Exhibit 3.2
LIMITED LIABILITY COMPANY OPERATING AGREEMENT
OF
SLM EDUCATION CREDIT FUNDING, LLC
THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF SLM EDUCATION
CREDIT FUNDING, LLC, a limited liability company formed pursuant to and in
accordance with the Delaware Limited Liability Company Act (6 Del.C. Section
18-101, et .seq.) and this Agreement is entered into by SLM Education Credit
Management Corporation, a corporation organized and existing under the laws of
the State of Delaware, as the sole member (the "Member") and Xxxxxxx X.
Xxxxxxxxx ("Springing Member 1"), as Springing Member 1 and as Independent
Manager, and Xxx X. Xxxxxxx ("Springing Member 2"), as Springing Member 2 as an
Independent Manager.
PRELIMINARY STATEMENT
The purpose of this Agreement is to form SLM Education Credit Funding,
LLC (the "Company") in accordance with the Act and to set out fully the rights,
obligations and duties of the Member, Springing Member 1, Springing Member 2,
the Managers and the Officers of the Company.
NOW THEREFORE, in consideration of the agreements and obligations set
forth herein and for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Member, Springing Member 1 and
Springing Member 2 hereby agree and state as follows:
Section 1. Name of the Company. The name of the Company shall be "SLM Education
Credit Funding, LLC" or such other name as the Managers may from time to time
determine. The Managers are hereby authorized to file on behalf of the Company
such corporate, assumed or fictitious name or foreign qualification certificate
or certificates as may from time to time be required by law.
Section 2. Principal Business Office. The principal business office of the
Company shall be located at 00 Xxxxxxxxx Xxxxx, Xxxx Xxxxxxxxxx, Xxxxx Xxxxxx
00000, or such other location as may hereafter be determined by the Managers.
Section 3. Registered Office. The address of the registered office of the
Company in the State of Delaware is c/o The Corporation Trust Company,
Corporation Trust Center, 0000 Xxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxx of Xxx Xxxxxx,
Xxxxxxxx 00000.
Section 4. Registered Agent. The name and address of the registered agent of the
Company for service of process on the Company in the State of Delaware is The
Corporation Trust Company, Corporation Trust Center, 0000 Xxxxxx Xxxxxx,
Xxxxxxxxxx, Xxxxxx of Xxx Xxxxxx, Xxxxxxxx 00000.
Section 5. Members.
a. The name and the mailing address of the Member is set forth on
Schedule A attached hereto.
b. Subject to Section 9j, the Member may act by written consent.
c. Upon the occurrence of any event that causes the Member to cease to
be a member of the Company (other than (i) upon an assignment by the Member of
all of its limited liability company interest in the Company and the admission
of the transferee pursuant to Sections 21 and 23, or (ii) the resignation of the
Member and the admission of an additional member of the Company pursuant to
Sections 22 and 23) (a "Member Cessation Event"), Springing Member 1 shall,
without any action of any Person and simultaneously with the occurrence of a
Member Cessation Event, automatically be admitted to the Company as a Special
Member and shall continue the Company without dissolution. If, however, at the
time of a Member Cessation Event, Springing Member 1 has died or is otherwise no
longer able or is unwilling to step into the role of Special Member, then in
such event, Springing Member 2 shall, concurrently with the Member Cessation
Event, and without any action of any Person and simultaneously with the Member
Cessation Event, automatically be admitted to the Company as Special Member and
shall continue the Company without dissolution. It is the intent of these
provisions that the Company never have more than one Special Member at any
particular point in time. No Special Member may resign from the Company or
transfer its rights as Special Member unless (i) a successor Special Member has
been admitted to the Company as Special Member by executing a counterpart to
this Agreement upon the admission to the Company. The Special Member shall
automatically cease to be a member of the Company upon the admission to the
Company of a substitute Member. The Special Member shall be a member of the
Company that has no interest in the profits, losses and capital of the Company
and has no right to receive any distributions of Company assets. Pursuant to
Section 18-301 of the Act, a Special Member shall not be required to make any
capital contributions to the Company and shall not receive a limited liability
company interest in the Company. A Special Member, in its capacity as Special
Member, may not bind the Company. Except as required by any mandatory provision
of the Act, a Special Member, in its capacity as Special Member, shall have no
right to vote on, approve or otherwise consent to any action by, or relating to,
the Company, including, without limitation, the merger, consolidation or
conversion of the Company. In order to implement the admission to the Company of
each Springing Member as the Special Member, each of Springing Member 1 and
Springing Member 2 shall execute a counterpart to this Agreement. Prior to its
admission to the Company as Special Member, each person acting as Springing
Member 1 or Springing Member 2 shall not be a member of the Company.
d. The Company shall at all times have a Springing Member 1 and a
Springing Member 2. No resignation or removal of a Springing Member, and no
appointment of a successor Springing Member, shall be effective until such
successor shall have (i) executed a counterpart to this Agreement and (ii)
accepted its appointment as Independent Manager pursuant to Section 10. In the
event of a vacancy in the position of Springing Member 1 or Springing Member 2,
the Member shall, as soon as practicable, appoint a successor Springing Member
to fill such vacancy. By signing this Agreement, a Springing Member agrees that,
should it become a Special Member, such Springing Member will be subject to and
bound by the provisions of this Agreement applicable to a Special Member.
Section 6. Certificates. Xxxxx X. Xxxxxxxxxx, as an "authorized person" within
the meaning of the Act, has executed, delivered and filed the Certificate of
Formation with the Secretary of State of the State of Delaware. Upon the filing
of the Certificate of Formation with the Secretary of State of the State of
Delaware, her powers as an "authorized person" ceased, and the Member thereupon
became the designated "authorized person" and shall continue as the designated
"authorized person" within the meaning of the Act. The Member or any manager
shall execute, deliver and file any other certificates (and any amendments
and/or restatements thereof) necessary for the Company to qualify to do business
in the State of Rhode Island and in any other jurisdiction in which the Company
may wish to conduct business. The existence of the Company as a separate legal
entity shall continue until cancellation of the Certificate of Formation as
provided in the Act.
Section 7. Purposes.
