Preview of our top selling LLC Operating Agreement
American Skiing - LLC Operating Agreement
LIMITED LIABILITY COMPANY AGREEMENT
OF
SP LAND COMPANY, LLC
Dated as of March 31, 2004
THE INTERESTS ISSUED UNDER THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR REGISTERED OR QUALIFIED UNDER THE APPLICABLE STATE SECURITIES LAWS, IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION AND QUALIFICATION PROVIDED IN THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND QUALIFICATION OR REGISTRATION UNDER THE APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION OR QUALIFICATION IS NOT REQUIRED.
IN ADDITION, THE INTERESTS ISSUED UNDER THIS AGREEMENT MAY BE SOLD OR TRANSFERRED ONLY IN COMPLIANCE WITH THE RESTRICTIONS ON TRANSFER SET FORTH HEREIN.
TABLE OF CONTENTS
Page
ARTICLE 1 DEFINITIONS..........................................................1
ARTICLE 2 LIMITED LIABILITY COMPANY............................................5
2.1 Certificate of Formation.....................................5
2.2 Name.........................................................5
2.3 Principal Office, Resident Agent and Registered Office.......5
2.4 Purpose......................................................5
2.5 Term.........................................................6
2.6 Fiscal Year..................................................6
ARTICLE 3 CAPITAL CONTRIBUTIONS AND LOANS BY MEMBERS...........................6
3.1 Initial Capital Contributions................................6
3.2 Member Loans.................................................6
3.3 General......................................................6
3.4 No Third Party Rights........................................7
3.5 Return of Capital............................................7
ARTICLE 4 MANAGEMENT...........................................................7
4.1 Designation of Managing Member and Grant of Authority........7
4.2 Officers.....................................................9
4.3 Affiliate Agreements.........................................9
4.4 Limitation on Authority of Other Members to Act on Behalf
of Company.................................................9
4.5 Permissible Activities of the Members........................9
4.6 Exculpation.................................................10
4.7 Bank Accounts...............................................10
ARTICLE 5 COMPENSATION AND FEES...............................................10
5.1 Reimbursement of Expenses...................................10
5.2 No Additional Fees..........................................10
ARTICLE 6 COVENANTS, WARRANTIES AND REPRESENTATIONS OF MEMBERS................11
6.1 Representations and Warranties of Killington................11
6.2 Representations and Warranties of ASCRP.....................11
ARTICLE 7 BOOKS AND RECORDS; AUDITS; CERTAIN TAX MATTERS......................12
7.1 Books and Records; Audits; Certain Tax Matters..............12
ARTICLE 8 CAPITAL ACCOUNTS; DISTRIBUTIONS; ALLOCATIONS........................13
8.1 Capital Accounts............................................13
8.2 Allocations.................................................13
8.3 Distributions...............................................14
8.4 Withholding.................................................15
8.5 Final Distribution..........................................15
2
ARTICLE 9 DISSOLUTION.........................................................15
9.1 Dissolving Events...........................................15
9.2 Methods of Liquidation......................................15
9.3 Reasonable Time for Liquidating.............................16
9.4 Date of Liquidation.........................................16
9.5 Withdrawals.................................................16
ARTICLE 10 SALE; ASSIGNMENT; TRANSFER.........................................16
10.1 Transfers of Interests in Company...........................16
10.2 Restraining Order; Specific Performance; Other Remedies.....17
10.3 Compliance with Law.........................................17
10.4 Substitute Members..........................................17
10.5 Section 754 Election........................................17
10.6 Release of Liability........................................18
ARTICLE 11 NOTICES............................................................18
11.1 In Writing; Address.........................................18
11.2 Method......................................................19
ARTICLE 12 MISCELLANEOUS......................................................19
12.1 Additional Documents and Acts...............................19
12.2 Governing Law and Jurisdiction..............................19
12.3 Pronouns....................................................19
12.4 Entire Agreement............................................19
12.5 References to this Agreement................................19
12.6 Headings....................................................20
12.7 Binding Effect..............................................20
12.8 Counterparts................................................20
12.9 Amendments..................................................20
12.10 Estoppel Certificates.......................................20
12.11 Exhibits....................................................20
12.12 Severability................................................20
12.13 Waiver; Modification........................................20
12.14 Third-Party Beneficiaries...................................20
12.15 Reliance on Authority of Person Signing Agreement;
Designated Representatives; Authority of Managing Member..21
12.16 Indemnity...................................................21
12.17 Herein......................................................22
12.18 Including...................................................22
12.19 Cost of Counsel.............................................22
12.20 Days........................................................22
12.21 Time of Essence.............................................22
12.22 General Exculpation.........................................22
12.23 Partition...................................................22
3
Exhibits
Exhibit A - Description of Killington Property and ASCRP Property Exhibit A-1 - Description of Cherry Knoll Property Exhibit B - Designated Representations Exhibit C - Tax Exhibit
4
LIMITED LIABILITY COMPANY AGREEMENT
OF
SP LAND COMPANY, LLC
THIS LIMITED LIABILITY COMPANY AGREEMENT (this "Agreement") of SP LAND COMPANY, LLC, a Delaware limited liability company (the "Company"), is executed as of March 31, 2004, by and among AMERICAN SKIING COMPANY RESORT PROPERTIES, INC., a Maine corporation ("ASCRP"), and KILLINGTON, LTD., a Vermont corporation ("Killington")
W I T N E S S E T H :
WHEREAS, the Members formed the Company pursuant and subject to the Delaware Limited Liability Company Act (as amended from time to time, the "Act") pursuant to that certain Certificate of Formation of the Company, dated as of March 17, 2004, and filed with the Secretary of State of the State of Delaware on March 17, 2004 (the "Certificate of Formation");
WHEREAS, in connection with the formation of the Company and in exchange for certain Membership Interests therein, as more fully hereinafter set forth, ASCRP is contributing all of its right, title and interest in and to certain land, receivables, and cash accounts more fully described on Exhibit A attached hereto (the "ASCRP Property"), and Killington iss contributing to the Company all of it's right, title and interest in and to certain real property described generally on Exhibit A attached hereto including an undivided fifty percent (50%) interest in the "Cherry Knoll" property described on said Exhibit A-1 (collectively the "Killington Property," the ASCRP Property and the Killlington Property are collectively referred to herein as the "Development Property");
WHEREAS, ASCRP and Killington now desire to enter into this Agreement to (i) reflect the contributions described above and ASCRP's and Killington's admission as Members in the Company as a result thereof, (ii) set forth the Members' respectve Membership Interests as a result of such contributions, and (iii) otherwise establish the Members' respective rights in the Company and the terms and provisions upon which the Company shall operate.
NOW, THEREFORE, in consideration of the premises and the mutual promises, obligations and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be, and hereby being, legally bound, hereby agree as follows:
ARTICLE 1
DEFINITIONS
The following terms shall have the following meanings when used herein:
"Act": As defined in the Recitals.
1
"Affiliate": With respect to any designated Person, any other Person which, directly or indirectly, controls or is controlled by or is under common control with such designated Person. "Control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person.
"Affiliate Agreement": Any contract, agreement or other arrangement, oral or written, entered into between the Company and any Person which is an Affiliate of a Member with respect to the provision of services to, or supplies, machinery or equipment for, the Company Assets or any portion thereof.
"Agreement": This Limited Liability Company Agreement, as the same may be amended from time to time in accordance herewith.
"ASC": American Skiing Company, a Delaware corporation.
"ASCRP": As defined in the Preamble.