|OPERATING AGREEMENT


OF


TC DIGITAL GAMES LLC


A Delaware Limited
Liability Company
|--------------------------------------------------------------------------------------

|                                                                 | TABLE OF CONTENTS                                            | Page
|---------------------------------------------------------------- | ------------------------------------------------------------ | ----
|ARTICLE 1 FORMATION OF COMPANY                                   |                                                              | 1   
|1.1                                                              | Formation                                                    | 1   
|1.2                                                              | Name                                                         | 1   
|1.3                                                              | Principal Place of Business                                  | 2   
|1.4                                                              | Term                                                         | 2   
|1.5                                                              | Glossary of Defined Terms                                    | 2   
|ARTICLE 2 BUSINESS OF COMPANY                                    |                                                              | 2   
|2.1                                                              | Permitted Businesses                                         | 2   
|ARTICLE 3 CONTRIBUTIONS TO THE COMPANY; FEES                     |                                                              | 2   
|3.1                                                              | Members' Capital Contributions                               | 2   
|3.2                                                              | Additional Contributions                                     | 2   
|3.3                                                              | Units                                                        | 3   
|3.4                                                              | Withdrawal or Reduction of Members' Contributions to Capital | 3   
|3.5                                                              | Fees/Cash Pooling                                            | 4   
|ARTICLE 4 ALLOCATIONS, INCOME TAX, ELECTIONS AND REPORTS; FEES   |                                                              | 5   
|4.1                                                              | Allocations of Profits and Losses                            | 5   
|4.2                                                              | Distributions                                                | 6   
|4.3                                                              | Limitation Upon Distributions                                | 7   
|4.4                                                              | Accounting Principles                                        | 7   
|4.5                                                              | Interest on and Return of Capital Contributions              | 7   
|4.6                                                              | Loans to Company                                             | 8   
|4.7                                                              | Records and Reports                                          | 9   
|4.8                                                              | Returns and Other Elections                                  | 9   
|4.9                                                              | Tax Matters Member                                           | 10  
|4.10                                                             | Special Tax Provisions                                       | 10  
|ARTICLE 5 RIGHTS AND DUTIES OF MANAGEMENT COMMITTEE AND OFFICERS |                                                              | 10  
|5.1                                                              | Management                                                   | 10  
|5.2                                                              | Voting                                                       | 10  
|5.3                                                              | Number, Voting Deadlock, Tenure, Performance of Duties       | 10  
|5.4                                                              | Certain Powers of the Management Committee                   | 11  
|5.5                                                              | Liability for Certain Acts                                   | 14  
|5.6                                                              | Managers' Standard of Care                                   | 14  
|5.7                                                              | Indemnity of the Manager and Officers                        | 14  
|5.8                                                              | Resignation; Removal                                         | 15  
|5.9                                                              | Vacancies                                                    | 15  
|5.10                                                             | Salaries                                                     | 16  
|5.11                                                             | Expenses                                                     | 16  
|5.12                                                             | Meetings                                                     | 16  
|5.13                                                             | Transactions between the Company and the Managers            | 16  
|5.14                                                             | Appointment of Officers                                      | 17  
|5.15                                                             | Limitation on Officers' Authority                            | 17  
|5.16                                                             | Budget Approval                                              | 18  
|5.17                                                             | Financial Reports                                            | 18  
|5.18                                                             | Tenure of Officers                                           | 19  
|5.19                                                             | Authority as to Third Persons                                | 19  
|5.20                                                             | Limitation on Agency                                         | 19  
|ARTICLE 6 RIGHTS AND OBLIGATIONS OF MEMBERS                      |                                                              | 19  
|6.1                                                              | Limitation of Liability                                      | 19  
|6.2                                                              | Member Access to Records                                     | 20  
|6.3                                                              | Voting Rights                                                | 20  
|6.4                                                              | Priority and Return of Capital                               | 20  
|ARTICLE 7 MEETINGS OF MEMBERS                                    |                                                              | 20  
|7.1                                                              | Call of Meetings; Secretary                                  | 20  
|7.2                                                              | Place of Meetings                                            | 20  
|7.3                                                              | Notice of Meetings                                           | 20  
|7.4                                                              | Meeting of All Members                                       | 21  
|7.5                                                              | Record Date                                                  | 21  
|7.6                                                              | Quorum                                                       | 21  
|7.7                                                              | Proxies                                                      | 21  
|7.8                                                              | Telephone Meetings                                           | 21  
|7.9                                                              | Action by Members Without a Meeting                          | 21  
|7.10                                                             | Waiver of Notice                                             | 22  
|ARTICLE 8 TRANSFERABILITY                                        |                                                              | 22  
|8.1                                                              | Transfers by Members                                         | 22  
|8.2                                                              | Restrictions on Transferability                              | 22  
|8.3                                                              | Effective Date of Transfers                                  | 23  
|8.4                                                              | Further Restrictions on Transfer of Membership Interests     | 23  
|8.5                                                              | Withdrawal of Members                                        | 23  
|8.6                                                              | Substituted Members                                          | 23  
|8.7                                                              | Right of First Refusal                                       | 24  
|ARTICLE 9 ADDITIONAL MEMBERS                                     |                                                              | 25  
|9.1                                                              | Admission of New Members                                     | 25  
|ARTICLE 10 DISSOLUTION AND TERMINATION                           |                                                              | 25  
|10.1                                                             | Dissolution                                                  | 25  
|10.2                                                             | Effect of Dissolution                                        | 26  
|10.3                                                             | Distribution of Assets Upon Dissolution                      | 26  
|10.4                                                             | Filing of Certificate of Cancellation                        | 26  
|10.5                                                             | Winding Up                                                   | 26  
|10.6                                                             | Allocations and Distributions                                | 27  
|10.7                                                             | No Action for Dissolution                                    | 27  
|ARTICLE 11 MAJOR CAPITAL EVENT                                   |                                                              | 27  
|11.1                                                             | In General                                                   | 27  
|11.2                                                             | Effecting a Major Capital Event                              | 28  
|ARTICLE 12 INVESTMENT REPRESENTATIONS                            |                                                              | 29  
|12.1                                                             | Preexisting Relationship or Experience                       | 29  
|12.2                                                             | No Advertising                                               | 30  
|12.3                                                             | Investment Intent                                            | 30  
|12.4                                                             | Purpose of Entity                                            | 30  
|12.5                                                             | Residency                                                    | 30  
|12.6                                                             | Economic Risk                                                | 30  
|12.7                                                             | No Registration of Units                                     | 30  
|12.8                                                             | Restricted Securities                                        | 30  
|12.9                                                             | No Disposition in Violation of Law                           | 30  
|12.10                                                            | Legends                                                      | 31  
|12.11                                                            | Investment Risk                                              | 31  
|12.12                                                            | Information Reviewed                                         | 31  
|12.13                                                            | No Representations by Company                                | 31  
|12.14                                                            | Consultation with Attorney                                   | 32  
|12.15                                                            | Tax Consequences                                             | 32  
|12.16                                                            | No Assurance of Tax Benefits                                 | 32  
|12.17                                                            | Indemnity                                                    | 32  
|ARTICLE 13 EVENTS OF DEFAULT                                     |                                                              | 32  
|13.1                                                             | Events of Default                                            | 32  
|13.2                                                             | Remedies of Non-Defaulting Members                           | 33  
|ARTICLE 14 MISCELLANEOUS PROVISIONS                              |                                                              | 33  
|14.1                                                             | Notices                                                      | 33  
|14.2                                                             | Separate Counsel                                             | 34  
|14.3                                                             | Governing Law                                                | 34  
|14.4                                                             | Jurisdiction                                                 | 34  
|14.5                                                             | Attorneys' Fees                                              | 34  
|14.6                                                             | Dispute Resolution                                           | 34  
|14.7                                                             | Complete Agreement                                           | 35  
|14.8                                                             | Amendments                                                   | 36  
|14.9                                                             | Additional Documents and Acts                                | 36  
|14.10                                                            | Construction                                                 | 36  
|14.11                                                            | Headings                                                     | 36  
|14.12                                                            | Waivers                                                      | 36  
|14.13                                                            | Rights and Remedies Cumulative                               | 36  
|14.14                                                            | Severability                                                 | 36  
|14.15                                                            | Heirs, Successors and Assigns                                | 36  
|14.16                                                            | Parties in Interest                                          | 37  
|14.17                                                            | Confidentiality                                              | 37  
|14.18                                                            | Publicity                                                    | 37  
|14.19                                                            | Counterparts                                                 | 37  

|THE SECURITIES REPRESENTED BY THIS
AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR HAVE THEY BEEN
REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE
OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND
REGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION AND REGISTRATION ARE NOT REQUIRED.
ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS AGREEMENT IS FURTHER SUBJECT TO OTHER
RESTRICTIONS, TERMS AND CONDITIONS WHICH ARE SET FORTH HEREIN.


OPERATING AGREEMENT


THIS
OPERATING AGREEMENT (this Agreement) is entered into effective as of
the Commencement Date set forth in Section 1.4, by and between 4Kids Digital Games,
Inc. (4Kids) and Chaotic USA Digital Games LLC (CUSA and,
together with 4Kids, collectively, the Initial Members), with reference
to the following facts:


A........The
Initial Members are entering into this Agreement for the purpose of engaging in various
business opportunities; and


B........The
Initial Members desire to form a limited liability company in accordance with the terms
and conditions of this Agreement.


NOW,
THEREFORE, IT IS HEREBY AGREED:


ARTICLE 1.........


FORMATION OF COMPANY


1.1 Formation. Pursuant
to the Delaware Act, the Members have formed a Delaware limited liability company under
the laws of the State of Delaware by filing the Certificate of Formation with the Delaware
Secretary of State and entering into this Agreement. The rights and liabilities of the
Members shall be determined pursuant to the Delaware Act and this Agreement (including the
Exhibits thereto). To the extent that the rights or obligations of any Member are
different by reason of any provision of this Agreement than they would be in the absence
of such provision, this Agreement shall, to the extent permitted by the Delaware Act,
control. This Agreement is intended to constitute a limited liability company
agreement within the meaning of Section 18-101(7) of the Delaware Act.


1.2 Name. The name of
the Company is TC Digital Games LLC. The business of the Company may be
conducted under that name or, upon compliance with applicable laws, any other name that
the Management Committee deems appropriate or advisable. The Managers are authorized to
make all appropriate filings to enable the Company to conduct business under an assumed
name, and to secure an assumed name, and to secure the Companys proprietary rights
to any such assumed name.

1
1.3 Principal Place of
Business. The Company may locate its place of business at any other place or places,
within or without the State of Delaware, as the Manager may from time to time deem
advisable; provided, however, that the Company shall at all times maintain within the
State of Delaware a registered agent. The initial registered agent shall be as stated in
the Certificate of Formation.


1.4 Term. The
Companys existence commenced (the Commencement Date) on October
12, 2006 upon the filing of the Companys Certificate of Formation (the
Certificate) with the Delaware Secretary of State, and shall continue
until December 31, 2031, unless the term is extended or otherwise terminated as
hereinafter provided or as earlier dissolved in accordance with either the provisions of
this Agreement or the Delaware Act.


1.5 Glossary of Defined
Terms. Except as otherwise indicated in this Agreement, the terms defined in
Exhibit B attached hereto, which Exhibit shall be part of this
Section 1.5, shall have the meanings therein defined for purposes of this Agreement.


ARTICLE 2.........


BUSINESS OF COMPANY


2.1     Permitted
 Businesses. The business of the Company  shall be to engage in the  following
 activities  and exercise the following powers:


     (a)    
          To organize and own a company to engage in creating, producing, distributing,
          advertising, promoting and otherwise exploiting trading card games, including,
          without limitation the Chaotic trading card game;


     (b)    
          To engage in all other activities necessary, customary, convenient or incidental
          to any of the foregoing; and


     (c)    
          To exercise all other powers necessary to or reasonably connected with the
          Companys business which may be legally exercised by limited liability
          companies under the Delaware Act and which shall at any time appear conducive to
          or expedient for the protection or benefit of the Company and its assets.


ARTICLE 3.........


CONTRIBUTIONS TO THE
COMPANY; FEES


3.1 Members Capital
Contributions. Each Member shall contribute to the Company such amounts as are set
forth on Exhibit A, as such Members share of the Initial Capital Contribution
and in exchange for the number of Units in the Company set forth opposite such
Members name on Exhibit A. Each Member shall receive a Capital Account credit
as also reflected on Exhibit A.