Subject to Section 9j, the purposes of the Company, for so long as any
Trust Securities are outstanding, are to engage in the following activities:
a. to file one or more registration statements on Form S-1 or Form S-3
and any pre- or post-effective amendments thereto with the Securities
and Exchange Commission with regard to the Trust Securities described
below;
b. to acquire from time to time, own, hold, sell, assign, pledge and
otherwise deal in education loans to students and parents of dependent
students, including private education loans and education loans made
under the Federal Family Education Loan Program ("Student Loans");
c. to act as settlor or depositor of one or more trusts (each a
"Trust") formed under a trust agreement, pooling and servicing
agreement or other agreement (the "Trust Agreements") to be entered
into by, among others, the Company, the trustee named therein (the
"Trustee") and any entity acting as servicer of the Student Loans, to
issue one or more series (any of which series may be issued in one or
more classes) of trust certificates ("Certificates") representing
interests in Student Loans and/or to issue pursuant to an indenture or
other agreement one or more series (any of which series may be issued
in one or more classes) of bonds, notes or other evidences of
indebtedness ("Securities") collateralized by Student Loans and/or
other property and to enter into any other agreement in connection with
the authorization, issuance, sale and delivery of Certificates and/or
Trust Securities, including arrangements for support for any series of
Certificates and/or Trust Securities by various forms or credit
enhancement;
d. to the extent permitted by the Indenture, to hold, pledge, finance,
transfer or otherwise deal with Trust Securities, including Trust
Securities representing a senior interest in Student Loans ("Senior
Interests"), representing a subordinated interest in Student Loans
("Subordinated Interests") or a residual interest in Student Loans
("Residual Interests");
e. to the extent permitted by the Basic Documents, to loan or invest or
otherwise apply proceeds from Student Loans, funds received in respect
of the Trust Securities, Senior
Interests, Subordinated Interests or Residual Interests and any other
income, as determined by the Member, in its sole discretion;
f. to negotiate, authorize, execute, deliver, assume the obligations
under, and perform, any agreement or instrument or document that may be
necessary, appropriate or desirable in the furtherance of the
activities set forth in clauses (a) through (e) above, including but
not limited to global securities, definitive form certificates or other
forms of notes or certificates, indentures, trust agreements,
underwriting agreements, pricing agreements, servicing agreements,
custodial agreements, administration agreements, credit enhancement, or
other arrangements and any other agreements with administrative,
payment or distribution agents, ratings agencies, placement agents,
underwriters, trustees or other agents;
g. for Federal tax purposes, to serve as a partner of the Trusts; and
h. to engage in any activity and to exercise any powers permitted to
limited liability companies under the laws of the State of Delaware
that are related or incidental to the foregoing and necessary,
convenient or advisable to accomplish the foregoing. The Company shall
not engage in any business or activity other than in connection with or
relating to the activities described above.
The Company, by or through the Member, or any Officer on behalf of the Company,
may enter into and perform the Basic Documents and all documents, agreements,
certificates, or financing statements contemplated thereby or related thereto,
all without any further act, vote or approval of any other Person
notwithstanding any other provision of this Agreement, the Act or applicable
law, rule or regulation. The foregoing authorization shall not be deemed a
restriction on the powers of the Member or any Officer to enter into other
agreements on behalf of the Company.
Section 8. Powers. Subject to Section 9j, the Company shall have and exercise
all powers permitted to limited liability companies formed under the Act which
are necessary, convenient or incidental to accomplish its purposes, as set forth
in Section 7.
Section 9. Management.
a. Board of Managers. Subject to Section 9j, the business and
affairs of the Company shall be managed by or under the direction of a
Board of Managers composed of one or more Managers (the "Board").
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Subject to Section 10, the Member may determine at any time in its sole
and absolute discretion the number of Managers to constitute the Board.
The authorized number of Managers may be increased or decreased by the
Member at any time in its sole and absolute discretion, upon notice to
all Managers, subject in all cases to Section 10. The initial number of
Managers shall be four (4), of which two (2) shall be Independent
Managers pursuant to Section 10. Each Manager elected, designated or
appointed shall hold office until a successor is elected and qualified
or until such Manager's earlier death, resignation or removal. Managers
need not be Members. The initial Independent Managers are Xxxxxxx X.
Xxxxxxxxx and Xxx X. Xxxxxxx.
x. Xxxxxx. Subject to Section 9j, the Board shall have the
power to do any and all acts necessary, convenient or incidental to or
for the furtherance of the purposes described herein, including all
powers, statutory or otherwise. Subject to Section 9j, the Board has
the authority to bind the Company.
c. Meeting of the Board of Managers. The Board may hold
meetings, both regular and special, within or outside the State of
Delaware. Regular meetings of the Board may be held without notice at
such time and at such place as shall from time to time be determined by
the Board. Special meetings of the Board may be called by the President
on not less than one day's notice to each Manager by telephone,
facsimile, mail, telegram or any other means of communication, and
special meetings shall be called by the President or Secretary in like
manner and with like notice upon the written request of any one or more
of the Managers.
d. Quorum; Acts of the Board. At all meetings of the Board, a
majority of the Managers shall constitute a quorum for the transaction
of business and, except as otherwise provided in any other provision of
this Agreement, the act of a majority of the Managers present at any
meeting at which there is a quorum shall be the act of the Board. If a
quorum shall not be present at any meeting of the Board, the Managers
present at such meeting may adjourn the meeting from time to time,
without notice other than announcement at the meeting, until a quorum
shall be present. Any action required or permitted to be taken at any
meeting of the Board or of any committee thereof may be taken without a
meeting if all members of the Board or committee, as the case may be,
consent thereto in writing, and the writing or writings are filed with
the minutes of proceedings of the Board or committee.
e. Electronic Communications. Members of the Board, or any
committee designated by the Board, may participate in meetings of the
Board, or any committee, by means of telephone conference or similar
communications equipment that allows all persons participating in the
meeting to hear each other, and such participation in a meeting shall
constitute presence in person at the meeting. If all the participants
are participating by telephone conference or similar communications
equipment, the meeting shall be deemed to be held at the principal
place of business of the Company.
f. Committees of Managers.
(i) The Board may, by resolution passed by a majority of the
whole Board, designate one or more committees, each committee
to consist of one or more of the Managers of the Company. The
Board may designate one or more Managers as alternate members
of any committee, who may replace any absent or disqualified
member at any meeting of the committee.
