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EXHIBIT A AMENDED & RESTATED OPERATING …

#1993364 EXHIBIT A AMENDED & RESTATED OPERATING agreement OF western IOWA ENERGY, LLC Dated January 31, 2005 i western IOWA ENERGY, LLC OPERATING agreement TABLE OF CONTENTS Page SECTION 1. THE COMPANY .. 1 Formation .. 1 Name .. Purpose; Powers .. 1 Principal Place of Business .. 2 Term .. 2 Agent For Service of Process .. 2 Title to Property .. 2 Payment of Individual Obligations .. 2 Independent Activities; Transactions With Affiliates .. 2 3 SECTION 2. CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS .. 9 Original Capital Contributions.

#1993364 exhibit a amended & restated operating agreement of western iowa energy, llc dated january 31, 2005

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Transcription of EXHIBIT A AMENDED & RESTATED OPERATING …

1 #1993364 EXHIBIT A AMENDED & RESTATED OPERATING agreement OF western IOWA ENERGY, LLC Dated January 31, 2005 i western IOWA ENERGY, LLC OPERATING agreement TABLE OF CONTENTS Page SECTION 1. THE COMPANY .. 1 Formation .. 1 Name .. Purpose; Powers .. 1 Principal Place of Business .. 2 Term .. 2 Agent For Service of Process .. 2 Title to Property .. 2 Payment of Individual Obligations .. 2 Independent Activities; Transactions With Affiliates .. 2 3 SECTION 2. CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS .. 9 Original Capital Contributions.

2 9 Additional Capital Contributions; Additional Units .. 9 Capital Accounts .. 9 SECTION 3. ALLOCATIONS .. 10 Profits .. 10 Losses .. 10 Special Allocations .. 10 Curative Allocations .. 12 Loss Limitation .. 12 Other Allocation Rules .. 12 Tax Allocations: Code Section .. 13 Tax Credit Allocations .. 13 SECTION 4. DISTRIBUTIONS .. 13 Net Cash 13 Amounts Withheld .. 14 Limitations on Distributions .. 14 SECTION 5. MANAGEMENT .. 14 Directors .. 14 Number of Total Directors .. 14 Election of Directors .. 14 Committees.

3 16 Authority of Directors .. 17 Director as Agent .. 18 ii Restrictions on Authority of Directors .. 19 Director Meetings and Notice .. 19 Action Without a Meeting .. 20 Quorum; Manner of Acting .. 20 Voting; Potential Financial Interest .. 20 Duties and Obligations of Directors .. 20 Chairman and Vice Chairman .. 21 President and Chief Executive Officer .. 21 Chief Financial Officer .. 21 Secretary; Assistant 21 Vice President .. 21 Delegation .. 22 Execution of Instruments .. 22 Limitation of Liability; Indemnification of Directors.

4 22 Compensation; Expenses of Directors .. 22 Loans .. 23 SECTION 6. ROLE OF MEMBERS .. 23 One Membership Class .. 23 Members .. 23 Additional Members .. 23 Rights or Powers .. 24 Voting Rights of 24 Member Meetings .. 24 Conduct of Meetings .. 24 Notice of Meetings; Waiver .. 24 Quorum and Proxies .. 24 Voting; Action by Members .. 24 Record Date .. 24 Termination of Membership .. 25 Continuation of the Company .. 25 No Obligation to Purchase Membership Interest .. 25 Waiver of Dissenters Rights .. 25 Limitation on Ownership.

5 25 SECTION 7. ACCOUNTING, BOOKS AND RECORDS .. 25 Accounting, Books and Records .. 25 Delivery to Members arid Inspection .. 26 Reports .. 26 Tax Matters .. 26 SECTION 8. AMENDMENTS .. 27 Amendments .. 27 SECTION 9. TRANSFERS .. 27 Restrictions on Transfers .. 27 iii Permitted Transfers .. 27 Conditions Precedent to Transfers .. 28 Prohibited Transfers .. 29 No Dissolution or Termination .. 30 Prohibition of Assignment .. 30 Rights of Unadmitted Assignees .. 30 Admission of Substituted Members .. 30 Representations Regarding Transfers.

6 31 Distribution and Allocations in Respect of Transferred 32 Additional Members .. 32 SECTION 10. DISSOLUTION AND WINDING UP .. 33 Dissolution .. 33 Winding Up .. 33 Compliance with Certain Requirements of Regulations; Deficit Capital Accounts .. 33 Deemed Distribution and Recontribution .. 34 Rights of Unit Holders .. 34 Allocations During Period of Liquidation .. 34 Character of Liquidating Distributions .. 34 The Liquidator .. 34 Forms of Liquidating Distributions .. 35 SECTION 11. MISCELLANEOUS .. 35 Notices .. 35 Binding Effect.

7 35 Construction .. 35 Headings .. 35 Severability .. 35 Incorporation By Reference .. 35 Variation of Terms .. 35 Governing Law .. 36 Waiver of Jury Trial .. 36 Counterpart Execution .. 36 Specific Performance .. 36 AMENDED & RESTATED OPERATING agreement OF western IOWA ENERGY, LLC THIS OPERATING agreement (the agreement ) is entered into and shall be effective as of the 31st day of January, 2005, by and among western Iowa Energy, LLC, an Iowa limited liability company (the Company ), each of the Persons (as hereinafter defined)

8 Who are identified as Members on the attached EXHIBIT A and who have executed a counterpart of this agreement and a Subscription agreement , and any other Persons as may from time-to-time be subsequently admitted as a Member of the Company in accordance with the terms of this agreement . Capitalized terms not otherwise defined herein shall have the meaning set forth in Section WHEREAS, the Members of the Company have adopted an OPERATING agreement of the Company dated September 21, 2004, pursuant to the Iowa Limited Liability Company Act (the Act ); and WHEREAS, the Members desire to amend and restate the OPERATING agreement to revise and to set forth their respective rights, duties, and responsibilities with respect to the Company and its business and affairs.

9 NOW, THEREFORE, in consideration of the covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: SECTION 1. THE COMPANY Formation. The initial Members formed the Company as an Iowa limited liability company by filing Articles of Organization with the Iowa Secretary of State on September 21, 2004 pursuant to the provisions of the Act. To the extent that the rights or obligations of any Member are different by reason of any provision of this agreement than they would be in the absence of such provision, this agreement shall, to the extent permitted by the Act, control.

10 Name. The name of the Company shall be western Iowa Energy, LLC and all business of the Company shall be conducted in such name. Purpose; Powers. The nature of the business and purposes of the Company are: (i) to own, construct, operate, lease, finance, contract with, and/or invest in biodiesel production and co-product production facilities as permitted under the applicable laws of the State of Iowa; (ii) to engage in the processing of feedstocks into biodiesel and any and all related co-products, and the marketing of all products and co-products from such processing.


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