1
Exhibit 3.59
LIMITED LIABILITY COMPANY AGREEMENT
OF
NEW-U PICTURES FACILITIES LLC
THIS LIMITED LIABILITY COMPANY AGREEMENT ("Agreement") is made
effective as of the 4th day of February, 1998, by and between MELKIS
PRODUCTIONS, INC., a California corporation, as the sole member ("Member"), and
NEW-U PICTURES FACILITIES LLC, a Delaware limited liability company, and shall
be binding upon such other individuals and members as may be added pursuant to
the terms of this Agreement.
1. Formation Of The Company. By execution of this Agreement,
Member ratifies and confirms the action of Brian C. Mulligan, as its duly
authorized agent in connection with the filing of a certificate of formation
(the "Certificate") with the Secretary of the State of the State of Delaware for
the purpose of forming New-U Pictures Facilities LLC (the "Company"), a limited
liability company formed under the Delaware Limited Liability Company Act, 6
Del. C. Section 18-101, et seq. (the "Act").
2. Name Of The Company. The name of the company to be stated
in the Certificate and the limited liability company governed by this Agreement
shall be "New-U Pictures Facilities LLC".
3. Purpose. This Company is formed for the object and purpose
of, and the nature of the business to be conducted and promoted by the Company
is, engaging in any lawful act or activity for which limited liability companies
may be formed under the Act and engaging in any and all activities necessary or
incidental to the foregoing.
4. Registered Office; Registered Agent. The registered office
of the Company in the State of Delaware is located at Corporation Trust Center,
1209 Orange Street, Wilmington, New Castle County, Delaware 19801 and the
registered agent of the Company at such address is The Corporation Trust
Company.
5. Units. A member's interests in the Company ("Units") shall
for all purposes be personal property. No holder of Units or member shall have
any interest in specific Company assets or property, including assets or
property contributed to the Company by such member as a pert of any capital
contribution. The Units are securities governed by Article 8 of the Uniform
Commercial Code as in effect in the State of New York.
6. Capital Contributions By The Sole Member. In consideration
of the issuance of one hundred (100) Units in the Company to Member, Member
shall hereafter cause the contribution to the Company, of certain of its rights
and obligations as contemplated by Section 1.5 of the Investment Agreement dated
as of the October 19, 1997, as amended and restated as of December 18, 1997, as
amended and restated as of December 18, 1998, among Universal Studios, Inc., for
itself and on behalf of certain of its subsidiaries, HSN, Inc., Home Shopping
Network, Inc., and Liberty Media
2
Corporation, for itself and on behalf of certain of its subsidiaries. Except for
the foregoing consideration, Member shall not be obligated to make capital
contributions to the Company and all Units issued to Member shall be
nonassessable.
7. Capital Accounts. A separate account shall be maintained
for each member and such capital accounts shall be maintained in accordance with
the provisions of Section 704 of the Internal Revenue Code of 1986, as amended
(the "Code"), and the Treasury Regulations promulgated thereunder.
8. Allocation of Profits and Losses. The Company's profits and
losses shall be allocated among the members in proportion to the number of Units
held by each member. It is the intent of the members that each member's
distributive share of income, gain, loss, deduction, or credit (or item thereof)
shall be determined and allocated in accordance with this Paragraph 8 to the
fullest extent permitted by Sections 704 (b) and (c) of the Code and the
Treasury Regulations promulgated thereunder.
9. Distributions. Distributions shall be made to the members
at the times and in the aggregate amounts determined by the Member. Such
distributions shall be allocated among the members in proportion to the number
of Units held by each member.
10. Appointment and Removal of Manager. At any time, and from
time to time, the member or members holding a majority of the Units in the
Company may elect one or more individuals or entities to manage the Company (the
"Manager"). The Manager shall be responsible for any and all such duties as the
member(s) may choose to confer upon the Manager in this Agreement. By execution
of this Agreement, Member hereby appoints Melissa Leffler, as initial Manager of
the Company. A Manager (whether an initial or a successor Manager) shall cease
to be a Manager upon the earlier of (i) such Manager's resignation or (ii) such
Manager's removal pursuant to the affirmative vote of the member or members
holding a majority of the Units. Any vacancy in the Manager position, whether
occurring as a result of a Manager resigning or being removed may be filled by
appointment of a successor by the member or members holding a majority of the
Units in accordance with this Paragraph 10. A Manager need not be a member or
resident of the State of Delaware.