(ii) In the absence or disqualification of a member of a
committee, the member or members thereof present at any
meeting and not disqualified from voting, whether or not such
members constitute a quorum, may unanimously appoint another
member of the Board to act at the meeting in the place of any
such absent or disqualified member.
(iii) Any such committee, to the extent provided in the
resolution of the Board, and subject to, in all cases,
Sections 9(j) and 10, shall have and may exercise all the
powers and authority of the Board in the management of the
business and affairs of the Company. Such committee or
committees shall have such name or names as may be determined
from time to time by resolution adopted by the Board. Each
committee shall keep regular minutes of its meetings and
report the same to the Board when required.
g. Compensation of Managers; Expenses. The Managers shall not
receive any compensation, though Managers may be paid their expenses,
if any, of attendance at meetings of the Board, which may be a fixed
sum for attendance at each meeting of the Board. No such payment shall
preclude any Manager from serving the Company in any other capacity and
receiving compensation therefor.
h. Removal of Managers. Unless otherwise restricted by law,
any Manager or the entire Board may be removed, with or without cause,
at any time by the Member, and, subject to Section 10, any vacancy
caused by any such removal may be filled by action of the Member.
i. Managers as Agents. To the extent of their powers set forth
in this Agreement and subject to Section 9j, the Managers are agents of
the Company for the purpose of the Company's business, and the actions
of the Managers taken in accordance with such powers set forth in this
Agreement shall bind the Company.
j. Limitations on the Company's Activities.
(i) This Section 9j is being adopted in order to comply with
certain provisions required in order to qualify the Company as a
"qualified special purpose entity" for the purpose of the transactions
contemplated by the Trust Agreements.
(ii) Subject to this Section 9j, the Member reserves the right
to amend, alter, change or repeal any provisions contained in this
Agreement in accordance with Section 31, provided, however, that so
long as any Trust Securities are outstanding, neither the Member nor
the Company shall amend, alter, change or repeal the definition of
"Independent Manager" or Sections 5(b), 5(c), 5(d), 7, 8, 9, 10, 16,
20(f), 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, or 34 of this
Agreement (the "Special Purpose Provisions") without (1) the unanimous
written consent of the Board (including the Independent Managers), (2)
the consent of the Trustee of the Trust Securities and (3) meeting the
Rating Agency Condition. In the event of any conflict between any of
the Special Purpose Provisions and any other provision of this or any
other document governing the formation, management or operation of the
Company, the Special Purpose Provisions shall control.
(iii) Notwithstanding any other provision of this Agreement or
any other document governing the formation, management or operation of
the Company, and any provision of law that otherwise so empowers the
Company, the Member , the Board, or
any Officer or other Person, and for so long as the Trusts Securities
are outstanding, neither the Member nor the Board, any Officer or other
Person shall be authorized or empowered, nor shall they permit the
Company to, and the Company shall not, without the prior unanimous
written consent of the Member and the Board (including the Independent
Managers), take any Material Action, provided, however, that the Board
may not vote on, or authorize the taking of, any Material Action,
unless there are at least two Independent Managers then serving in such
capacity.
(iv) So long as any Trust Securities are outstanding, the
Board and the Member shall cause the Company to do or cause to be done
all things necessary to preserve and keep in full force and effect its
existence and rights (charter and statutory); provided, however, that
the Company shall not be required to preserve any such right if: (A)
the Board shall determine that the preservation thereof is no longer
desirable for the conduct of its business and that the loss thereof is
not disadvantageous in any material respect to the Company and the
holders of the Trust Securities and (B) the Rating Agency Condition is
satisfied. So long as any Trust Securities are outstanding, the Board
also shall cause the Company to and the Company shall:
(A) maintain its own separate books and records and
bank accounts;
(B) at all times hold itself out to the public as a
legal entity separate from the Member and any
other Person, and strictly comply with all
organizational formalities to maintain its
separate existence;
(C) have a Board composed differently from that of
the Member and any other Person;
(D) correct any known misunderstanding regarding its
separate identity and refrain from engaging in
any activity that compromises the separate legal
identity of the Company;
(E) maintain adequate capital and a sufficient
number of employees, if any employees are so
needed, in light of its contemplated business
purposes, transactions and liabilities;
(F) cause its Board to meet at least annually or act
pursuant to written consent and keep minutes of
such meetings and actions and observe all other
Delaware limited liability company formalities;
(G) not acquire any obligations or securities of the
Member or an Affiliate;
(H) file its own tax returns, if any, as may be
required under applicable law, , and pay any
taxes so required to be paid under applicable
law;
(I) not commingle its assets with assets of any
other Person except in connection with the
customary operation of such cash management
system as Xxxxxx Xxx, Inc. ("Xxxxxx Mae") may
from time to time in the ordinary course of
business implement (provided, that any such cash
management system shall be operated such that
all transfers of funds are properly documented
and the respective assets and liabilities of
Xxxxxx Xxx and the Company are ascertainable at
all times) for Xxxxxx Mae and its consolidated
subsidiaries;
(J) conduct its business in its own name;
(K) maintain separate financial statements, showing
its assets and liabilities separate and apart
from those of any other Person and not have its
assets listed on any financial statement of any
other Person;
(L) pay its own liabilities and expenses only out of
its own funds;
(M) maintain an arm's length relationship with
unaffiliated parties, and not enter into any
transaction with an Affiliate of the Company
except on commercially reasonable terms similar
to those available to unaffiliated parties in an
arm's length transaction;
(N) pay the salaries of its own employees, if any;
(O) not hold out its credit or assets as being
available to satisfy the obligations of any
other Person nor pledge its assets for the
benefit of any other Person;
(P) allocate fairly and reasonably any overhead
expenses that are shared with an affiliate,
including and for services performed by an
employee of an affiliate;
(Q) use separate stationery, invoices and checks
bearing its own name; and
(R) cause the Managers, Officers, agents and other
representatives of the Company to act at all
times with respect to the Company consistently
and in furtherance of the foregoing and in the
best interests of the Company.
Failure of the Company, or the Member or the Board on
behalf of the Company, to comply with any of the
foregoing covenants or any other covenants contained
in this Agreement shall not affect the status of the
Company as a separate legal entity or the limited
liability of the Member or the Managers.
