270 Legal [Sample Agreements]

OPERATING AGREEMENT
FOR
SFF ROYALTY, LLC

A Delaware Limited Liability Company

This OPERATING AGREEMENT (this “Agreement”) of SFF ROYALTY, LLC (the
“Company”), effective as of November 26, 2007, is (a) adopted by the Managers
(as defined in Section 5.01), (b) executed and agreed to, for good and valuable
consideration, by the Members (as defined in Section 2.01), and (c) supersedes
and replaces all prior Operating Agreements adopted for the Company.

Article 1
Organization

1.01. Formation. The Company has been organized as a Delaware limited
liability company by the filing of a Certificate of Formation (the
“Certificate”) under and pursuant to the Delaware Limited Liability Company Act
(as amended from time to time, the “Act”).

1.02. Name. The name of the Company is “SFF ROYALTY, LLC” and all
Company business must be conducted in that name, or such other names that may be
selected by the Managers and that comply with applicable law.

1.03. Registered Office; Registered Agent; Offices. The registered
office and registered agent of the Company in the State of Delaware shall be as
specified in the Certificate or as designated by the Managers in the manner
provided by applicable law. The offices of the Company shall be at such places
as the Managers may designate, which need not be in the State of Delaware.
===

Click here for the complete Delaware LLC Operating Agreement