Limited Liability Company Agreement
(Structured Finance or Securitization Transaction) (DE LLC)

This template of a limited liability company agreement for a Delaware entity may be used to create a special-purpose issuer or borrower for a securitization transaction. This template includes practical guidance and drafting notes. Counsel for the sponsor of the transaction, or counsel for the borrower if used in a financing transaction, typically prepares the initial draft. The template may be reviewed by investor's (or lender's) counsel and by the rating agencies, if any securities to be issued in the transaction are to be rated. For more information on securitization transactions, see Securitization, and Parties and Documents in Securitization Transactions. For a template of a certificate of formation, see Certificate of Formation (DE LLC). For more information on limited liability companies generally, see the Limited Liability Companies task in Practical Guidance's Business Entities practice area.