3.2 Additional
Contributions. Except as set forth in Section 3.1 above, no Member is required to
make any additional Capital Contributions. If the Management Committee, determines that
additional Capital Contributions are necessary or appropriate in connection with the
conduct of the Companys business (including, without limitation, expansion or
diversification) as herein provided, the Members may make additional Capital Contributions
to the extent approved by the Management Committee, subject to Section 5.4(d) below, based
on the need for additional capital by the Company from time to time, In such event, the
Members shall have the opportunity (but not the obligation) to participate in such
additional Capital Contributions and purchase additional Units on a pro rata basis (at
such price as determined by the Management Committee), in accordance with their then
Percentage Interests. Each Member shall receive a credit to its Capital Account in the
amount of any additional capital that it contributes to the Company and shall receive
additional Units (at such price as determined by the Management Committee. In the event
one or more Members does not contribute such additional capital, the remaining
Member(s) shall have the right to contribute the amount not contributed by such
non-contributing Member(s) on a pro rata basis in accordance with each such
contributing Members Percentage Interest (exclusive of the Percentage
Interest(s) held by any non-contributing Member(s)). Immediately following such
Capital Contributions, each Members Percentage Interest shall be adjusted by the
Management Committee to reflect its new Percentage Interest in the Company (based on the
relative proportions of the Units owned by the Members). Each such contributing Member
shall receive a credit to its Capital Account in the amount of additional capital which it
contributes to the Company and shall receive additional Units (at the price per Unit
determined by the Management Committee). Immediately following such Capital Contributions,
each Members Percentage Interest shall be adjusted by the Management Committee to
reflect its new Percentage Interest in the Company (based on the relative proportions of
the Units owned by the Members).


2
3.3 Units. Each
Members Interest in the Company is represented by Units of Membership Interest each
having identical rights and privileges, except as otherwise provided in this Agreement. An
unlimited number of Units is hereby authorized. The Initial Members shall receive the
number of Units set forth on Exhibit A attached to this Agreement. New
Members, if any, shall receive the number of Units determined by the Management Committee,
subject to Section 5.4(d) below. Notwithstanding the foregoing to the contrary, however,
until changed by the Managers and Members holding at least a Supermajority in Interest,
each Unit shall have an initial price of One Dollar ($1.00) per Unit.


3.4 Withdrawal or
Reduction of Members Contributions to Capital.


     (a)    
          A Member shall not receive out of the Companys property a return of any
          part of such Members contributions to capital until all other liabilities
          of the Company have been paid or there remains assets of the Company sufficient
          to pay such other liabilities.


     (b)    
          A Member shall not be entitled to demand or receive from the Company the
          liquidation of such Members Membership Interest in the Company until the
          Company is dissolved in accordance with the provisions hereof or other
          applicable provisions of the Delaware Act.


     (c)    
          No Member may withdraw or resign from the Company except as specifically
          provided in this Agreement.


3
3.5     Fees.


     (a)    
          4 Kids shall provide management services to the Company, including, without
          limitation, all financial and administrative services necessary for the support
          of the Company. In exchange therefor, the Company shall pay 4Kids. and/or its
          affiliates a management fee equal to three percent (3%) of gross revenues of the
          Company, subject to an annual cap of $350,000. The management fee does not cover
          any third party costs such as legal, tax and audit fees which shall be treated
          as expenses of the Company. The management fee shall be paid to 4Kids quarterly
          within sixty (60) days after the end of each calendar quarter.


     (b)    
          The Company shall pay Cornerstone Patent Technologies, LLC,an Affiliate
          of the Key Personnel, a royalty of 1.5% of the MSRP for each Pack of Trading
          Cards sold by the Company, as such terms are defined in the Patent License
          Agreement between the Company and Cornerstone Partners that is attached hereto
          as Exhibit E and which shall be executed concurrently herewith (the
          Patent License Agreement).


     (c)    
          The Company shall pay TC Websites LLC a fee equal to 1.5% of Net Sales as
          provided in the Website License Agreement between the Company and the TC
          Websites, LLC, an Affiliate of the Key Personnel, that is attached hereto as
          Exhibit F and which shall be executed simultaneously herewith. For
          purposes of this agreement, Net Sales shall mean the gross
          amount of sales of Licensed Products (as defined in the Patent License
          Agreement)at the invoiced selling price, net:


     (i)    
          normal and reasonable cash and quantity discounts;


     (ii)    
          actual returns for credit, not to exceed two percent (2%) of sales in any
          quarterly reporting period; and


     (iii)    
          sales and/or use taxes actually paid, import and/or export duties actually paid,
          transportation prepaid or allowed.


No
deduction shall be made by the Company for uncollectible accounts or for costs incurred in
manufacturing, selling, distributing, advertising (including cooperative allowances).


     (d)    
          Within thirty (30) days after the last day of each fiscal quarter during the
          Term in which Trading Cards are sold by the Company, the Company shall pay to
          4Kids and CUSA or to a person or entity designated by them, a fee equal to 3% of
          Net Sales (as defined above in Section 3.5 (c)) for each Pack of Trading Cards
          sold by the Company. Within thirty (30) days after the last day of each fiscal
          quarter in which Trading Cards are sold by any Joint Venture between the Company
          or its designee, on the one hand, and Dracco Company Ltd. or its designee on the
          other hand (JV), the Company shall cause the JV to pay to 4Kids and
          CUSA or to a person or entity designated by them, a fee equal to 3% of Net Sales
          (as defined above in Section 3.5 (c)) for each Pack of Trading Cards sold by the
          JV.


     (e)    
          The Company shall, simultaneously herewith, enter into a merchandise license
          agreement with 4Kids and CUSA in the form of Exhibit G granting to the
          Company the exclusive right to manufacture, distribute and sell the Chaotic
          trading card game during the term of this Agreement throughout the world,
          subject to the provisions therein contained.


4
(f)    
          The Company shall pay to Dracco Company Ltd. or its assignee Home Focus
          Development, Ltd., a fee equal to 10% of Net Sales within thirty (30) days after
          the last day of each fiscal quarter. In the event that Net Sales by the Company
          of the Chaotic trading card game and accessories to the Chaotic trading card
          game in the Western Hemisphere consisting of North America and South America
          exceeds $50 million in any one or more calendar years, the Company shall pay
          Dracco Company Ltd. or its assignee Home Focus Development, Ltd., for such
          calendar year(s) an additional fee in the amount of 1% of such Net Sales in
          excess of $50 million during such calendar year.


ARTICLE 4.........


ALLOCATIONS, INCOME
TAX, ELECTIONS AND REPORTS; FEES


4.1 Allocations of
Profits and Losses.


     (a)    
          Except as otherwise provided in Section 4.11 et seq., for each fiscal year or
          other period, Profits shall be allocated as follows:


     (i)    
          First, among the Members until the cumulative Profits allocated to each Member
          for such fiscal year and all previous years pursuant to this Section 4.1(a)(i)
          are equal to the cumulative Losses allocated to each Member pursuant to Section
          4.1(b)(ii), (iii) and (iv) for all previous fiscal years. Such Profit
          allocations under this Section 4.1(a)(i) shall (commencing with Losses most
          recently allocated and continuing thereafter to consecutive prior allocations)
          be to the same extent and in the same ratio as the allocated Losses to the
          extent they have not been offset by prior Profit allocations pursuant to this
          Section 4.1(a)(i).


     (ii)    
          Thereafter, the balance, if any, to the Members in proportion to their
          Percentage Interests as set forth on Exhibit A, as the same may be
          amended from time to time.


     (b)    
          Except as otherwise provided in Section 4.3 et seq., each fiscal year or other
          period, Losses shall be allocated as follows:


     (i)    
          First, among the Members until the cumulative Losses allocated to each Member
          for such fiscal year and all prior years pursuant to this Section 4.1(b)(i) are
          equal to the cumulative Profits allocated to such Member pursuant to Section
          4.1(a)(ii) for all previous fiscal years. Such Loss allocations under this
          Section 4.1(b)(i) shall (commencing with Profits most recently allocated and
          continuing thereafter to consecutive prior allocations) be to the same extent
          and in the same ratio as the Profit allocations referenced in the sentence above
          which have not been offset by prior Loss allocations pursuant to this Section
          4.1(b)(i).


     (ii)    
          Second, to the Members pro rata in accordance with their respective positive
          Capital Account balances, until the positive Capital Account balance of each
          Member has been reduced to zero.


     (iii)    
          Third, to the Members, in accordance with their relative Adjusted Capital
          Account balances, until the positive Adjusted Capital Account Balances of the
          Members are reduced to zero.



5
(iv)    
          Thereafter, the balance, if any, to the Members in the ratio of their Percentage
          Interests.


4.2 Distributions.


     (a)    
          All Cash Receipts and Sale and Residual Proceeds shall be applied or
          distributed, as the case may be, in the following order of priority::


     (i)    
          To pay any outstanding debts and obligations of the Company that are currently
          due, including debts (interest and principal) owed to any Member or Affiliate of
          any Member;


     (ii)    
          To establish or add to any Reserves;


     (iii)    
          To each Member, pro rata, until each of the Members has received an amount equal
          to such Members Adjusted Capital Contribution as of the date on which such
          distribution is made.


     (iv)    
          The balance, if any, to the Members in proportion to their respective Percentage
          Interests as set forth on Exhibit A.


     (b)    
          Any Cash Receipts or Sale and Residual Proceeds available for distribution to
          the Members shall, subject to the provisions of this Agreement, be distributed
          to Members at such times as are determined in the discretion of the Management
          Committee. All references to Percentage Interests and/or Units under this
          Article 4 shall refer to the Percentage Interests or Units as of the date
          of such distribution or allocation, as set forth on Exhibit A, as
          the same may be amended from time to time.


     (c)    
          Notwithstanding anything to the contrary in Section 4.2(a), if in any
          Fiscal Year the Company has not previously made distributions to any Member in
          such Fiscal Year equal to such Members Tax Distribution Amount (as defined
          below), then the Company shall distribute proceeds to such Member, within ninety
          (90) calendar days following the end of such Fiscal Year, consisting of cash
          equal to such Tax Distribution Amount less all previous distributions to such
          Member during such Fiscal Year and ninety (90) calendar days thereafter.
          Tax Distribution Amount means an amount equal to the product
          of (A) the percentage(s) equal to the highest combined federal, state, and
          local marginal income tax rate for any Member (which shall be deemed to be
          twenty-five percent (25%) for capital gain allocations and forty-five percent
          (45%) for ordinary income allocations), and (B) the Profits (separated
          between ordinary income and capital gain) allocated to such Member for such
          Fiscal Year. For example, if a Member was allocated $50,000 in ordinary income
          and $100,000 in capital gain, then its Tax Distribution Amount would be $47,500
          (which is the sum of (X) $50,000 times 45%, and (Y) $100,000 times
          25%). A distribution to any Member pursuant to this Section 4.2(c) shall
          reduce in the same order of priority and on a dollar-for-dollar basis until
          fully recovered any distribution to which a Member is otherwise entitled under
          Section 4.1(b)(iv). The foregoing calculation of Tax Distribution Amount
          shall be reasonably determined by the Management Committee and such
          determination shall be final and binding on each Member.



6
(d)    
          During the period when there are any amounts outstanding under the Loan
          Agreement and/or Line of Credit Agreement, the Management Committee shall use
          any excess cash generated by the Company (which for purposes of this Section
          4.2(d) shall be defined as cash from the operation of the Company over and above
          the cash necessary for the Tax Distribution Amount and the cash necessary for
          use by the Company as working capital) to pay down the principal and interest
          due any Member pursuant to such Loan Agreement and/or Line of Credit Agreement.
          During the period after all amounts outstanding under the Loan Agreement and/or
          Line of Credit Agreement have been repaid in full, the Management Committee
          shall distribute any excess cash generated by the Company (which for purposes of
          this Section 4.2(d) shall be defined as cash from the operation of the Company
          over and above the cash necessary for the Tax Distribution Amount and the cash
          necessary for use by the Company as working capital, as established in the
          Budget) to the Members in proportion to their Interests in the Company.


     (e)    
          If any Member (other than 4Kids) is allocated Losses under Section 4.1(b) in a
          fiscal year(s) (i) while the loan of up to $8,000,000 referenced in Section
          4.6(b) is still outstanding, and (ii) after it has received Tax Distribution
          Amount(s) under Section 4.2(c) (the aggregate of such Tax Distribution Amounts
          received by such Member shall be referred to in this Section 4.2(e) as the
          Prior Tax Distributions), then such Members shall contribute
          as capital to the Company by the last day of the next fiscal year (i.e., the
          year after such Losses have been so allocated) an amount equal to 45% of any
          ordinary losses so allocated to such Member plus 25% of any capital losses so
          allocated to such Member, up to an aggregate amount equal to the lesser of his
          or her Prior Tax Distributions or the outstanding balance of the
          above-referenced loan.