11. Management Powers Of The Manager. Except for powers
specifically reserved to the members by this Agreement (if any) or by
non-waivable provisions of applicable law, as provided herein, the Company shall
be managed by the Manager, as authorized agent of the Company. The Manager shall
have the full, exclusive, and absolute right, power, and authority to manage and
control the Company and the property, assets, and business thereof. Subject to
the restrictions specifically contained in this Agreement, the Manager may make
all decisions and take all actions for the Company not otherwise provided for in
this Agreement, including, without limitation, performance of any and all other
acts Manager may deem necessary or appropriate to the Company's business.
3
12. Officers. The officers of the Company shall be appointed
by the Manager and shall include a President, a Secretary, a Treasurer, and such
other officers as the Manager from time to time may deem proper. Unless the
Manager decides otherwise, all officers so designated shall have such powers and
duties as generally pertain to their respective corresponding offices in a
corporation incorporated under the Delaware General Corporation Law. Such
officers shall also have such powers and duties as from time to time may be
conferred by the Manager. The Manager or the President may from time to time
appoint such other officers (including one (1) or more Vice Presidents,
Assistant Secretaries and Assistant Treasurers) and such agents, as may be
necessary or desirable for the conduct of the business of the Company. Such
other officers and agents shall have such duties and shall hold their offices
for such terms as shall be prescribed by the Manager or by the President, as the
case may be. Any number of titles may be held by the same person. Each officer
shall hold office until his or her successor shall be duly designated and shall
qualify or until his or her death, until he or she shall resign, or until he or
she shall be been removed, either with or without cause, by Manager whenever, in
Manager's judgment, the best interests of the Company will be served thereby.
The salaries or other compensation, if any, of the officers and agents of the
Company shall be fixed by Manager. Any delegation pursuant to this Paragraph 12
may be revoked at any time by Manager.
13. Limitations on Authority. The authority of Manager over
the conduct of the affairs of the Company shall be subject only to such
limitations as are expressly stated in this Agreement or in the Act.
14. Dissolution. The Company shall dissolve, and its affairs
shall be wound up upon the first to occur of the following: (a) the written
consent of the members, or (b) the entry of a decree of judicial dissolution
under Section 18-802 of the Act.
15. Transferability of Interests. A member may not assign in
whole or in part its Units without the consent of all of the other members and
provided that the transferee of such Units shall be bound by the terms of this
Agreement. Notwithstanding the first sentence of this Paragraph 15, any member
may, directly or indirectly, cause the transfer of its Units to USANi LLC or any
of USANi LLC's direct or indirect wholly owned entities (collectively,
"Permitted Transferees"), without the consent of the other members. Upon any
such transfer to a Permitted Transferee, the Permitted Transferee shall be
admitted as a member and shall be bound by the terms of this Agreement. Nothing
herein shall restrict the ability of any member to pledge its Units to secure
indebtedness (including guarantee indebtedness) in respect of that certain
credit agreement among USA Networks, Inc., USANI LLC, the lenders party thereto,
The Chase Manhattan Bank as administrative agent, Bank of America National Trust
& Savings Association and The Bank of New York as Co-Documentation Agents, or
any renewal, extension, replacement or refinancing thereof.
4
16. Admission of Additional Members. Except as provided in
Paragraph 15, one (1) or more additional members of the Company may be admitted
to the Company with the consent of all the members.
17. Consents. Any action that may be taken by the members at a
meeting may be taken without a meeting if a consent in writing, setting forth
the action so taken, is signed by or on behalf of the member or members holding
sufficient Units to authorize or approve such action at such meeting.
18. Amendments. Except as otherwise provided in this
Agreement, this Agreement may be amended only by an affirmative vote of the
member or members holding a majority of the Units.
19. Governing Law. This Agreement shall be construed and
enforced in accordance with, and governed by, the laws of the State of Delaware.
20. Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original and all of which
together, shall constitute one and the same Agreement.
21. Tax Election. The Manager shall have the power to cause
the Company to make all elections required or permitted to be made for income
tax purposes.
5
IN WITNESS WHEREOF, the parties hereto have made this Agreement effective
as of the date and year first above written.
NEW-U PICTURES FACILITIES LLC
By: /s/ Melissa Leffler
____________________________
Name: Melissa Leffler
Title: Manager
Member:
MELKIS PRODUCTIONS, INC.
By: /s/ Brian C. Mulligan
____________________________
Name: Brian C. Mulligan
Title: Senior Vice President