OPERATING AGREEMENT OF iPAYMENT CALIFORNIA, LLC Members

Exhibit 3.27

Page 1 of 5

OPERATING AGREEMENT
OF
iPAYMENT CALIFORNIA, LLC

Members

				Cash Contributed or Agreed Value
		Aggregate		of Other Property or Services
Name, Address, SSN		Percentage Interest		Contributed
		Financial Governance
iPayment, Inc.		100%		$50
▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ FEIN: ▇▇-▇▇▇▇▇▇▇

Page 2 of 5

iPAYMENT CALIFORNIA, LLC
OPERATING AGREEMENT

Parties to Contribution Agreements

Class of Membership Interest

Amount of Cash or Value of

and Percentage Interest to be

Property or Services Required to

Time at Which Contribution is

Name, Address, SS#

Acquired

be Contributed

Required to be Made

None

Page 3 of 5

iPAYMENT CALIFORNIA, LLC
OPERATING AGREEMENT

Parties to Contribution Allowance Agreements

Class of Membership Interest

Amount of Cash or Value of Property

Time at Which

and Percentage Interest Able

or Services that must be Contributed to

Contribution is to

Name, Address, SS#

to be Acquired

Acquire Interest

be Made

None

Page 4 of 5

iPAYMENT CALIFORNIA, LLC
OPERATING AGREEMENT

Assignees of Financial Rights

		Name of
Name, Address, SS#		Assignor				Amount of Financial Rights Assigned
None

Page 5 of 5

iPAYMENT CALIFORNIA, LLC
OPERATING AGREEMENT

Managers and Tax Matters Member

Chief Manager:		▇▇▇▇▇▇▇ ▇. Daily
Secretary:		▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Other Managers:		None
Tax Matters Member:		None
Principal Executive Office:		▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
		▇▇▇▇▇ ▇▇▇
		▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇

     Except as provided herein, the LLC shall be controlled by the default rules of the Act and the provisions of the Articles. The Membership Interests (Financial Rights and Governance Rights) are as set forth herein. In order to make a distribution greater than the amount required to pay federal income taxes on the income of the LLC, all distributions shall require the consent of a majority of the Governance Rights of the Members. There shall, to the extent reasonably possible, be annual distributions equal to the federal tax on the taxable income of the LLC. Membership Interests and Financial Rights may only be assigned upon the Majority Vote of the non-transferring Members. New Members may only be admitted on a Majority Vote of the Members. For these purposes, “Majority Vote” shall mean a majority of the Governance Rights entitled to vote on the matter, whether or not present at a meeting. The only dissolution events shall be the having of no Members or a Majority Vote of the Members to dissolve the LLC.

     This the 19th day of September, 2003.