4.3 Limitation Upon
Distributions.


     (a)    
          No distribution shall be declared and paid to a Member to the extent that at the
          time of distribution, after giving effect to the distribution, all liabilities
          of the Company, other than liabilities to Members on account of their Membership
          Interests and liabilities for which the recourse of creditors is limited to
          specific property of the Company, exceed the fair value of the assets of the
          Company. In determining the fair value of the assets of the Company, the fair
          value of property that is subject to a liability for which the recourse of
          creditors is limited shall be included in the assets of the Company only to the
          extent that the fair value of the property exceeds that liability.


     (b)    
          A Member who receives a distribution in violation of Section 4.3(a), and
          who had actual knowledge of facts indicating the impropriety of the
          distribution, or as otherwise required by applicable law, shall be liable to the
          Company for the amount of the distribution.


4.4 Accounting
Principles. The Profits and Losses of the Company shall be determined in accordance
with generally accepted accounting principles applied on a consistent basis under the
method of accounting determined by the Management Committee for the Company, under a
fiscal year also determined by the Management Committee for the Company.


4.5 Interest on and Return
of Capital Contributions. No Member shall be entitled to interest on its Capital
Contribution or a return of its Capital Contribution, except as otherwise specifically
provided for herein.



7
4.6     Loans to
Company.


     (a)    
          Nothing in this Agreement shall prevent any Member from making secured or
          unsecured loans to the Company by agreement with the Management Committee,
          subject to Section 5.4 herein. If any Member shall make any loan or loans to the
          Company or advance money on its behalf, the amount of any such loan or advance
          shall not be treated as a contribution to the capital of the Company but shall
          be a debt due from the Company. The amount of any such loan or advance by a
          lending Member shall be repayable out of the Companys cash. In furtherance
          of, and not in limitation of the foregoing, the Company may, subject to the
          approval of the Management Committee and the Members, as the case may be, borrow
          funds from any Person (including any Member or any Affiliate) and may pledge the
          properties or the production of income therefrom to secure and provide for the
          repayment of such loans. Except as otherwise provided herein or determined by
          the Management Committee, any Members loan shall bear interest at the
          lesser of (i) twelve percent (12%) per annum or (ii) the maximum legal rate of
          interest under the law applicable to the Company determined in accordance with
          Section 14.2 below measured from the applicable date(s) of such Members
          loan(s) to the Company and shall be subject to the Line of Credit Agreement
          attached hereto as Exhibit H (the Line of Credit
          Agreement) or the Loan Agreement attached hereto as Exhibit I
          (the Loan Agreement), as the case may be.


     (b)    
          Notwithstanding anything to the contrary in this Section 4.6 or elsewhere in
          this Agreement, 4Kids shall be obligated to either (i) make a loan or a series
          of loans to the Company pursuant to the Loan Agreement, or (ii) provide a line
          of credit, and make loans thereunder upon request, pursuant to the Line of
          Credit Agreement, or (iii) otherwise obtain a loan or a line of credit for the
          benefit of the Company on terms no more onerous than as set forth in the Line of
          Credit Agreement or the Loan Agreement. In each case, such funds shall be used
          as and when such funds shall be required by the Company to fund its operations
          in accordance with the Business Plan (as determined by any Manager appointed by
          CUSA), provided, however, that the obligations of 4Kids under
          clause (i), (ii) and (iii) of this Section 4.11(b) shall terminate at such time
          as the Company shall have, at any time, outstanding indebtedness (including
          principal and accrued interest) under the Loan Agreement and Line of Credit
          Agreement, in excess of $8,000,000. For the avoidance of doubt, and
          notwithstanding anything to the contrary in this Agreement, the Officers shall
          not be required to seek the approval of the Management Committee for a draw down
          under the Line of Credit Agreement or for the receipt of loan proceeds under the
          Loan Agreement if such draw down or loan amount is contemplated pursuant to the
          Business Plan, and 4Kids shall promptly, and in any event, within five (5)
          business days after receipt of a written request therefor by any of the Officers
          or a Manager appointed by CUSA, deliver such funds to the Company
          provided, however, that there is not, at the time of the request
          for a draw down under the Line of Credit Agreement, an Event of Default, as
          defined in the Line of Credit Agreement or Loan Agreement, as applicable, under
          either of such agreements. In the event that an Event of Default shall exist
          under the Line of Credit Agreement and/or the Loan Agreement, Management
          Committee approval shall be required for a draw down under the Line of Credit
          Agreement for so long as such Event of Default shall be ongoing.


     (c)    
          4Kids Entertainment, Inc., an Affiliate of 4Kids, shall guarantee the
          obligations of 4Kids which are set forth in Section 4.6, as evidenced by its
          signature hereto.


     (d)    
          Notwithstanding the provisions of Section 4.6 or elsewhere in this Agreement to
          the contrary, from and after the date that the Company first ships its products
          or establishes credit, the Officers of the Company shall have the authority to
          establish lines of credit for the purposes of supporting the routine activities
          of the business of the Company, including, without limitation, to fulfill
          accepted purchase orders for the Companys product(s), provided,however, that the Management Committee shall have approved the establishment
          of such credit arrangements as herein contemplated, which approval shall not be
          unreasonably withheld, conditioned or delayed.


4.7 Records and
Reports. At all times during the continuance of the Company, the Officers shall keep,
or shall cause to be kept, full and complete books of account and business records in
which shall be entered fully and accurately each transaction of the Company.


Each Member shall have the right to
obtain from the Company copies of all books and records pertaining to the business of the
Company. Without limiting the foregoing, each Member shall be entitled to review and make
copies of:


     (a)    
          True and full information regarding the status of the business and financial
          condition of the Company;


     (b)    
          Promptly after becoming available, a copy of the Companys federal, state,
          and local income tax returns for each year;


     (c)    
          A current list of the name and last known business, residence or mailing address
          of each Member and Manager;


8
(d)    
          Copies of this Agreement and the Certificate of Formation, as amended, together
          with executed copies of any written powers of attorney pursuant to which this
          Agreement or the Certificate of Formation, as amended, have been executed;


     (e)    
          Copies of the financial statements of the Company, if any, for the six (6) most
          recent Fiscal Years;


     (f)    
          True and full information regarding the amount of cash and a description and
          statement of the agreed value of any other assets or services contributed by
          each Member and which each Member has agreed to contribute in the future, and
          the date on which each became a Member; and


     (g)    
          Other information regarding the affairs of the Company as is just and
          reasonable.


The Companys books shall be
kept and its financial statements, if any, shall be prepared under the method of
accounting described in Section 4.4.


4.8 Returns and Other
Elections. The Management Committee shall cause the preparation and timely filing of
all tax returns required to be filed by the Company pursuant to the Code and all other tax
returns deemed necessary and required in each jurisdiction in which the Company does
business. Copies of such returns, together with any additional information necessary for
the completion of Members federal and state income tax or information returns, shall
be furnished to the Members within ninety (90) days after the end of the Companys
Fiscal Year.


9
4.9 Tax Matters Member.
The initial Tax Matters Member of the Company for purposes of Chapter 63 of the Code and
the Treasury Regulations thereunder is as set forth on Exhibit A. The Tax
Matters Member may be changed by the Management Committee. All elections permitted to be
made by the Company under federal or state laws shall be made by the Tax Matters Member in
such Members discretion. All expenses incurred in connection with any audit,
investigation, settlement, or review will be borne by the Company. The Management
Committee is authorized to take all actions necessary to qualify the Company as a
partnership for federal and state tax purposes.


4.10     Special
 Tax  Provisions.Sections  4.11  through  4.22 are set forth on  Exhibit C  attached
 hereto and incorporated herein by this reference.


ARTICLE 5


RIGHTS AND DUTIES OF
MANAGEMENT COMMITTEE AND OFFICERS


5.1 Management. The
Members shall appoint the Management Committee and, through the Management Committee,
shall be the managers (within the meaning of the Delaware Act) of the Company.
Except as otherwise expressly provided in this Agreement, the Management Committee shall
have the sole right and authority to manage, control and make all decisions affecting the
business and affairs of the Company. Except as otherwise expressly provided in this
Agreement, the Members shall not participate in the management of the Company and shall
have no right, power or authority to act for or on behalf of, or otherwise bind the
Company other than through their representatives on the Management Committee. The
Management Committee, is hereby authorized to take any action of any kind and to do
anything and everything it deems necessary or appropriate to carry out the purposes of the
Company as herein set forth, in accordance with the provisions of this Agreement and
applicable law.


5.2 Voting. Except as
otherwise expressly provided in this Agreement, all Company actions, decisions, consents,
approval, determinations and elections required or permitted to be made pursuant to this
Agreement or otherwise shall be made by the Management Committee, by a majority vote of
the authorized number of Managers (subject to the Member voting rights provided in this
Agreement). All such Company actions, decisions, consents, determinations and elections
made or taken by the Management Committee shall be binding upon all the Members. Each
Manager serving and attending any meeting of the Management Committee shall have one vote
at such meeting.


5.3 Number, Voting
Deadlock, Tenure, Performance of Duties.


     (a)    
          Subject to the provisions of Section 5.3(b), the Management Committee shall
          consist of four (4) Managers. Throughout the term of this Agreement, 4Kids
          and/or its Permitted Transferees shall designate two (2) Managers to serve on
          the Management Committee and CUSA and/or its Permitted Transferees shall
          designate two (2) Managers to serve on the Management Committee. The initial
          Managers are listed on Exhibit A. The party entitled to designate a
          Manager is hereinafter referred to as a Designator and the
          person designated by a Designator is hereinafter referred to as a
          Designee.


10
(b)    
          In the event that the Management Committee is deadlocked (i.e., there is
          no majority vote for any decision before the Management Committee where such
          majority vote is required or if a quorum is not present for a regular meeting of
          the Management Committee that has been duly called because of the failure of one
          or more CUSA Designees to attend) (a Deadlock), the 4Kids
          Designees shall have the right to appoint a fifth Manager to the Management
          Committee for the sole purpose of breaking the deadlock, in which case the
          number of persons on the Management Committee shall, the purposes of such vote
          only, be increased to five (5), consisting of three (3) Designees designated by
          4Kids and two (2) Designees designated by CUSA. 4Kids shall exercise the
          foregoing right to appoint an additional Manager to the Management Committee by
          providing written notice to CUSA and the Company of such additional 4Kids
          Designee. Such additional 4 Kids Designee shall have the right to vote only on
          the issue with respect to which there is a Deadlock and, upon the resolution of
          the Deadlock, the authorized number of Managers who shall serve on the Committee
          shall be four (4), two of whom shall be 4Kids Designees and two of whom shall be
          CUSA Designees, in accordance with the provisions of Section 5.3(b).


     (c)    
          Each Manager shall hold office until the Managers successor has been
          elected and qualified.


     (d)    
          The Managers shall devote to the Company such time as may be necessary for the
          proper performance of their duties hereunder, but no representative of any
          Member serving on the Management Committee (other than the Officers) shall be
          required to devote his/her full time to the performance of such duties. No
          representative serving on the Management Committee shall receive compensation
          for such service.


