregarded entity for Federal and state income
tax purposes pursuant to Sections 301.7701-2 and 301.7701-3 of the Treasury
Regulations and corresponding provisions of state law. Upon the admission to the
Company of more than one Member, the Company shall be treated as having become,
in the manner prescribed by Sections 301.7701-2 and 301.7701-3 of the Treasury
Regulations and Internal Revenue Service Revenue Rulings 99-5 and 99-6, a
partnership for Federal and state income tax purposes pursuant to Sections
301.7701-2 and 301.7701-3 of the Treasury Regulations and corresponding
provisions of state law, and this Agreement will be amended accordingly to
reflect the same.
[remainder of page intentionally left blank]
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IN WITNESS WHEREOF, the undersigned has executed and delivered this
Agreement under seal as of the day and year first above written.
PJC SPECIAL REALTY HOLDINGS, INC.,
a Delaware corporation
BY: /s/ Xxxxxx Xxxxx
Xxxxxx Xxxxx
President
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TABLE OF CONTENTS
(continued)
SCHEDULE A TO
PJC REALTY N.E. LLC LIMITED LIABILITY COMPANY AGREEMENT
Name and Address Company Interest
---------------- ----------------
MEMBER
PJC Special Realty Holdings, Inc. 100%
00 Xxxxxxx Xxxxxx
Xxxxxxx, Xxxxx Xxxxxx 00000
TABLE OF CONTENTS
(continued)
Page
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ARTICLE 1 DEFINITIONS 1
ARTICLE 2 FORMATION OF LIMITED LIABILITY COMPANY 3
2.1 Formation 3
2.2 Company Name 3
2.3 The Certificate, Etc 3
2.4 Principal Business Office, Registered Office
and Registered Agent 3
2.5 Term of Company 3
2.6 Purposes 3
2.7 Powers 3
ARTICLE 3 CAPITALIZATION 5
3.1 Capitalization. 5
ARTICLE 4 BOOKS; ACCOUNTING; REPORTS 5
4.1 Books and Records; Inspection. 5
4.2 Filing of Returns and Other Writings. 5
4.3 Reserves 6
ARTICLE 5 ALLOCATIONS 6
5.1 Allocation of Profit and Loss 6
5.2 Tax Allocations 6
ARTICLE 6 DISTRIBUTIONS 6
6.1 Distributions Other Than Proceeds of Any Liquidating
Transaction 6
6.2 Proceeds of Any Liquidating Transaction 6
ARTICLE 7 RIGHTS AND OBLIGATIONS OF MEMBERS; MANAGEMENT OF THE
COMPANY'S BUSINESS 6
7.1 Limited Liability 6
7.2 Management and Control. 7
7.3 Evidence of Authority, Etc. 7
7.4 Designation of Manager 8
7.5 Other Business, Etc. 8
7.6 Standard of Care; Indemnification of Members, Officers,
Employees and Agents. 8
ARTICLE 8 TERMINATION 9
8.1 Events of Dissolution. 9
8.2 Application of Assets 10
ARTICLE 9 MISCELLANEOUS 10
9.1 Notices. 10
9.2 Word Meanings 10
9.3 Binding Provisions 10
9.4 Applicable Law 10
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TABLE OF CONTENTS
(continued)
Page
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9.5 Separability of Provisions 10
9.6 Counterparts 11
9.7 Entire Agreement 11
9.8 Amendments 11
9.9 Investment Representations 11
9.10 Tax Principles 11
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