(v) So long as any Trust Securities are outstanding, the Board
shall not cause or permit the Company to and the Company shall not:
(A) guarantee or become obligated for any debts or
obligations of any other Person, including any
Affiliate;
(B) engage, directly or indirectly, in any business
other than that required or permitted to be
performed under Section 7 or this Section 9j;
(C) except as provided under Section 7, incur,
create or assume any indebtedness other than any
indebtedness incurred in the ordinary course of
its business:
(D) except as provided under Section 7, make or
permit to remain outstanding any loan or advance
to, or own or acquire any stock or securities
of, any Person;
(E) form, acquire or hold any subsidiary (whether
corporate, partnership, limited liability
company or other) or own any equity interest in
any other entity; provided that the Company may
hold ownership interests in the Trusts;
(F) sell, pledge, in transfer, assign or otherwise
convey the interest of the Member in the
Company.;
(G) to the fullest extent permitted by law, engage
in any dissolution, liquidation, consolidation,
merger, sale or other transfer of any of its
assets outside the ordinary course of the
Company's business; or
(H) buy or hold evidence of indebtedness issued by
any other Person (other than cash,
investment-grade securities, or Student Loans).
(vi) Without the consent of the Independent Managers, neither
the Company, the Member, nor any other Person on behalf of the Company
shall have the authority to:
(A) confess a judgment against the Company;
(B) knowingly perform any act that would subject (1)
the Member to liabilities of the Company in any
jurisdiction or the Company to liabilities of
the Member or (2) the Company to taxation as a
corporation under relevant provisions of the
Code; and
Section 10. Independent Manager. As long as any Trust Securities are
outstanding, the Member shall cause the Company at all times to have at least
two (2) Independent Managers meeting the qualifications described in the
definition of Independent Manager in Section 34below, who will be appointed by
the Member. To the fullest extent permitted by Section 18-1101(c) of the Act, an
Independent Manager shall consider only the interests of the Company, and its
creditors, in acting or otherwise voting on the matters referred to in Section
9j(iii). No resignation or removal of an Independent Manager, and no appointment
of a successor Independent Manager, shall be effective until the successor
Independent Manager shall have (i) accepted his or her appointment by a written
instrument, and (ii) executed a counterpart to this Agreement as required by
Section 5c. In the event of a vacancy in the position of Independent Manager,
the Member shall, as soon as practicable, appoint a successor Independent
Manager. All rights, powers and authority of the Independent Managers shall be
limited to the extent necessary to exercise those rights and perform those
duties specifically set forth in this Agreement. Except as provided in the
second sentence of this Section 10, in exercising their rights and performing
their duties under this Agreement, the Independent Managers shall have a
fiduciary duty of loyalty and care similar to that of a director of a business
corporation organized under the General Corporation Law of the State of
Delaware. No Independent Manager shall at any time serve as trustee in
bankruptcy for an Affiliate.
Section 11. Officers.
a. Officers. The initial officers of the Company shall be
designated by the Member. The additional or successor officers of the
Company shall be appointed by the Board and shall consist of a
President, a Secretary, a Treasurer and such other officers as the
Board may appoint (collectively, the "Officers"). The Board may also
appoint any number of Vice Presidents, Assistant Secretaries, and
Assistant Treasurers. Any number of offices may be held by the same
person. The salaries of all Officers and agents of the Company shall be
fixed by or in the manner prescribed by the Board. The Officers of the
Company shall hold office for such terms and shall exercise such powers
and perform such duties for such time as determined by the Board or,
until their successors are chosen and qualified. Any Officer elected or
appointed by the Board may be removed at any time, with or without
cause, by the affirmative vote of a majority of the Board. Any vacancy
occurring in any office of the Company shall be filled by the Board.
b. President. The President shall be the chief executive
officer of the Company, shall preside at all meetings of the Member, if
any, and of the Board. The President shall be responsible for the
general and active management of the business of the Company, under the
management and direction of the Board, and shall see that all orders
and resolutions of the Board are carried into effect. In the absence of
the President or in the event of the President's inability to act, any
Vice Presidents, if any, shall perform the duties of the President, and
when so acting, shall have all the powers of and be subject to all the
restrictions upon the President.
c. Treasurer. The Treasurer shall have the custody of the
Company funds and securities and shall keep full and accurate accounts
of receipts and disbursements in books belonging to the Company and
shall deposit all moneys and other valuable effects in the name and to
the credit of the Company in such depositories as may be authorized
by the Board. The Treasurer shall disburse the funds of the Company as
may be authorized by the Board, and shall render to the President and
to the Board, at its regular meetings or when the Board so requires, an
account of all of transactions and of the financial condition of the
Company. In the absence of the President and Vice President, if any, or
in the event of the President's or Vice President's inability to act,
the Treasurer shall perform the duties of the President, and when so
acting, shall have all the powers of and be subject to all the
restrictions upon the President. In the absence of the Treasurer or in
the event of the Treasurer's inability to act, the Assistant Treasurer,
if any, shall perform the duties of the Treasurer, and when so acting,
shall have all the powers of and be subject to all the restrictions
upon the Treasurer.
d. Secretary. The Secretary shall be responsible for filing
legal documents and maintaining records for the Company. The Secretary
shall attend all meetings of the Board and all meetings of the Member,
if any, and record all the proceedings of the meetings of the Company
and of the Board in a book to be kept for that purpose. The Secretary
shall give, or cause to be given, notice of all meetings of the Member,
if any, and special meetings of the Board, and shall perform such other
duties as may be prescribed by the Board or the President, under whose
supervision the Secretary shall serve. In the absence of the Secretary
or in the event of the Secretary's inability to act, the Assistant
Secretary, if any, shall perform the duties of the Secretary, and when
so acting, shall have all the powers of and be subject to all the
restrictions upon the Secretary.
e. Officers as Agents. The Officers, to the extent of their
powers set forth in this Agreement or otherwise vested in them by
action of the Board not inconsistent with this Agreement, are agents of
the Company for the purpose of the Company's business, and, subject to
Section 9j, the actions of the Officers taken in accordance with such
powers shall bind the Company.
f. Duties of Board and Officers. Except to the extent
otherwise provided herein, each Manager and Officer shall have a
fiduciary duty of loyalty and care similar to that of directors and
officers of business corporations organized under the General
Corporation Law of the State of Delaware.