5.4 Certain Powers of
the Management Committee.


     (a)    
          Without limiting the generality of Section 5.1, the Management Committee
          shall have the power and authority on behalf of the Company:


     (i)    
          To purchase liability and other insurance to protect the Companys property
          and business;


     (ii)    
          To hold and own any Company real and/or personal property in the name of the
          Company;


     (iii)    
          To invest any Company funds temporarily including, without limitation, in time
          deposits, short-term governmental obligations, commercial paper or other
          investments;


     (iv)    
          To approve a change in the Tax Matters Member, as provided in Section 4.9;


11
(v)    
          Subject to the provisions of Section 5.4(d), to authorize a call for additional
          capital based on the need for additional capital from time to time in connection
          with the Companys investments, as provided in Section 3.2;


     (vi)    
          To execute on behalf of the Company all instruments and documents, including,
          without limitation, checks, drafts, notes and other negotiable instruments,
          mortgages or deeds of trust, security agreements, financing statements,
          documents providing for the acquisition, mortgage or disposition of the
          Companys assets, assignments, bills of sale, leases, partnership
          agreements, and any other instruments or documents necessary, in the opinion of
          the Management Committee, to the business of the Company;


     (vii)    
          To employ accountants, legal counsel, managing agents or other experts to
          perform services for the Company and to compensate them from Company funds;


     (viii)    
          To enter into any and all other agreements on behalf of the Company, with any
          other Person or Entity for any purpose, in such forms as the Management
          Committee may approve;


     (ix)    
          To do and perform all other acts as may be necessary or appropriate to the
          conduct of the Companys business; and


     (x)    
          To appoint Officers pursuant to Section 5.14, provided, however,
          that notwithstanding anything to the contrary in this Agreement, the selection
          and appointment of any of the Chairman, Chief Executive Officer,
          (CEO), President and/or Chief Operating Officer (COO) to
          succeed the initial Officers of the Company designated in Section 5.14
          (Initial Designees) shall require the affirmative vote or written
          consent of all of the members of the Management Committee unless the CEO,
          President, or COO is terminated pursuant to Paragraph 8(a), 8(c) or 8(e) of such
          officers employment agreement with the Company in which case, the decision
          regarding the hiring of a new CEO, President or COO to succeed the Initial
          Designees shall be made by the majority vote of the Management Committee.


     (b)    
          Notwithstanding anything to the contrary in Section 5.4(a) or elsewhere in this
          Agreement, in addition to the consent of the Management Committee, the
          affirmative vote or written consent of a Supermajority in Interest shall be
          required to:


     (i)    
          acquire real and personal property from, and to contract for repairs on and
          improvements to such property with, any Member or Affiliate;


     (ii)    
          enter into a tax deferred exchange with respect to all or a portion of any
          Company real and/or personal property as contemplated under Section 1031 of the
          Code;


     (iii)    
          enter into any transaction with any Affiliate not contemplated by this
          Agreement, including the Exhibits thereto;


     (iv)    
          to amend this Agreement, as provided in Section 14.8;


     (v)    
          amend or repeal any provision of the Companys Certificate of Formation;

12
(vi)    
          alter or change the rights, preferences or privileges of the Units;


     (vii)    
          redeem any Units held by any Members on other than a pro-rata basis;


     (viii)    
          change the Companys primary business or enter into any business different
          from the primary business of the Company contemplated as of the date hereof; and


     (ix)    
          enter into any transaction not in the ordinary course of business.


     (c)    
          Notwithstanding anything to the contrary in Sections 5.4(a), 5.4(b) or elsewhere
          in this Agreement, if there shall at any time be outstanding less than an
          aggregate amount of $8,000,000 in principal which is due and owing under the
          Loan Agreement and/or Line of Credit Agreement then, in addition to the consent
          of the Management Committee, the affirmative vote or written consent of a
          Supermajority in Interest shall be required to:


     (i)    
          borrow money for the Company from banks or other lending institutions and in
          connection therewith, to hypothecate, encumber and grant security interests in
          the assets of the Company to secure repayment of the borrowed sums. Except as
          otherwise provided in the Delaware Act, no debt shall be contracted or
          liability incurred by or on behalf of the Company except by the Management
          Committee as herein provided for;


     (ii)    
          approve as a Substituted Member, a transferee of a Members Membership
          Interest, as provided in Section 8.7;


     (iii)    
          authorize the issuance of any additional Units;


     (iv)    
          make any capital expenditures or otherwise incur any expense in excess of
          $250,000;


     (v)    
          incur or guarantee any debt in excess of $500,000, in the aggregate;


     (vi)    
          admit New Members, as provided in Article 9; and


     (vii)    
          dissolve the Company pursuant to Section 10 (a)(2).






     (d)    
          In furtherance of, and not in limitation of Sections 5.4(a), 5.4(b), 5.4(c) or
          any other provisions of this Agreement, in addition to the consent of the
          Management Committee, the affirmative vote or written consent of a Supermajority
          in Interest shall at all times be required to accept a capital contribution from
          any Member for additional equity for so long as the Company shall have less than
          $8,000,000 in principal amount due and owing under the Loan Agreement and/or
          Line of Credit Agreement. In the event that the Company requires additional
          capital at any time when there shall be an aggregate amount of more than
          $8,000,000 in principal amount due and owing under the Loan Agreement and/or
          Line of Credit Agreement, the Management Committee may seek additional capital
          from Members in accordance with Section 3.2 above. In the event that both 4Kids
          and CUSA do not provide additional capital to the Company in exchange for
          additional Membership Interests, but only one Member provides such additional
          capital, then the Management Committee shall obtain a fairness
          opinion from a third party investment banker mutually agreeable to 4Kids
          and CUSA with respect to the valuation used by the Management Committee to
          determine the amount and price payable for additional Membership Interests to be
          issued to such Member in exchange for such Members additional capital
          contribution to the Company.



13
5.5 Liability for Certain
Acts. The Management Committee shall exercise its business judgment in participating
in the management of the business, operations and affairs of the Company as measured
against the standard of care set forth in Section 5.6. Unless fraud, deceit, gross
negligence, willful misconduct or a wrongful taking is proved by a non-appealable court
order, judgment, decree or decision, a Manager shall not be liable or obligated to the
Company or any Member for any mistake of fact or judgment or for any act or failure to act
by the Manager in conducting the business, operations and affairs of the Company, which
may cause or result in any loss or damage to the Company or any Member. The Management
Committee does not guarantee the return of the Members Capital Contributions or a
profit for the Members from the operations of the Company. The Management Committee shall
not be responsible to any Member because of a loss of such Members investment or a
loss in operations, unless the loss shall have been the result of fraud, deceit, gross
negligence, willful misconduct or a wrongful taking by a Manager proved as set forth in
this Section 5.5.


5.6 Managers Standard
of Care. The Management Committees duty of care in the discharge of its duties
to the Company and the other Members is limited to refraining from engaging in grossly
negligent or reckless conduct, intentional misconduct or a knowing violation of law. In
discharging its duties, the Management Committee shall be fully protected in relying in
good faith upon such information, opinions, reports or statements by the Members or their
agents, or by any other Person, as to matters the Management Committee reasonably believes
are within such other Persons professional or expert competence, including
information, opinions, reports or statements as to the value and amount of the assets,
liabilities, profits or losses of the Company or any other facts pertinent to the
existence and amount of assets from which distributions to Members might properly be paid.


5.7 Indemnity of the
Manager and Officers.


     (a)    
          The Company agrees to indemnify each Manager and such Managers officers,
          directors, partners, agents and Affiliates (an Indemnitee) to
          the fullest extent permitted by law and to defend, save and hold them harmless
          from and in respect of all fees, costs, losses, damages and expenses (including
          reasonable attorneys fees and costs ) incurred in connection with or
          resulting from any claim, action or demand arising out of or in any way relating
          to the Company or its properties, including amounts paid in settlement or
          compromise (if recommended by the Companys counsel) of any such claim,
          action or demand and all fees, costs and expenses (including reasonable
          attorneys fees and costs) in connection therewith. The termination of any
          action, suit or proceeding by judgment, order, settlement or upon a plea of nolo
          contendere or its equivalent, shall not of itself create a presumption that any
          Person acted with recklessness or willful misconduct. In addition to the
          indemnification conferred in this Section 5.7, the Indemnitee shall also be
          entitled to have paid directly by the Company the expenses reasonably incurred
          in defending any such proceeding against such Indemnitee in advance of its final
          disposition, to the fullest extent authorized by applicable law, as the same
          exists or may hereafter be amended. The right to indemnification conferred in
          this Section 5.7 is a contract right.


14
(b)    
          The Company shall, by action of the Management Committee, provide
          indemnification to such of the Officers, and may provide for indemnification of
          employees and agents, of the Company to such extent and to such effect as the
          Managers shall determine to be appropriate and authorized under Section 18-108
          of the Delaware Act, as the same exists or may hereafter be amended.


     (c)    
          The rights and authority conferred in this Section 5.7 shall not be
          exclusive of any other right which any person may have or hereafter acquire
          under any statute, provision of the Certificate of Formation or this Agreement,
          vote of Members or otherwise.


     (d)    
          Any repeal or amendment of this Section 5.7 by the Members shall not
          adversely affect any right or protection of the Managers or Officers existing at
          the time of such repeal or amendment.


     (e)    
          The foregoing indemnification of each Manager shall not apply to liability of
          such Manager resulting from fraud, deceit, gross negligence, willful misconduct
          or a wrongful taking by such Manager that is proved by a non-appealable court
          order, judgment, decree or decision.


5.8 Resignation;
Removal. A Manager may resign at any time by giving written notice to the Management
Committee. The resignation of a Manager shall take effect upon receipt of notice thereof
or at such later time as shall be specified in such notice; and, unless otherwise
specified therein, the acceptance of such resignation shall not be necessary to make it
effective. Any Manager serving on the Management Committee may be removed for any reason
or for no reason, at any time by, the Designator entitled to appoint such Manager.


5.9 Vacancies. In the
event of a resignation by a Manager or the removal of a Manager by the Designator
permitted to do so in accordance with the provisions of this Agreement, such Designator
shall give prompt written notice of such resignation or removal, as the case may be, to
the Management Committee. Such Designator shall promptly, and in any event, within thirty
(30) days therefrom, appoint a successor Designee to the Management Committee by giving
written notice thereof to the Management Committee. In the event that 4Kids or CUSA shall
have failed to fill a vacancy due to the resignation, death or removal of their
Designee(s), within thirty (30) days of such death, resignation or removal (the
Non-Appointing Member) and the Management Committee does not have a
quorum for the conduct of its business at a meeting duly called by any Member in
accordance with this Agreement, then CUSA shall appoint a Designee or Designees in the
event that 4Kids shall be the Non-Appointing Member, and 4Kids shall appoint a Designee or
Designees if CUSA shall be the Non-Appointing Member (the Interim
Designee). The Interim Designee shall serve as a Manager until such time as the
Non-Appointing Member shall, by written notice to the other Members, appoint a Designee to
serve on the Management Committee as herein provided for, and the Interim Designee shall
resign such position as Manager effective as of such date.



15
5.10 Salaries. The
salaries, fees and/or other compensation, if any, of the Managers will be fixed from time
to time by an affirmative vote of Members holding a Supermajority in Interest. The initial
Managers shall not receive any salary as of the date of this Agreement.


5.11 Expenses. The
Company shall pay or reimburse the Managers for the actual cost of services, goods and
materials reasonably advanced by the Managers, if any, and used for or by the Company,
except as otherwise provided in this Agreement. The Company shall also pay or reimburse
each Manager for organizational expenses (including, without limitation, legal and
accounting fees and costs) advanced by such Manager, if any, and incurred to form and
organize the Company and prepare the Certificate of Formation, but excluding the fees and
costs of drafting and negotiating this Agreement.


5.12 Meetings.


     (a)    
          The Management Committee shall meet by telephone or in person, not less
          frequently than (i) quarterly to review development plans, the financial
          position of the Company, and any material matters relating to the business of
          the Company, (ii) annually to review and approve the annual Budget and the
          three-year Business Plan, and (iii) as often as shall be necessary to take any
          other action required to be taken or approved by the Management Committee.


     (b)    
          Each Member shall have the right to call a meeting of the Management Committee
          by giving at least three (3) days prior written notice of the time, date
          and location of the meeting. The presence or participation, in person or by
          proxy, of at least a majority of the representatives authorized to serve on the
          Management Committee as herein provided for shall constitute a quorum for the
          taking of any action. Any action required or permitted to be taken by the
          Management Committee may only be taken by the vote or by written consent of a
          majority of the Members of the Management Committee present at a meeting at
          which a quorum is present or by the unanimous written consent of all Management
          Committee Members then authorized to serve on the Management Committee.
          Representatives on the Management Committee may vote by proxy and may
          participate in any Management Committee meeting by telephone.


5.13 Transactions
between the Company and the Managers.


     (a)    
          Notwithstanding that it may constitute a conflict of interest, the Managers may,
          and may cause their Affiliates to, engage in any transaction (including, without
          limitation, the purchase, sale, lease, or exchange of any property or the
          rendering of any service, or the establishment of any salary, other
          compensation, or other terms of employment) with the Company so long as (i) the
          Management Committee shall have obtained the affirmative vote or written consent
          of the Supermajority in Interest, and (ii) such transaction is not expressly
          prohibited by this Agreement, and (iii) the terms and conditions of such
          transaction, on an overall basis, are fair and reasonable to the Company and are
          at least as favorable to the Company as those that are generally available from
          Persons capable of similarly performing them and in similar transactions between
          parties operating at arms length.


