Amendments to the Operating Agreement Clause Samples
The "Amendments to the Operating Agreement" clause defines the process by which changes can be made to the existing operating agreement of a company or partnership. Typically, this clause outlines who must approve amendments—such as a majority or unanimous vote of members—and may specify procedures for proposing, discussing, and documenting changes. Its core function is to provide a clear, agreed-upon method for updating the agreement as circumstances evolve, ensuring that all parties understand how modifications can be made and reducing the risk of disputes over unauthorized or informal changes.
Amendments to the Operating Agreement. This Operating Agreement may be amended by a simple majority vote of the current members of the Montana State University All Staff Council. Any staff member may submit proposed changes to any of these procedures to the Governance Committee. Submissions must be in writing. The Governance Committee shall review submissions and present them to the Executive Board and then the Council at the next monthly meeting. Council members shall be provided an opportunity to discuss the proposed amendments and make recommendations. Any adopted amendments shall be dated and a record kept by the Program Coordinator.
Amendments to the Operating Agreement. The Operating Agreement is hereby amended as follows:
(a) Each of the following terms and definitions contained in Section 1.1 of the Operating Agreement is hereby amended and restated to read in its entirety as follows:
Amendments to the Operating Agreement. In connection with the Department’s requirement, Section 7.4(c) of the Operating Agreement is deleted. It provided that:
Amendments to the Operating Agreement. Effective as of and contingent upon the occurrence of the payment by the Company of the Debt Financed Distributions and the conversion of the Preferred Units in accordance with Sections 1 and 2 of this Amendment No. 7:
3.1 Schedule I of the Operating Agreement shall be amended and restated in the form attached hereto as Schedule I, and as a result thereof, to reflect the resulting effect on the Sharing Ratios (as defined in the Operating Agreement) and the cancellation of all Preferred Units of the Company; and
3.2 The first sentence of Section 6.01 of the Operating Agreement shall be amended and restated in its entirety to read as follows: “The Company has authorized capital of no Preferred Units and Fifteen Thousand (15,000) Common Units, which amounts are subject to increase as provided for in Section 6.06 below.”
3.3 Section 7.07 of the Operating Agreement shall be amended and restated in its entirety to read as follows: “To the extent it may legally do so, the Board shall cause the Company to distribute each quarter (or at such time prior to the end of a quarter as approved by the Board in connection with the Company’s initial public offering) to each Member an amount sufficient to pay the federal, state, provincial, and local income tax liability of such Member (or, in the event a Member is an S corporation or a partnership, the tax liability of its shareholders or partners) in respect of any Profits allocated to such Member, determined in accordance with the maximum marginal federal income tax rate applicable to individuals and the maximum marginal state income tax rate applicable to individuals for the state in which any Member is domiciled for state tax purposes which has the highest such maximum marginal rate.”
Amendments to the Operating Agreement. All amendments to this Agreement shall be made by a two-thirds vote of the Council.
Amendments to the Operating Agreement. Proposed amendments to this Agreement must be published by the Council sixty (60) days prior to the meeting at which they will be discussed in order to allow feedback from ABOR, AZCCD and AZPPSE and the Arizona ▇▇▇▇ member institutions.
Amendments to the Operating Agreement. The Operating Agreement is hereby amended to add a new Section 15.19, to read as follows:
Amendments to the Operating Agreement. Upon the effectiveness of -------------------------------------- this Agreement in accordance with the terms and conditions hereof:
Amendments to the Operating Agreement. The LLC's members will be given notice of any proposed amendment to the LLC's operating agreement. Once all members have been notified of the proposed amendment, the proposal will be voted upon by the LLC's members. The vote will be a majority vote (over 50%), where each member's voting power is proportionate to their individual ownership stake in the LLC.
Amendments to the Operating Agreement. Section 1.01. Section 1.01 of the Operating Agreement is hereby amended as follows:
(a) by inserting the phrase "(including, without limitation, salary and other benefits paid to the Operator's facility manager/head grower and sales representatives)" after the phrase "
(a) all expenses to be paid from the Management Fee" in the proviso to the definition of "Greenhouse Expenses";
(b) by deleting the definition of "Internal Rate of Return";
(c) by inserting the phrase ", propagated tomato plants" between the word "tomatoes" and the phrase "or any other" in the definition of "Product"; and
(d) by inserting the phrase "in Article XVI or otherwise" between the words "provided" and "herein" in the definition of "Term."