Section 12. Limited Liability. Except as otherwise expressly provided by the
Act, the debts, obligations and liabilities of the Company, whether arising in
contract, tort or otherwise, shall be the debts, obligations and liabilities
solely of the Company, and neither any Member nor any Manager shall be obligated
personally for any such debt, obligation or liability of the Company solely by
reason of being a Member or Manager of the Company.
Section 13. Capital Contributions. The Initial Member is hereby deemed admitted
as the Member of the Company upon the execution and delivery of this Agreement.
The Initial Member has contributed the amount of cash to the Company listed on
Schedule A attached hereto.
Section 14. Additional Contributions. The Initial Member is not required to make
any additional capital contribution to the Company other than as set forth on
Schedule A hereto.
However, the Member may make additional capital contributions
to the Company at any time upon the written consent of such Member, and upon
such contribution, the Member shall revise Schedule A. The provisions of this
Agreement, including this Section 14, are intended solely to benefit the Member
and, to the fullest extent permitted by law, shall not be construed as
conferring any benefit upon any creditor of the Company (and no such creditor of
the Company shall be a third-party beneficiary of this Agreement)
and no Member shall have any duty or obligation to any creditor of the Company
to make any contribution to the Company or to issue any call for capital
pursuant to this Agreement.
Section 15. Allocation of Profits and Losses. The Company's profits and losses
shall be allocated to the Member.
Section 16. Distributions. Distributions shall be made to the Member at the
times and in the aggregate amounts determined by the Board. Notwithstanding any
provision to the contrary contained in this Agreement, the Company shall not be
required to make a distribution to any Member on account of its interest in the
Company if such distribution would violate Section 18-607 of the Act or any
other applicable law or the Trust Agreements.
Section 17. Books and Records. The Board shall keep or cause to be kept complete
and accurate books of account and records with respect to the Company's
business. The books of the Company shall at all times be maintained by the
Board. Each Member and its duly authorized representatives shall have the right
to examine the Company's books, records and documents during normal business
hours. The Company, and the Board on behalf of the Company, shall not have the
right to keep confidential from the Member any information that the Board would
otherwise be permitted to keep confidential from the Member pursuant to Section
18-305(c) of the Act. The Company's books of account shall be kept using the
method of accounting determined by the Member. The Company's independent auditor
shall be an independent public accounting firm selected by the Member.
Section 18. Reports.
a. The Company's fiscal year shall run from January 1st to
December 31st in each respective year.
b. Within 60 days after the end of each fiscal quarter, the
Board shall cause to be prepared an unaudited report setting forth as
of the end of such fiscal quarter:
(i) unless such quarter is the last fiscal quarter, a
balance sheet of the Company; and
(ii) unless such quarter is the last fiscal quarter, an
income statement of the Company for such fiscal
quarter.
c. The Board shall use diligent efforts to cause to be
prepared and mailed to the Member, within 120 days after the end of
each fiscal year, an unaudited report setting forth as of the end of
such fiscal year:
(i) a balance sheet of the Company;
(ii) an income statement of the Company for such fiscal
year; and
(iii) a statement of such Member's capital account.
d. The Board shall, after the end of each fiscal year, use
reasonable efforts to cause the Company's independent accountants to
prepare and transmit to each Member as promptly as such tax information
as may be reasonably necessary to enable such Member to prepare its
federal, state and local income tax returns relating to such fiscal
year.
Section 19. Other Business. The Member, the Special Member and any Affiliate of
the Member or Special Member may engage in or possess an interest in other
business ventures (unconnected with the Company) of every kind and description,
independently or with others. The Company shall not have any rights in or to
such independent ventures or the income or profits therefrom by virtue of this
Agreement.
Section 20. Exculpation and Indemnification.
a. No Member, Officer, Manager, employee or agent of the
Company and no employee, representative, agent or Affiliate of the
Member (collectively, the "Covered Persons") shall be liable to the
Company or any other Person who has an interest in or claim against the
Company for any loss, damage or claim incurred by reason of any act or
omission performed or omitted by such Covered Person in good faith on
behalf of the Company and in a manner reasonably believed to be within
the scope of the authority conferred on such Covered Person by this
Agreement, except that a Covered Person shall be liable for any such
loss, damage or claim incurred by reason of such Covered Person's gross
negligence or willful misconduct.
b. To the fullest extent permitted by applicable law, a
Covered Person shall be entitled to indemnification from the Company
for any loss, damage or claim incurred by such Covered Person by reason
of any act or omission performed or omitted by such Covered Person in
good faith on behalf of the Company and in a manner reasonably believed
to be within the scope of the authority conferred on such Covered
Person by this Agreement, except that no Covered Person shall be
entitled to be indemnified in respect of any loss, damage or claim
incurred by such Covered Person by reason of such Covered Person's
gross negligence or willful misconduct with respect to such acts or
omissions; provided, however, that any indemnity under this Section 20
shall be provided out of and to the extent of Company assets only, and
no Member shall have personal liability on account thereof.
c. To the fullest extent permitted by applicable law, expenses
(including legal fees) incurred by a Covered Person defending any
claim, demand, action, suit or proceeding shall, from time to time, be
advanced by the Company prior to the final disposition of such claim,
demand, action, suit or proceeding upon receipt by the Company of an
undertaking by or on behalf of the Covered Person to repay such amount
if it shall be determined that the Covered Person is not entitled to be
indemnified as authorized in this Section 20.
d. A Covered Person shall be fully protected in relying in
good faith upon the records of the Company and upon such information,
opinions, reports or statements presented to the Company by any Person
as to matters the Covered Person reasonably believes are within such
other Person's professional or expert competence and who has been
selected with reasonable care by or on behalf of the Company, including
information, opinions, reports or statements as to the value and amount
of the assets, liabilities, or any other facts pertinent to the
existence and amount of assets from which distributions to the Member
might properly be paid.
e. To the extent that, at law or in equity, a Covered Person
has duties (including fiduciary duties) and liabilities relating
thereto to the Company or to any other Covered Person, a Covered Person
acting under this Agreement shall not be liable to the Company or to
any other Covered Person for its good faith reliance on the provisions
of this Agreement or any approval or authorization granted by the
Company or any other Covered Person. The provisions of this Agreement,
to the extent that they restrict the duties and liabilities of a
Covered Person otherwise existing at law or in equity, are agreed by
the Member to replace such other duties and liabilities of such Covered
Person.
f. The foregoing provisions of this Section 20 shall survive
any termination of this Agreement.