     (b)    
          A transaction between any Manager and/or its Affiliates, on the one hand, and
          the Company, on the other hand, shall be conclusively determined to constitute a
          transaction on terms and conditions, on an overall basis, fair and reasonable to
          the Company and at least as favorable to the Company as those generally
          available in a similar transaction between parties operating at arms
          length if a Supermajority in Interest of the Members having no interest in such
          transaction (other than their interests as Members) affirmatively vote or
          consent in writing to approve the transaction.



16
5.14 Appointment of
Officers The Management Committee may appoint Officers of the Company, with the
same standard of care and obligations as the Managers described in this Article 5,
which may include, but shall not be limited to: (1) a Chairman, (2) a Chief Executive
Officer and/or President, (3) a Chief Operating Officer, (4) one or more Vice Presidents,
(5) a Secretary, and (6) a Chief Financial Officer. The Management Committee may delegate
a portion of their day-to-day management responsibilities to any such Officers, and such
Officers shall have the authority to contract for, negotiate on behalf of and otherwise
represent the interests of the Company as authorized by the Management Committee in any
job description created by the Managers. The Officers shall direct the day to day business
of the Company in a manner consistent with the major policy decisions of the Management
Committee and as reflected in the Business Plan and the Budget approved by the Management
Committee. The Officers shall keep the Management Committee informed with respect to all
matters of material interest to the Members and shall in any event report to the
Management Committee not less frequently than once each month. The Officers may, but shall
not be obligated to, delegate such of their powers and authority to other managers,
employees and agents of the Company as deemed necessary or appropriate by the Officers for
the conduct of the Companys business. The initial Officers of the Company shall be
as follows, until their resignation or removal in accordance with the provisions herein:
(i) Alfred R. Kahn shall be appointed Chairman, (ii) Bryan Gannon shall be appointed
President and Chief Executive Officer, and (iii) John Milito shall be appointed Executive
Vice President and Chief Operating Officer.


5.15 Limitation on
Officers Authority. The Management Committee or Officers acting on behalf of
the Management Committee and in accordance with the approved Budget shall have the
exclusive authority to act for and to assume any obligation or responsibility on behalf of
the Company, provided that any such action of the Management Committee or Officers acting
on behalf of the Management Committee is consistent with the authority delegated to the
Management Committee or such representatives hereunder or pursuant to any Employment
Agreements with such Officers or to be specifically delegated to the Officers in writing
by the Management Committee hereafter. Notwithstanding anything herein to the contrary,
the Officers shall be required to obtain the approval of the Management Committee prior to
taking any of the following actions:


     (a)    
          the leasing of office space, the opening of a new office or the commitment of
          significant resources to a new line of business activity;


     (b)    
          any transaction such as a merger, sale of assets, acquisition, consolidation or
          reorganization;


     (c)    
          any capital expenditure or commitment therefor (individually or in the
          aggregate) not in the ordinary course of business or entering into any material
          contract involving an amount in excess of $25,000 which is not contemplated in
          the ordinary course of business or contemplated pursuant to the Budget;


17
(d)    
          the hiring of any employee whose annual base compensation is in excess of
          $100,000 unless contemplated pursuant to the Budget;


     (e)    
          the granting of any loan to any employee (provided that this subparagraph shall
          not restrict offering employees travel advances in connection with travel to be
          undertaken for the Company and salary advances not to exceed $5,000 in the
          aggregate);


     (f)    
          the approval of the Budget, which shall set forth such matters as employee
          salaries, projected raises and bonuses for employees, proposed new hirings of
          employees and capital expenditures;


     (g)    
          any borrowing of money or guarantee of any obligation, if the amount of such
          borrowing or guarantee is in excess of $25,000 unless contemplated pursuant to
          the Budget; provided that the foregoing limitation shall not apply to the
          Companys right to draw down monies under its Line of Credit Agreement
          and/or Loan Agreement with 4Kids;


     (h)    
          the implementation of any profit sharing plan, pension plan or bonus
          arrangements;


     (i)    
          the adoption of any new employee benefit program; and


     (j)    
          any transaction with a Member or an Affiliate of a Member.


5.16 Budget Approval.


     (a)    
          Within thirty (30) days after the date of this Agreement and sixty (60) days
          prior to the start of each fiscal year thereafter, the Officers shall submit to
          the Management Committee (i) a proposed budget for the forthcoming fiscal year
          for the Company, including an income statement prepared on an accrual basis,
          which shall show in reasonable detail the revenues and expenses projected for
          Company for the forthcoming fiscal year, and a cash flow statement, which shall
          show in reasonable detail the receipts and disbursements projected for the
          Company for the forthcoming fiscal year and the amount of any corresponding cash
          deficiency or surplus, and the required capital contributions, if any, and any
          contemplated borrowings of the Company (the Budget), and (ii)
          a three-year business plan for the year covered by the Budget and the succeeding
          two years (the Business Plan).


     (b)    
          Within thirty (30) days after the submission of such Budget and the Business
          Plan, the Management Committee shall advise the Officers in writing whether it
          approves or disapproves of such Budget and three-year Business Plan. If the
          submitted Budget and three-year Business Plan are not approved, as provided
          above, the Management Committee shall promptly meet or otherwise confer for the
          purpose of reaching agreement on a Budget and three-year Business Plan that can
          secure the approval of the Management Committee.


5.17 Financial Reports.

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(c)    
          The Officers shall cause the Company to deliver to each Member, no later than
          the date specified by the Management Committee, an income statement and balance
          sheet for the Company as of the end of each calendar quarter.


     (d)    
          The Officers shall cause the Company to deliver to each Member, no later than
          sixty (60) days after the end of each calendar year, a financial report of the
          business and operations of the LLC relating to such period prepared in
          accordance with GAAP, consistently applied, which report shall include a balance
          sheet, a statement of income (loss) and Members capital (deficiency), a
          statement of cash flows, and allocations to the Members of the Companys
          taxable income, gains, losses, deductions and credits. Such annual report shall
          be reviewed by the Companys independent certified public accountants
          designated by the Tax Matters Partner. The Company shall bear the cost of any
          annual audit and of any other services furnished to the Company by its
          independent certified public accountants as provided herein.


5.18 Tenure of
Officers. All Officers shall hold office at the pleasure of the Management Committee
and until their successors shall have been duly elected and qualified, unless sooner
removed. Any Officer elected or appointed by the Management Committee may be removed at
any time by the Management Committee in accordance with the provisions of this Agreement.
If the office of any Officer becomes vacant for any reason, the vacancy may be filled by
the Management Committee as herein contemplated.


5.19 Authority as to Third
Persons. No third party dealing with the Company shall be required to investigate the
authority of the Management Committee or secure the approval or confirmation by the
Members of any act of the Management Committee in connection with the conduct of the
Companys business. To the extent that such acts are approved by the Management
Committee and any other approvals required by this Agreement have been obtained, any one
Manager shall have full authority to execute on behalf of the Company any and all
agreements, contracts, subleases, licenses, conveyances, deeds, mortgages and other
instruments, and the execution thereof by any one Manager is the only execution necessary
to bind the Company thereto (no signature of any Member is required to bind the Company).
The Company shall have the right by separate instrument or document to authorize one or
more persons to execute subleases, licenses, operating agreements and documents related
thereto on behalf of the Company and any such documents executed by such agent is binding
upon the Company as if executed by the Management Committee.


5.20 Limitation on
Agency. Except as provided herein, no Member shall have any authority to act for, or
to assume any obligation or responsibility on behalf of, another Member or on behalf of
the Company (or to authorize any other Person to do so).


ARTICLE 6


RIGHTS AND OBLIGATIONS
OF MEMBERS


6.1 Limitation of
Liability. Except as otherwise provided by law or in Section 4.3, a Member shall
not personally be liable under any judgment of a court, or in any other manner, for any
debt, obligation or liability of the Company, whether such liability or obligation arises
in contract, tort or otherwise, solely by reason of being a Member.


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6.2 Member Access to
Records.


     (a)    
          Upon the written request of any Member, setting forth the purpose for such
          request, the Management Committee shall promptly deliver to such person, at the
          Companys expense, a copy of the information required to be maintained
          pursuant to this Agreement.


     (b)    
          Each Member and Manager shall have the right to (i) inspect and copy during
          normal business hours any of the records required to be maintained pursuant to
          Section 4.7, and (ii) to obtain from the Management Committee,
          promptly after becoming available, a copy of the Companys federal, state
          and local income tax or information returns for each Fiscal Year.


6.3 Voting Rights.
Except as expressly provided for in Section 5.4(b), Section 5.4(c), Section 5.4(d), in the
Certificate, pursuant to the Delaware Act, or elsewhere in this Agreement, Members shall
have no voting, approval or consent rights.


6.4 Priority and Return of
Capital. Except as specifically provided in this Agreement, no Member shall have
priority over any other Member, either as to the return of Capital Contributions or as to
Profits, Losses or distributions; provided that this Section shall not apply to loans
(as distinguished from Capital Contributions) which a Member has made to the Company.


ARTICLE 7


MEETINGS OF MEMBERS


7.1 Call of Meetings;
Secretary. Unless otherwise proscribed by statute, a meeting of the Members may be
called by (i) any Manager, or (ii) any Member or Members holding at least ten
percent (10%) of the outstanding Units, for any purpose or purposes, to be held at such
date and at such time as may be designated by the persons calling the meeting. Regular
meetings of the Members are not mandatory. At any Members meeting, any person
appointed by the Management Committee shall preside at the meeting and the Secretary (or
if none, a person appointed by the Management Committee) shall act as secretary of the
meeting. The secretary of the meeting shall prepare minutes of the meeting which shall be
placed in the minute books of the Company.


7.2 Place of Meetings.
The place of meetings shall be the principal place of business of the Company, or such
other place as determined by the Management Committee.


7.3 Notice of Meetings.
Except as provided in Section 7.4, written notice stating the place, date and time of
the meeting and the general nature of the business to be conducted at the meeting shall be
given not less than ten (10) nor more than sixty (60) days before the date of the meeting,
either personally or by mail, by or at the direction of the Management Committee or
the Member(s) calling the meeting, to each Member entitled to vote at such meeting.
Except as set forth in such notice, no other business may be transacted at the meeting. If
mailed, such notice shall be deemed to be delivered as provided in Section 14.1.


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7.4 Meeting of All
Members. If all of the Members shall meet at any time and place, either within or
outside of the State of Delaware, and consent to the holding of a meeting at such time and
place, such meeting shall be valid without call or notice, and at such meeting any lawful
action may be taken.


7.5 Record Date. For
the purpose of identifying or determining Members entitled to notice of or to vote at any
meeting of Members or any adjournment thereof, or Members entitled to receive payment of
any distribution, or in order to make a determination with respect to Members for any
other purpose, the close of business on the business day next preceding the date on which
notice of the meeting is mailed or the close of business on the date on which the
resolution declaring such distribution is adopted, as the case may be, shall be the record
date for such identification or determination. When identification of Members entitled to
vote at any meeting of Members has been made as provided in this Section, such
identification shall apply to any adjournment thereof.


7.6 Quorum. Members
holding not less than a majority of all outstanding Units, represented in person or by
proxy, shall constitute a quorum at any meeting of Members. In the absence of a quorum at
any such meeting, Members holding a majority of the Units so represented may adjourn the
meeting from time to time for a period not to exceed forty-five (45) days without further
notice. However, if the adjournment is for more than forty-five (45) days, or if after the
adjournment a new record date is fixed for the adjourned meeting, a notice of the
adjourned meeting shall be given to each Member of record entitled to vote at the meeting.


At
such adjourned meeting at which a quorum shall be present or represented, any business may
be transacted which might have been transacted at the meeting as originally noticed. The
Members present at a duly organized meeting may continue to transact business until
adjournment, notwithstanding the withdrawal during such meeting of Members holding Units
whose absence would cause less than a quorum.


7.7 Proxies. At all
meetings of Members, a Member may vote in person or by proxy executed in writing by the
Member or by a duly authorized attorney-in-fact. Such proxy shall be filed with the
Managers before or at the time of the meeting. No proxy shall be valid after eleven months
from the date of its execution, unless otherwise provided in the proxy.


7.8 Telephone Meetings.
Any Member may participate in a meeting by means of conference telephone or similar
communications equipment, as long as all Members participating in the meeting can hear one
another, and participation in a meeting by such means shall constitute presence in person
at such meeting.


7.9 Action by Members
Without a Meeting.


     (a)    
          Any action that may be taken at a meeting of the Members may be taken without a
          meeting if a consent or consents in writing, setting forth the action so taken,
          are signed and delivered to the Company within sixty (60) days of the record
          date for that action by Members having not less than the minimum number of votes
          that would be necessary to authorize or take that action at a meeting at which
          all Members entitled to vote thereon were present and voted. The record date for
          determining Members entitled to take action without a meeting shall be the date
          the first Member signs a written consent.

21
(b)    
          Unless the consents of all Members entitled to vote have been solicited in
          writing, notice of any Member approval of (i) an amendment to the
          Certificate or this Agreement, (ii) a dissolution of the Company as
          provided in Section 10.1, or (iii) a merger of the Company as provided
          in Article 11, without a meeting by less than unanimous written consent
          shall be given to those members entitled to vote who have not consented in
          writing at least ten (10) days before the consummation of the action authorized
          by such approval. For any other action approved by Members without a meeting by
          less than unanimous consent, prompt notice shall be given to those Members
          entitled to vote who have not consented in writing.


7.10 Waiver of Notice.
When any notice is required to be given to any Member, a waiver thereof in writing signed
by the Member entitled to such notice, whether before, at or after the time stated
therein, shall be equivalent to the giving of such notice. Attendance of a Member at a
meeting shall constitute a waiver of notice of the meeting, except when the Member
objects, at the beginning of the meeting, to the transaction of any business because the
meeting is not lawfully called or convened.


ARTICLE 8


TRANSFERABILITY


8.1 Transfers by Members.


     (a)    
          No Member shall have the right to sell, assign, transfer, pledge or otherwise
          dispose of, or encumber, directly or indirectly all or any part of its
          Membership Interest, in whole or in part, except as provided herein.


     (b)    
          After any transfer permitted hereby, the transferee and the transferred
          Membership Interest shall continue to be subject to all the provisions of this
          Agreement including, without limitation, the provisions of this Article 8.


     (c)    
          The restrictions of this Article 8 (except Section 8.6) do not apply,
          and each Member hereby consents, to Transfers of Membership Interests
          (collectively, Permitted Transfers) by any Member:
          (i) to the Company; (ii) to a trust for the benefit of such Member, if
          the Member is at all times the trustee with the power to act on behalf of the
          trust without the consent of any other Person; or (iii)  to an Affiliate.
          In the event of a Permitted Transfer of a Membership Interest, the transferee of
          that Membership Interest holds that Membership Interest as a Substituted Member
          subject to the terms of this Agreement, and no further Transfer of that
          Membership Interest may be made except in accordance with the terms of this
          Agreement.


8.2 Restrictions on
Transferability. Subject to Section 8.1(c), in the event of a proposed sale,
exchange, transfer, assignment, gift, hypothecation, pledge, alienation, or encumbrance of
a Membership Interest, whether voluntary, involuntary, or by operation of law, and whether
inter vivos or upon death (collectively, a Transfer), the Member proposing to
Transfer that Membership Interest (the Transferring Member), or the
Transferring Members Representative, shall provide written notice to the Management
Committee of such proposed Transfer (the Transfer Notice). The Transfer
Notice shall set forth the name and address of the proposed transferee, the intended
effective date of the Transfer, and other relevant details, including, if applicable, the
proposed transfer price. Unless, within ninety (90) days of the Management
Committees receipt of the Transfer Notice, the Transfer is approved in accordance
with Section 8.6 below, the proposed transferee (i) will not acquire a
Membership Interest in the Company, will not become a Substituted Member of the Company,
and will not be entitled to vote or to participate in any manner in the management or
affairs of the Company, and (ii) will not be entitled to receive allocations and
distributions of income, gains, losses, deductions, credits, return of contributions, and
similar items to which the Transferring Member would be entitled.


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8.3 Effective Date of
Transfers.


     (a)    
          Notwithstanding anything in this Agreement to the contrary, the Company and the
          Management Committee may treat a Transferring Member as the absolute owner in
          all respects of the Membership Interest the Transferring Member proposes to
          Transfer, and neither the Company nor the Manager will incur any liability for
          allocations of Profits or Losses, distributions, or transmissions of reports or
          notices, made in good faith to a Transferring Member prior to the latter of the
          receipt of the Transfer Notice or the effective date of the Transfer.


     (b)    
          The effective date of a Transfer of a Membership Interest that is transferred
          pursuant to Section 8.1 (c) or is transferred with the approval of the
          Management Committee is the first day of the calendar month following the latter
          of: (i) the Companys receipt of the executed written instrument of
          assignment of the Membership Interest in the form of Exhibit D, or
          (ii) the date of the assignment as set forth in the written instrument of
          assignment.


8.4 Further Restrictions on
Transfer of Membership Interests. In addition to the other restrictions set forth in
this Agreement, no Member may encumber or otherwise Transfer a Membership Interest:
(i) without complying with Section 12.9, or (ii) if such Transfer, when
added to the total of all other Membership Interests sold or exchanged in the preceding
twelve (12) consecutive months, would cause the termination of the Company under the Code,
as determined by the Manager, or (iii) if that Transfer would cause any creditor to
be entitled to accelerate any portion of the Companys debt.


8.5 Withdrawal of
Members. Except upon the termination and dissolution of the Company, no Member may
withdraw from the Company or demand a return of that Members Capital Contribution,
unless agreed to by a Supermajority in Interest. A Transfer of a Membership Interest as
provided for in this Article 8 is not considered a withdrawal from the Company by the
Transferring Member, unless agreed to by the Management Committee.


8.6 Substituted
Members. Any Person (including an existing Member) to whom a Membership Interest is
proposed to be transferred pursuant to this Article 8 shall become a Member (a
Substituted Member), with respect to that transferred Membership
Interest, and shall have the right to vote and to participate in the management and
control of the Company as a Member (pursuant to the terms of this Agreement), only if:
(i) the Transfer is approved by the Management Committee in its sole and absolute
discretion, (ii) the Transfer is also approved by the vote or written consent of a
Supermajority in Interest if so required by Section 5.4(c), and (iii) all other
requirements of this Article 8 are satisfied; and that Person shall become a
Substituted Member only upon the Companys receipt of that Persons executed
Acceptance of Assignment and Agreement To Be Bound in the form of Exhibit D,
under which that Person agrees to be bound by the terms of this Agreement. The admission
of a Substituted Member shall not release the Transferring Member who transferred the
Membership Interest to that Substituted Member from any liability to the Company.


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8.7 Right of First
Refusal. In addition to the foregoing provisions of this Article 8, each time a Member
voluntarily proposes to make a Transfer all or any part of the Members Membership
Interest (whether voluntary or involuntary) in exchange for consideration, other than
Permitted Transfers pursuant to Section 8.1(c), such Transferring Member shall first offer
such Membership Interest to the non-transferring Members and the Company in accordance
with the following provisions:


     (a)    
          The Transferring Member shall deliver a written notice to the Company and the
          other Members stating (i) such Members bona fide intention to
          transfer all or a portion of the Members Membership Interest,
          (ii) the name and address of the proposed transferee, (iii) the
          Membership Interest to be transferred, and (iv) the purchase price and
          terms of payment offered in writing by the proposed transferee and acceptable to
          the Member for the proposed transfer of such Members Membership Interest.


     (b)    
          Within thirty (30) days after receipt of the notice described in
          Section 8.7(a), each non-transferring Member shall notify the Manager in
          writing of his, hers, or its desire to purchase a portion of the Membership
          Interest being so transferred. The failure of any Member to submit a notice
          within the applicable period shall constitute an election on the part of that
          Member not to purchase any of the Membership Interest which may be so
          transferred. Each Member so electing to purchase shall be entitled to purchase a
          portion of such Membership Interest in the same proportion that the Percentage
          Interest of such Member bears to the aggregate of the Percentage Interests of
          all of the Members electing to so purchase the Membership Interest being
          transferred. In the event any Member elects to purchase none or less than all of
          his or her pro rata share of such Membership Interest, then the other Members
          can elect to purchase more than their pro rata share. If such Members fail to
          purchase the entire Membership Interest being transferred, the Company may
          purchase any remaining share of such Membership Interest.


     (c)    
          Within ninety (90) days after receipt of the notice described in
          Section 8.7(a), the Company and the Members electing to purchase such
          Membership Interest shall have the first right to purchase or obtain such
          Membership Interest upon the price and terms of payment designated in such
          notice. If such notice provides for the payment of non-cash consideration, the
          Company and such purchasing Members each may elect to pay the consideration in
          cash equal to the good faith estimate of the present fair market value of the
          non-cash consideration offered as determined by the Manager.


     (d)    
          If the Company or the other Members elect not to purchase or obtain all of the
          Membership Interest designated in such notice, then the transferring Member may
          transfer the Membership Interest described in the notice to the proposed
          transferee, providing such transfer (i) is completed within thirty (30)
          days after the expiration of the Companys and the other Members
          right to purchase such Membership Interest, (ii) is made on terms no less
          favorable to the transferring Member than as designated in the notice, and
          (iii) the requirements of Sections 8.2, 8.3, 8.4, and 8.6 (relating to,
          among other things, consent of Members, securities laws, and tax requirements of
          this Agreement) are satisfied. If such Membership Interest is not so
          transferred, the transferring Member must give notice and again proceed in
          accordance with this Section 8.7(d) prior to any other or subsequent
          transfer of such Membership Interest.


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ARTICLE 9


ADDITIONAL MEMBERS


9.1 Admission of New
Members. From and after the date of this Agreement, with the consent of all the
Members and the Managers, any Person or Entity may, subject to agreement with the terms
and conditions of this Agreement, become a New Member of the Company, by the sale of new
Units for such consideration as the Management Committee and Members holding a
Supermajority in Interest shall determine (provided that, the affirmative vote of all
Members and the Managers shall be required to approve the admission of any New Members).


ARTICLE 10


DISSOLUTION AND
TERMINATION


10.1 Dissolution.


     (a)    
          The Company shall be dissolved and its affairs shall be wound up upon the
          happening of the first to occur of any of the following events (each, a
          Dissolution Event):


     (1)    
          upon the happening of any event of dissolution specified in the Certificate;


     (2)    
          by written agreement of the Management Committee; provided,however, that the approval of a Supermajority in Interest may also be
          required as provided in Section 5.4(c) above;;


     (3)    
          the entry of a decree of judicial dissolution pursuant to Section 17351 of
          the California Act; or


     (4)    
          sale of all or substantially all of the assets of the Company.


     (b)    
          Notwithstanding Section 10.1(a) above, the Company will not be dissolved
          and will be continued if a Supermajority in Interest vote to continue the
          business of the Company within ninety (90) days following the occurrence of any
          Dissolution Event.


     (c)    
          Except as described in Section 10.1(b) above, as soon as practicable
          following a Dissolution Event, the appropriate representative of the Company
          shall commence winding up the Companys affairs in accordance with the
          Delaware Act.



25
10.2 Effect of
Dissolution. Upon the occurrence of any of the events specific in
Section 10.1(a), the Company shall cease to carry on its business, except insofar as
may be necessary for the winding up of its business. The Companys separate existence
shall continue for the purpose of winding up its affairs, prosecuting or defending actions
by or against it in order to collect and discharge obligations, disposing of and conveying
its property, and collecting and dividing its assets.


10.3 Distribution of Assets
Upon Dissolution. In settling accounts after dissolution, the liabilities of the
Company shall be entitled to payment in the following order:


     (a)    
          First, to creditors, (including, without limitation, any Member or Affiliate
          that is a creditor) in the order of priority as provided by law; and


     (b)    
          Second, to a reserve as reasonably required for contingent liabilities (after
          passage of a reasonable time the balance, if any, in said reserve shall be
          distributed as set forth below); and


     (c)    
          The remaining assets shall be distributed to the Members in accordance with
          Section 4.2(a)(iii) and Section 4.2(a)(iv) above. Such distribution shall be
          made after (i) the final allocations of Profits and Losses in connection
          with the dissolution of the Company and the liquidation of its assets have been
          made, and (ii) all such events, transactions and allocations have been
          fully reflected in the Members Capital Accounts as required by Treasury
          Regulation 1.704-1(b). Such distribution required by this Section 10.3(c)
          shall be made by the end of the fiscal year in which such dissolution occurs,
          or, if later, within ninety (90) days after the date of such dissolution, and
          shall otherwise comply with the requirements of Treasury Regulation 1.704-1(b).
          Distributions pursuant to this Section 10.3(c) may be made to a trust
          established for the benefit of the Members for the purposes of liquidating the
          Companys assets, collecting amounts owed to the Company, and paying any
          contingent or unforeseen liabilities or obligations of the Company or of the
          Manager arising out of or in connection with the Company. The assets of any such
          trust shall be distributed to the Members from time to time, in the reasonable
          discretion of the Manager, in the same proportions as the amount distributed to
          such trust by the Company would otherwise have been distributed to the Members
          pursuant to this Agreement.