Section 21. Assignments.
a. Subject to Section 23, the Member may assign in whole or in
part its limited liability company interest in the Company. If the
Member transfers all of its limited liability company interest in the
Company pursuant to this Section 21, the transferee shall be admitted
to the Company as a member of the Company upon its execution of an
instrument signifying its agreement to be bound by the terms and
conditions of this Agreement, which instrument may be a counterpart
signature page to this Agreement. Such admission shall be deemed
effective immediately prior to the transfer, and, immediately following
such admission, the transferor Member shall cease to be a member of the
Company. Notwithstanding anything in this Agreement to the contrary,
any successor to a Member by merger or consolidation shall, without
further act, be a Member hereunder, and such merger or consolidation
shall not constitute an assignment for purposes of this Agreement and
the Company shall continue without dissolution.
b. Notwithstanding anything to the contrary contained in this
Agreement for so long as any Trust Securities remain outstanding, the
Company shall have one (1) and only one member.
Section 22. Resignation. So long as any Trust Securities are outstanding, the
Initial Member may not resign unless the Rating Agency Condition is satisfied. A
Member (other than the Initial Member) may resign from the Company with the
written consent of the Initial Member. If a
Member is permitted to resign pursuant to this Section 22, an additional member
of the Company may be admitted to the Company, subject to Section 23, upon its
execution of an instrument signifying its agreement to be bound by the terms and
conditions of this Agreement, which instrument may be a counterpart signature
page to this Agreement. Such admission shall be deemed effective immediately
prior to the resignation, and, immediately following such admission, the
resigning Member shall cease to be a member of the Company.
Section 23. Admission of Additional Members and Transfer of Indirect Interests.
a. One or more additional members of the Company may be
admitted to the Company with the written consent of the Member,
provided that, notwithstanding the foregoing, so long as any Trust
Securities remain outstanding, no additional Member may be admitted to
the Company, other than pursuant to Sections 5(c) or 24, unless (1)
there is a transfer of 100% of the limited liability company interest
to a single Person, (2) an acceptable nonconsolidation opinion is
delivered to the trustee of the Trust Securities and to each
nationally-recognized rating agency rating any of the Trust Securities
(each a "Rating Agency") concerning, as applicable, the Company, the
new transferee and/or their respective owners, and (3) the Rating
Agency Condition is satisfied.
b. No transfer of any indirect ownership interest in the
Company may be made such that the transferee owns, in the aggregate
with the ownership interests of its Affiliates and family members, more
than a 49% indirect interest in the Company unless (1) an acceptable
nonconsolidation opinion is delivered to the holder of the Student Loan
and to each Rating Agency concerning, as applicable, the Company, the
new transferee and/or their respective owners, and (2) the Rating
Agency Condition is satisfied.
Section 24. Dissolution.
a. Subject to Section 9j, the Company shall be dissolved, and its affairs
shall be wound up upon the first to occur of the following: (i) the termination
of the legal existence of the last remaining member of the Company or the
occurrence of any other event which terminates the continued membership of the
last remaining member of the Company in the Company unless the Company is
continued without dissolution in a manner permitted by this Agreement or the Act
or (ii) the entry of a decree of judicial dissolution under Section 18-802 of
the Act. Upon the occurrence of any event that causes the last remaining member
of the Company to cease to be a member of the Company or that causes the Member
to cease to be a member of the Company (other than (i) upon an assignment by the
Member of all of its limited liability company interest in the Company and the
admission of the transferee pursuant to Sections 21 and 23, or (ii) the
resignation of a Member and the admission of an additional member of the Company
pursuant to Sections 22 and 23), to the fullest extent permitted by law, the
personal representative of such member is hereby authorized to, and shall,
within 90 days after the occurrence of the event that terminated the continued
membership of such member in the Company, agree in writing (1) to continue the
Company and (2) to the admission of the personal representative or its nominee
or designee, as the case may be, as a substitute member of the Company,
effective as of the occurrence of the event that terminated the continued
membership of the last remaining member of the Company or the Member in
the Company.
b. Notwithstanding any other provision of this Agreement, the
Bankruptcy of the Member or Special Member shall not cause the Member
or Special Member, respectively, to cease to be a member of the Company
and upon the occurrence of such an event, the Company shall continue
without dissolution.
c. Notwithstanding any other provision of this Agreement, each
of the Member and the Special Member waives any right it might have to
agree in writing to dissolve the Company upon the Bankruptcy of the
Member or Special Member, or the occurrence of an event that causes the
Member or Special Member to cease to be a member of the Company.
d. 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 18-804 of the Act.
Section 25. Waiver of Partition; Nature of Interest. Except as otherwise
expressly provided in this Agreement, to the fullest extent permitted by law,
the Member, the Springing Members, any Special Member and any additional member
admitted to the Company hereby irrevocably waive any right or power that such
Member, Springing Member or Special Member might have to cause the Company or
any of its assets to be partitioned, to cause the appointment of a receiver for
all or any portion of the assets of the Company, to compel any sale of all or
any portion of the assets of the Company pursuant to any applicable law or to
file a complaint or to institute any proceeding at law or in equity to cause the
dissolution, liquidation, winding up or termination of the Company. No Member
shall have any interest in any specific assets of the Company, and no Member
shall have the status of a creditor with respect to any distribution pursuant to
Section 16 hereof. The interest of the Members in the Company is personal
property.
Section 26. Benefits of Agreement; No Third-Party Rights. Except for the
Company, its successors or assigns with respect to the Special Purpose
Provisions, (1) none of the provisions of this Agreement shall be for the
benefit of or enforceable by any creditor of the Company or by any creditor of
any Member or Special Member and (2) nothing in this Agreement shall be deemed
to create any right in any Person (other than Covered Persons) not a party
hereto, and this Agreement shall not be construed in any respect to be a
contract in whole or in part for the benefit of any third Person, except as
provided in this Section 26 and Section 29. The trustee for the Trust
Securities, its successors or assigns are intended third-party beneficiaries of
this Agreement and may enforce the Special Purpose Provisions.