10.4 Filing of Certificate
of Cancellation. When all debts, liabilities and obligations have been paid and
discharged or adequate provisions have been made therefor and all of the remaining
property and assets have been distributed to the Members, a certificate of cancellation
shall be executed and filed with the Delaware Secretary of State in accordance with the
Delaware Act.


10.5 Winding Up. Except
as provided by law, upon dissolution, each Member shall look solely to the assets of the
Company for the return of such Members Capital Contribution. If the Company assets
remaining after the payment or discharge of the debts and liabilities of the Company are
insufficient to return the Capital Contribution of each Member, then except as otherwise
provided for in Section 4.2(e) herein, no Member shall have no recourse against any other
Member. Except as otherwise prescribed by law, the winding up of the affairs of the
Company and the distribution of its assets shall be conducted exclusively by the Managers,
who are hereby authorized to take all actions necessary to accomplish such distribution,
including without limitation, selling any Company assets the Managers deem necessary or
appropriate to sell.

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10.6 Allocations and
Distributions. The tax allocation provisions of this Agreement are intended to produce
final Capital Account balances that are at levels (Target Final
Balances) which permit liquidating distributions that are made in accordance
with such final Capital Account balances to be equal to the priority distributions that
would occur under Section 4.2(a) if said liquidating proceeds were distributed
pursuant to Section 10.3(c). To the extent that the tax allocation provisions of this
Agreement would not produce the Target Final Balances, Profits and Losses shall be
allocated in such a manner to produce such Target Final Balances. Notwithstanding the
other provisions of this Agreement, allocations of Company gross income and deductions
shall be made prospectively in relation to said liquidation as necessary to produce such
Target Final Balances (and, to the extent such prospective or current allocations would
not reach such result, the prior tax returns of the Company shall be amended to reallocate
Company gross income and deductions to produce such Target Final Balances).


10.7 No Action for
Dissolution. Except as expressly permitted in this Agreement, a Member shall not take
any voluntary action that directly causes a Dissolution Event. The Members acknowledge
that irreparable damage would be done to the goodwill and reputation of the Company if any
Member should bring an action in court to dissolve the Company under circumstances where
dissolution is not otherwise required by Section 10.1. This Agreement has been drawn
carefully to provide fair treatment of all parties. Accordingly, except where the Managers
have failed to liquidate the Company as required by this Article 10, each Member
hereby waives and renounces his or her right to initiate legal action to seek the
appointment of a receiver or trustee to liquidate the Company or to seek a decree of
judicial dissolution of the Company on the ground that (a) it is not reasonably
practicable to carry on the business of the Company in conformity with the Certificate or
this Agreement, or (b) dissolution is reasonably necessary for the protection of the
rights or interests of the complaining Member. Damages for breach of this
Section 10.7 shall be monetary damages only (and not specific performance), and the
damages may be offset against distributions by the Company to which such Member would
otherwise be entitled.


ARTICLE 11


MAJOR CAPITAL EVENT


11.1 In General.


     (a)    
          Subject to Section 11.1(b) below, the Company may, upon (i) an affirmative vote
          of a majority of the Management Committee and (ii) the affirmative vote or
          written consent of a Majority in Interest, effect a Major Capital Event.


     (b)    
          Notwithstanding anything in Section 11.1(a) to the contrary, an affirmative vote
          of the Management Committee and the affirmative vote or written consent of a
          Supermajority in Interest shall be required (i) if the closing of the
          transaction constituting a Major Capital Event is to take place prior to August
          31, 2009, or (ii) from and after August 31, 2009 if there shall be no debt
          outstanding under the Line of Credit Agreement and Loan Agreement.



27
11.2 Effecting a Major
Capital Event.


     (a)    
          Actions to be Taken.In the event that the Management Committee and a
          Majority in Interest (or Supermajority in Interest if required by Section 11.1
          (b) above) (the Transacting Members) approve a Major Capital
          Event in writing, specifying that this Section 11.2 shall apply to such
          transaction, then the Company shall provide written notice of such approval (the
          Sale Notice) to each of the Members (each a
          Party and collectively, the Parties).


     (b)    
          Sale Notice.Each Sale Notice required by Section 11.2(a) shall include
          reasonable details of the Major Capital Event including, but not limited to, the
          following: (i) the proposed time and place of the closing of the Major Capital
          Event; (ii) the substantive terms and conditions of the Major Capital Event,
          including (A) the purchase price and terms of payment (the Offer
          Price), and (B) the identity, beneficial ownership (if known by any
          Transacting Members), address and telephone number of the third-party purchaser
          (the Buyer) having made the bona fide Offer; (iii) the number
          and class of Membership Interests of the Company held by the Buyer and its
          Affiliates (if any), and the substantive terms and conditions of any previous
          transactions under which the Buyer or any of its Affiliates purchased capital
          stock of the Company from the Transacting Members, including the price per
          Membership Interest at which such capital stock was purchased; (iv) the
          number of the Transacting Members Membership Interests; and (v) any
          written consent of Members, Members resolutions (if the Major Capital Event is
          being approved at a meeting of the Members), agreement, instrument or other
          document the Parties are required to execute together with all exhibits,
          attachments and schedules thereto. As used herein, the term Offer
          shall mean (A) a written, bona fide offer, to enter into an arms length
          transaction which constitutes a Major Capital Event upon the terms set forth in
          a Sale Notice, (B) by a Person or Entity who is not an Affiliate of any Member
          or Manager.


     (c)    
          Refusing Member(s).If one or more Members elects not to accept the Offer
          (Refusing Member(s)), such Refusing Member(s) shall, subject
          to the provisions of Section 11.2(d), be obliged to purchase from the
          Transacting Member(s) such Transacting Member(s) Interest(s) in the
          Company at a price and upon terms equal to those contained in the Sale Notice.
          If there is more than one Refusing Member, the Refusing Members shall purchase
          such Transacting Member(s) Interest(s) in the Company in the proportion
          that such Refusing Member(s)' Interest(s) bear(s) to the total Interest(s) in
          the Company held by the Refusing Members. The Refusing Member(s) shall have
          seventy-five (75) days within which to purchase the Transacting Member(s)
          Interest(s) in the Company. If there is one Refusing Member and such Refusing
          Member fails to complete the purchase of the Transacting Members Interests
          in the Company within said seventy-five (75) day period, such Refusing Member
          shall be deemed to have accepted the Offer and shall be required to authorize
          the Major Capital Event (or, if such transaction shall take the form of a sale
          of the Membership Interests of the Members, sell such Refusing Members
          Interest in the Company to the bona fide third-party purchaser on the terms and
          conditions no less favorable than those set forth in the Sale Notice. If there
          is more than one Refusing Member and any Refusing Member fails to complete the
          purchase of its proportionate share of the Transacting Member(s)
          Membership Interests in the Company within said seventy-five (75) day period,
          the Refusing Member who has purchased its proportionate share of the Transacting
          Member(s) Membership Interests shall have the right to purchase the
          balance of the Transacting Member(s) Membership Interests not purchased by
          the other Refusing Member. If the Refusing Member that is purchasing its
          proportionate share of the Transacting Members Membership Interests
          refuses to purchase the balance of the Transacting Members Interest, all
          the Refusing Members shall be deemed to have accepted the Offer and shall be
          required to authorize the Major Capital Event to the bona fide purchaser, on the
          terms no less favorable than as set forth in the Sale Notice. In the event that
          the bona fide third-party purchaser does not complete the Major Capital Event
          within six (6) months of submitting the Offer, such transaction shall cease and
          the Members again shall be subject to the provisions of Section 11.2.


28
(d)    
          Exceptions. Notwithstanding anything to the contrary in Section 11.2 or
          elsewhere in this Agreement, a Party will not be required to comply with Section
          11.2(c) above in connection with any specific transaction constituting a Major
          Capital Event (the Proposed Sale) unless:


     (i)    
          each Member will receive the same form of consideration for their Membership
          Interests;


     (ii)    
          each Member will receive the same amount of consideration per Membership
          Interest held by such Member, and


     (iii)    
          each Party shall not be liable for the inaccuracy of any representation or
          warranty made by any other Person in connection with the Proposed Sale.


     (e)    
          Apportionment of Offer Price. For purposes of this Agreement, the
          purchase price for any Transacting Members Interest shall be calculated by
          treating the Offer price (i.e., the price offered by Buyer in a Proposed
          Sale as if it were paid to the Company for the purchase of substantially all of
          the assets of the Company (and for the assumption of such liabilities of the
          Company as were proposed to be assumed or taken subject to in the
          Offer) and such Offer price were apportioned as between the Members in
          accordance with Section 10.3 of this Agreement.


ARTICLE 12


INVESTMENT
REPRESENTATIONS


Each
Member hereby represents and warrants to, and agrees with, the Management Committee, the
other Members, and the Company as follows:


12.1 Preexisting
Relationship or Experience. (i) Such Member has a preexisting personal or
business relationship with the Company or one or more of its Managers, officers or control
persons, or (ii) by reason of such Members business or financial experience, or
by reason of the business or financial experience of such Members financial advisor
who is unaffiliated with and who is not compensated, directly or indirectly, by the
Company or any Affiliate or selling agent of the Company, such Member is capable of
evaluating the risks and merits of an investment in the Units and of protecting such
Members own interests in connection with this investment.



29
12.2 No Advertising.
Such Member has not seen, received, been presented with, or been solicited by any leaflet,
public promotional meeting, newspaper or magazine article or advertisement, radio or
television advertisement, or any other form of advertising or general solicitation with
respect to the sale of the Units.


12.3 Investment Intent.
Such Member is acquiring the Units for investment purposes for such Members own
account only, and not with a view to or for sale in connection with any distribution of
all or any part of the Units. No other person will have any direct or indirect beneficial
interest in or right to such Members Units.


12.4 Purpose of Entity.
If the Member is a corporation, partnership, limited liability company, trust or other
Entity, it was not organized for the specific purpose of acquiring the Units.


12.5 Residency. Such
Member is a resident of, or, if the Member is an entity, has its principal place of
business in, the state in which such Members address as set forth on
Exhibit A attached hereto is located.


12.6 Economic Risk.
Such Member is financially able to bear the economic risk of an investment in the Units,
including the total loss thereof.


12.7 No Registration of
Units. Such Member acknowledges that the Units have not been registered under the
Securities Act, or qualified under the California Corporate Securities Law of 1968, as
amended, or any Delaware or other applicable blue sky laws in reliance, in part, on such
Members representations, warranties and agreements herein. Such Member represents,
warrants, and agrees that the Company and the Managers are under no obligation to register
or qualify the Membership Interest under the Securities Act or under any state securities
law, or to assist such Member in complying with any exemption from registration and
qualification.


12.8 Restricted
Securities. Such Member understands that the Units are restricted
securities under the Securities Act in that the Units will be acquired from the
Company in a transaction not involving a public offering, and that the Units may be resold
without registration under the Securities Act only in certain limited circumstances, and
that otherwise the Units must be held indefinitely.


12.9 No Disposition in
Violation of Law. Without limiting the representations set forth above, and without
limiting Article 8 of this Agreement, such Member will not make any disposition of
all or any part of such Members Membership Interest which will result in the
violation by such Member or by the Company of the Securities Act, the California Corporate
Securities Law of 1968, or any Delaware or other applicable securities laws. Without
limiting the foregoing, such Member agrees not to make any disposition of all or any part
of the Units unless and until:


30
(a)    
          There is then in effect a registration statement under the Securities Act
          covering such proposed disposition and such disposition is made in accordance
          with such registration statement and any applicable requirements of state
          securities laws; or


     (b)    
          Such Member has (i) notified the Company of the proposed disposition and
          has furnished the Company with a detailed statement of the circumstances
          surrounding the proposed disposition, and (ii) if reasonably requested by
          the Manager, such Member has furnished the Company with a written opinion of
          counsel, reasonably satisfactory to the Company, that such disposition will not
          require registration of any securities under the Securities Act or the consent
          of or a permit from appropriate authorities under any applicable state
          securities law.