Section 27. Severability of Provisions. Each provision of this Agreement shall
be considered severable 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.
Section 28. Entire Agreement. This Agreement constitutes the entire agreement of
the parties with respect to the subject matter hereof.
Section 29. Binding Agreement. Notwithstanding any other provision of this
Agreement, the Member agrees that this Agreement, including, without limitation,
the Special Purpose Provisions, constitutes a legal, valid and binding agreement
of the Member, and is enforceable against the Member by each Independent
Manager, in accordance with its terms. In addition, the Independent Managers
shall be intended beneficiaries of this Agreement.
Section 30. Governing Law. This Agreement shall be governed by and construed
under the laws of the State of Delaware (without regard to conflict of laws
principles), all rights and remedies being governed by said laws.
Section 31. Amendments. Subject to Section 9j, this Agreement may not be
modified, altered, supplemented or amended except pursuant to a written
agreement executed and delivered by the Member. Notwithstanding anything to the
contrary in this Agreement, so long as any Trust Securities are outstanding,
this Agreement may not be modified, altered, supplemented or amended unless the
Rating Agency Condition is satisfied, except: (i) to cure any ambiguity or (ii)
to correct or supplement any provision in a manner consistent with the intent of
this Agreement.
Section 32. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original of this Agreement and
all of which together shall constitute one and the same instrument.
Section 33. Notices. Any notices required to be delivered hereunder shall be in
writing and personally delivered, mailed or sent by telecopy or other similar
form of rapid transmission, and shall be deemed to have been duly given upon
receipt (a) in the case of the Company, to the Company at the address in Section
2, (b) in the case of a Member, to such Member at its address as listed on
Schedule A attached hereto and (c) in the case of either of the foregoing, at
such other address as may be designated by written notice to the other party.
Section 34. Definitions. The defined terms used in this Agreement shall have the
meanings specified below:
"Act" means the Delaware Limited Liability Company Act, as amended from
time to time.
"Affiliate" means, with respect to a specified Person, (i) any Person
that directly or indirectly controls or is controlled by or is under common
Control with the specified Person, and (ii) any Person that is an officer of,
general partner in or trustee of, or serves in a similar capacity with respect
to, the specified Person or of which the specified Person is an officer, general
partner or trustee, or with respect to which the specified Person serves in a
similar capacity.
"Agreement" means this Limited Liability Company Operating Agreement of the
Company, including all Exhibits and Schedules attached hereto, as it may be
amended from time to time.
"Bankruptcy" means, with respect to any Person, if such Person (i)
makes an assignment for the benefit of creditors, (ii) files a voluntary
petition in bankruptcy, (iii) is adjudged a bankrupt or
insolvent, or has entered against it an order for relief, in any bankruptcy or
insolvency proceeding, (iv) files a petition or answer seeking for itself any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any statute, law or regulation, (v) files an answer or
other pleading admitting or failing to contest the material allegations of a
petition filed against it in any proceeding of this nature, (vi) seeks, consents
to or acquiesces in the appointment of a trustee, receiver or liquidator of the
Person or of all or any substantial part of its properties, or (vii) if 120 days
after the commencement of any proceeding against the Person seeking
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any statute, law or regulation, if the proceeding has
not been dismissed, or if within 90 days after the appointment without such
Person's consent or acquiescence of a trustee, receiver or liquidator of such
Person or of all or any substantial part of its properties, the appointment is
not vacated or stayed, or within 90 days after the expiration of any such stay,
the appointment is not vacated. The foregoing definition of "Bankruptcy" is
intended to replace and shall supersede and replace the definition of
"Bankruptcy" set forth in Section 18-101(1) and 18-304 of the Act.
"Basic Documents" means this Agreement, the loan documents relating to
the Student Loans, each Indenture delivered in connection with any Trust
Securities, each other document or certificate which is a "Basic Document" under
the Indenture as defined therein and all documents and certificates contemplated
thereby or delivered in connection therewith.
"Board" means the Board of Managers.
"Certificate of Formation" means the Certificate of Formation of the
Company as filed with the Secretary of State of the State of Delaware, as the
same may be amended from time to time.
"Certificates" has the meaning set forth in Section 7.
"Code" means the Internal Revenue Code of 1986, as amended.
"Company" has the meaning set for in the preliminary statement.
"Control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a Person, whether
through the ownership of voting securities or general partnership or managing
member interests, by contract or otherwise. "Controlling" and "Controlled" shall
have correlative meanings.
"Covered Persons" has the meaning set forth in Section 20.
"Independent Manager" means an individual who, for the five-year period
prior to his or her appointment as Independent Manager has not been, and is not
at the time of such appointment or during the continuation of his or her service
as Independent Manager, any of the following: (i) an employee, director,
stockholder, member, partner, attorney or counsel, or officer of the Company,
the Member or any of their Affiliates (other than as an Independent Manager of
the Company); (ii) a customer or supplier or creditor or other person who
derives any of its purchases or revenues from its activities with the Company,
the Member, or any of their Affiliates; or (iii) any member of the immediate
family of or Person controlling or
under common control with any person excluded from serving as Independent
Manager in (i) or (ii). As used in this definition, the term "control" means the
possession, directly or indirectly, of the power of the manager to cause the
direction of management, policies, or activities of a Person, whether through
ownership of voting securities, by contract or otherwise. A natural person who
satisfies the foregoing definition other than in part (ii) above shall not be
disqualified from serving as Independent Manager of the Company if such
individual is an independent director provided by a nationally recognized
company that provides professional independent directors and it also provides
other corporate services in the ordinary course of its business. A natural
person who otherwise satisfies the foregoing definition except for being the
independent director of a "special purpose entity" affiliated with the Company
that does not own a direct or indirect equity interest in the Company or any
co-borrower shall not be disqualified from serving as an Independent Manager of
the Company if such individual is at the time of the initial appointment, or at
any time while serving as an Independent Manager of the Company, an independent
manager or director of a "special purpose entity" affiliated with the Company
(other than any entity that owns a direct or indirect interest in the Company or
in any co-borrower) if such individual is an independent manager or director
provided by a nationally-recognized company that provides professional
independent directors or managers. For purposes of this paragraph, a "special
purpose entity" is an entity, whose organizational documents contain
restrictions on its activities and impose requirements intended to preserve the
Company's separateness that are substantially similar to those of the Company,
as applicable, and provide, inter alia, that it: (a) is organized for the
limited purpose of owning and operating one or more Trusts or of being the
general partner or member of a special purpose entity organized for the limited
purpose of owning and operating one or more Trusts; (b) has restrictions on its
ability to incur indebtedness, dissolve, liquidate, consolidate, merge and/or
sell assets; (c) may not file voluntarily a bankruptcy petition either on its
own behalf or, if it is a general partner or member of a special purpose entity
organized for the limited purpose of owning or operating one or more Trusts, on
behalf of such entity, without the consent of an independent manager or director
and (d) shall conduct itself and, if it is a general partner or member of a
special purpose entity organized for the limited purpose of owning and operating
one or more Trusts, cause such entity to conduct itself, in accordance with the
certain "separateness covenants", including, but not limited to, the maintenance
of its books, records, bank accounts and assets separate from those of any other
person or entity. Each Independent Manager is hereby designated as a "manager"
within the meaning of 18-101(10) of the Act.
"Initial Member" means SLM Education Credit Management Corporation, in
its capacity as a member of the Company.
"Manager" means the Persons elected to the Board of Managers from time
to time by the Member, including the Independent Managers. A Manager is hereby
designated as a "manager" of the Company within the meaning of Section
18-101(10) of the Act.
"Material Action" means to file any insolvency, or reorganization case,
or proceeding, or to institute proceedings to have the Company be adjudicated
bankrupt or insolvent, to institute proceedings under any applicable insolvency
law, to seek any relief under any law relating to relief from debts or the
protection of debtors, to consent to the filing or institution of bankruptcy or
insolvency proceedings against the Company or file a petition seeking, or
consent to, reorganization or relief with respect to the Company under any
applicable federal or state law relating to bankruptcy, or consent to the
appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Company or a substantial part of its property, or make
any assignment for the benefit of creditors of the Company, or admit in writing
the Company's inability to pay its debts generally as they become due, or, to
take action in furtherance of any of the foregoing.
"Member" means SLM Education Credit Management Corporation, as the
initial member of the Company, and includes any Person admitted as an additional
member of the Company or a
substitute member of the Company pursuant to the provisions of this Agreement,
each in its capacity as a member of the Company; provided, however, the term
"Member" shall not include the Special Member or the Springing Members.
"Member Cessation Event" has the meaning set forth in Section 5c.
"Officers" has the meaning set forth in Section 11.
"Person" means any individual, general partnership, limited
partnership, limited liability company, corporation, joint venture, trust,
business trust, cooperative or association, and the heirs, executors,
administrators, legal representatives, successors and assigns of the "Person"
when the context so permits.
"Rating Agency" has the meaning set forth in Section 23a.
"Rating Agency Condition" means, with respect to any action, that each
rating agency then rating any Trust Securities shall have been given ten days
prior notice of such action and that each of the rating agencies then rating the
Trust Securities shall have notified the Company in writing that such action
will not result in a reduction or withdrawal, downgrade or qualification of the
then current rating by such rating agency of any Trust Securities.
"Residual Interests" has the meaning set forth in Section 7.
"Xxxxxx Xxx" has the meaning set forth in 9j.
"Securities" has the meaning set forth in Section 7.
"Senior Interests" has the meaning set forth in Section 7.
"Special Member" means, upon such person's admission to the Company as
a member of the Company pursuant to Section 5c, a person acting as Springing
Member 1 or Springing Member 2, in such person's capacity as a member of the
Company. A Special Member shall only have the rights and duties expressly set
forth in this Agreement.
"Special Purpose Provisions" has the meaning set forth in Section 9j.
"Springing Member" shall mean each of Springing Member 1 and Springing
Member 2.
"Springing Member 1" means Xxxxxxx X. Xxxxxxxxx or any other Person
executing this Agreement as Springing Member 1.
"Springing Member 2" means Xxx X. Xxxxxxx or any other Person executing
this Agreement as Springing Member 2.
"Student Loans" has the meaning set forth in Section 7.
"Subordinated Interests" has the meaning set forth in Section 7.
"Trust" has the meaning set forth in Section 7.
"Trust Agreements" has the meaning set forth in Section 7.
"Trust Securities" means any Securities issued by any Trust.
Definitions in this Agreement apply equally to both the singular and plural
forms of the defined terms. The words "include" and "including" shall be deemed
to be followed by the phrase "without limitation." The terms "herein", "hereof"
and "hereunder" and other words of similar import refer to this Agreement as a
whole and not to any particular Section, paragraph or subdivision. The Section
titles appear as a matter of convenience only and shall not affect the
interpretation of this Agreement. All Section, paragraph, clause, Exhibit or
Schedule references not attributed to a particular document shall be references
to such parts of this Agreement.
Section 35. Effectiveness. Pursuant to Section 18-201(d) of the Act,
this Agreement shall be effective as of the time of the filing of the
Certificate of Formation with the Office of the Delaware Secretary of State on
2002.
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IN WITNESS WHEREOF, this Limited Liability Operating Agreement of SLM
Education Credit Funding, LLC has been executed by its sole member, Springing
Member 1 and Springing Member 2.
MEMBER:
SLM EDUCATION CREDIT
MANAGEMENT CORPORATION
By: /S/ XXXX XX XXXXXXX
-------------------
Name: Xxxx Xx Xxxxxxx
Title: President
SPRINGING MEMBER 1/INDEPENDENT MANAGER
By: /S/ XXXXXXX X. XXXXXXXXX
------------------------
Name: Xxxxxxx X. Xxxxxxxxx
SPRINGING MEMBER 2/INDEPENDENT MANAGER
By: /S/ XXX X. XXXXXXX
------------------
Name: Xxx X. Xxxxxxx
SCHEDULE A
Name and Address of Member Contribution Number of Units Percentage Interest
=========================================== ============ =============== ===================
SLM EDUCATION CREDIT MANAGEMENT CORPORATION $1,000 1000 100%
00 Xxxxxxxxx Xxxxx
Xxxx Xxxxxxxxxx, Xxxxx Xxxxxx 00000