12.10 Legends. Such
Member understands that the certificates (if any) evidencing the Units may bear one or all
of the following legends:


     (a)    
          THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
          UNDER THE SECURITIES ACT OF 1933 NOR HAVE THEY BEEN REGISTERED OR QUALIFIED
          UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE OFFERED FOR SALE,
          SOLD, TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED AND REGISTERED
          UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS OR UNLESS, IN THE OPINION OF
          COUNSEL SATISFACTORY TO THE COMPANY, SUCH QUALIFICATION AND REGISTRATION ARE NOT
          REQUIRED. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS
          FURTHER SUBJECT TO OTHER RESTRICTIONS, TERMS AND CONDITIONS WHICH ARE SET FORTH
          IN THIS COMPANYS OPERATING AGREEMENT.


     (b)    
          Any legend required by applicable state securities laws.


12.11 Investment Risk.
Such Member acknowledges that the Units are a speculative investment which involves a
substantial degree of risk of loss by such Member, that such Member understands and takes
full cognizance of the risk factors related to the purchase of the Units, and that the
Company is newly organized.


12.12 Information
Reviewed. Such Member has received and reviewed all information such Member considers
necessary or appropriate for deciding whether to purchase the Units. Such Member has had
an opportunity to ask questions and receive answers from the Company and its Managers,
officers and employees regarding the terms and conditions of purchase of the Units and
regarding the business, financial affairs and other aspects of the Company, and has
further had the opportunity to obtain all information (to the extent the Company possesses
or can acquire such information without unreasonable effort or expense) which such Member
deems necessary to evaluate the investment and to verify the accuracy of information
otherwise provided to such Member.


12.13 No Representations by
Company. Neither the Management Committee or any agent or employee of the Company, or
any other Person has at any time expressly or implicitly represented, guaranteed or
warranted to such Member that a percentage of profit and/or amount or type of
consideration will result from an investment in the Units, that past performance or
experience on the part of the Manager or their Affiliates or any other Person in any way
indicates the predictable results of the ownership of the Units or of the overall Company
business, that any cash distributions from Company operations or otherwise will be made to
the Members by any specific date or will be made at all, or that any specific tax benefits
will accrue as a result of an investment in the Company.


31
12.14 Consultation with
Attorney. Such Member has been advised to consult with such Members own attorney
regarding all legal matters concerning an investment in the Company and the tax
consequences of participating in the Company, and has done so, to the extent such Member
considers necessary.


12.15 Tax Consequences.
Such Member acknowledges that the tax consequences to such Member of investing in the
Company will depend on such Members particular circumstances, and neither the
Company, the Managers, the Members, nor the partners, shareholders, members, managers,
agents, officers, directors, employees, Affiliates or consultants of any of them will be
responsible or liable for the tax consequences to such Member of an investment in the
Company. Such Member will look solely to, and rely upon, such Members own advisers
with respect to the tax consequences of this investment.


12.16 No Assurance of Tax
Benefits. Such Member acknowledges that there can be no assurance that the Code or the
Treasury Regulations will not be amended or interpreted in the future in such a manner so
as to deprive the Company and the Members of some or all of the tax benefits they might
now receive, or that some of the deductions claimed by the Company or the allocations of
items of income, gain, loss, deduction or credits among the Members may not be challenged
by the Internal Revenue Service.


12.17 Indemnity. Each
Member shall indemnify, hold harmless and defend the Company, the Managers, each and every
other Member, and any officers, directors, shareholders, managers, members, employees,
partners, agents, attorneys and control persons of any such entity who was or is a party
or is threatened to be made a party to any threatened, pending or completed action, suit
or proceeding, whether civil, criminal, administrative or investigative, by reason of or
arising from any misrepresentation, misstatement of facts or omission to represent or
state facts made by such Member in this Article 12, against losses, liabilities, and
expenses of the Company, the Managers, each and every other Member, and any officers,
directors, shareholders, managers, members, employees, partners, attorneys, accountants,
agents and control persons of any such Person (including attorneys fees, judgments,
fines and amounts paid in settlement) incurred by such person in connection with such
action, suit, proceeding or the like.


ARTICLE 13


EVENTS OF DEFAULT


13.1 Events of Default.
An Event of Default shall be considered to have occurred with respect
to a Member (such Member shall be referred to as a Defaulting Member)
if:


32
(a)    
          such Defaulting Member sells, assigns, transfers, pledges or otherwise disposes
          of or encumbers, directly or indirectly, all or any part of its Membership
          Interest, except as permitted in this Agreement;


     (b)    
          such Defaulting Member fails to perform or violates any material term or
          condition of this Agreement and such failure or violation continues for thirty
          (30) days after such Defaulting Member has been given written notice thereof by
          any other Member; or


     (c)    
          such Defaulting Member otherwise causes the dissolution of the Company in
          contravention of the terms of this Agreement.


13.2 Remedies of
Non-Defaulting Members.


     (a)    
          Upon the occurrence and during the continuance of an Event of Default, the
          Non-Defaulting Members may (in addition to any other rights and remedies) elect
          to:


     (i)    
          seek to enjoin such default or to obtain specific performance of the Defaulting
          Members obligation;


     (ii)    
          dissolve the Company pursuant to Article X.


     (b)    
          The election of any remedy pursuant to clauses (i) or (ii) of Section 13.2(a)
          shall not for any purpose be deemed to be a waiver of any other remedy available
          under applicable law.


     (c)    
          The Defaulting Member shall be liable to the Company and to the Non-Defaulting
          Members for any and all damages, losses and expenses (including attorneys
          fees and disbursements) (collectively, Damages) suffered or
          incurred by the Company or the Non-Defaulting Members as a result of such Event
          of Default.


ARTICLE 14


MISCELLANEOUS
PROVISIONS


14.1 Notices. Any
notice, demand or communication required or permitted to be given by any provision of this
Agreement shall be deemed to have been sufficiently given or served for all purposes if
(i) delivered personally to the party or to an executive officer of the party to whom
the same is directed, (ii) sent by certified mail, return receipt requested, postage
prepaid, addressed to the Members and/or Companys address as it appears in the
Companys records, as appropriate, or (iii) sent by nationally recognized
overnight courier addressed to the Members and/or Companys address as it
appears in the Companys records, as appropriate. Except as otherwise provided in
this Agreement, any such properly addressed notice that is sent via certified U.S. mail
shall be deemed to be given three business days after the date on which the same was
deposited in a regularly maintained receptacle for the deposit of United States mail, and
any notice that is sent via overnight courier shall be deemed to be given on the date of
delivery of such notice.


33
14.2 Separate
Counsel Procopio, Cory, Hargreaves & Savitch LLP
(PCH&S) has represented CUSA and has been instructed by CUSA in
preparing this Agreement. If approved by the Management Committee and subject to the
execution of appropriate documentation waiving any conflict of interest, PCH&S shall
be permitted to render legal advice and to provide legal services to the Company, from
time to time. Each Member acknowledges and represents that in making its investment
decision, each Member has not in any way relied on the involvement of PCH&S in this
transaction or upon any information or material furnished or provided by PCH&S.


14.3 Governing Law.
This Agreement and the application or interpretation hereof shall be governed exclusively
by its terms and by the laws of the State of Delaware (without resort to Delawares
conflict of laws provisions).


14.4 Jurisdiction. In
the event that 4Kids elects to bring a cause of action that is not subject to arbitration
pursuant to Section 14.6(c) below, 4Kids shall bring such cause of action and agrees to
the exclusive jurisdiction of the state and federal courts sitting in San Diego,
California. In the event that CUSA elects to bring a cause of action that is not subject
to arbitration pursuant to Section 14.6 below, CUSA shall bring such cause of action and
agrees to the exclusive jurisdiction of the state and federal courts sitting in New York
County, New York. Each Member further agrees that personal jurisdiction over such Member
may be effected by service of process as provided in Section 14.1 of this Agreement,
and that when so made shall be as if served upon such Member personally within the State
of such Members domicile. Notwithstanding the jurisdiction of any dispute, the
parties agree that any such cause of action shall be governed by the laws of Delaware.


14.5 Attorneys
Fees. In the event that any dispute between the Company and the Members or among the
Members should result in litigation or arbitration, the prevailing party in such dispute
shall be entitled to recover from the other party all reasonable fees, costs, and expenses
of enforcing any right of the prevailing party, including without limitation, reasonable
attorneys fees and expenses.


14.6 Dispute Resolution.


     (a)    
          Negotiated Resolution. If any dispute (Dispute) arises
          (i) out of or relating to, this Agreement or any alleged breach thereof, or
          (ii) with respect to any of the transactions or events contemplated hereby,
          including any indemnity event, the party desiring to resolve such Dispute shall
          deliver a dispute notice (Dispute Notice) to the other
          parties to such Dispute. If any party delivers a Dispute Notice pursuant to this
          Section, the parties involved in the Dispute shall meet at least twice within
          the thirty (30) day period commencing with the date of the Dispute Notice and in
          good faith shall attempt to resolve such Dispute.


     (b)    
          Mediation. If any Dispute is not resolved or settled by the parties as a
          result of negotiation pursuant to Section 14.6(a) above, the parties shall
          submit the Dispute to non-binding mediation before a retired judge of a Federal
          District Court or California Supreme Court, or some similarly qualified,
          mutually agreeable individual. The parties shall bear the costs of such
          mediation equally.


34
(c)    
          Arbitration.


     (i)    
          If the Dispute is not resolved by mediation pursuant to Section 14.6(b)
          above, or if the parties fail to agree upon a mediator, within ninety (90) days
          after the Dispute Notice, the Dispute shall be settled by arbitration conducted
          in accordance with Section 14.6(c). The Member(s) invoking arbitration pursuant
          to this Section 14.6(c) shall give written notice to the other Members stating
          that the Member invoking arbitration desires to meet within ten (10) days to
          attempt to agree on a single arbitrator to determine the matter in dispute. If
          4Kids is the Member invoking arbitration, the arbitration shall be brought in
          San Diego, California. If CUSA is the Member invoking arbitration, the
          arbitration shall be brought in New York City. Each Member further agrees that
          personal jurisdiction over such Member may be effected by service of process as
          provided in Section 14.1 of this Agreement, and that when so made shall be
          as if served upon such Member personally within the State of such Members
          domicile. Notwithstanding the jurisdiction of any dispute, the parties agree
          that any such cause of action shall be governed by the laws of Delaware.


     (ii)    
          The arbitration shall be conducted in accordance with the then prevailing rules
          of the American Arbitration Association or any organization which is the
          successor thereto (the AAA), modified as follows:


     (iii)    
          Each arbitrator shall be disinterested and impartial and shall not be affiliated
          with any of the Members;


     (iv)    
          The arbitrator or arbitrators shall have full authority, including authority to
          grant specific performance, injunctive or other equitable relief;
          provided, however, that this Section 14.6 shall in no way affect
          the right of any Member to seek interim equitable relief to maintain the status
          quo in aid of the arbitration in any court of competent jurisdiction.


     (d)    
          Any arbitration shall allow for production of relevant documents and
          depositions, and sanctions, at the discretion of the arbitrator, for failure to
          comply with any such discovery requests.


     (e)    
          The parties shall instruct the arbitrator to render its decision no later than
          90 days after the submission of the Dispute. The arbitration decision,
          determined as provided in this Section 14.6, shall be conclusive and binding
          upon the Members, shall constitute an award by the arbitrator or
          arbitrators within the meaning of the AAA rules and applicable law, and judgment
          may be entered thereon in any court of competent jurisdiction. Notwithstanding
          anything to the contrary herein, the arbitrator(s) shall not be authorized to
          award punitive damages with respect to any claim or controversy, nor shall any
          party seek punitive damages relative to any matter under, arising out of or
          relating to this Agreement in any other forum. The cost and expenses of such
          arbitration, including, without limitation, the fees and expenses of counsel,
          witnesses, the AAA and the arbitrator or arbitrators, shall be borne by the
          Member or Members against whom the decision is rendered.


14.7 Complete
Agreement. This Agreement, each Exhibit hereto and the Certificate of Formation
constitute the complete and exclusive statement of agreement among the Members and
Managers with respect to the subject matter herein and therein contained and replace and
supersede all prior written and oral agreements or statements by and between the Members
and Managers or any of them., or concerning the subject matter hereof No representation,
statement, condition or warranty not contained in this Agreement or the Certificate shall
be binding on the Members or Managers or have any force or effect whatsoever. To the
extent that any provision of the Certificate conflict with any provision of this
Agreement, the Certificate shall control.


35
14.8 Amendments. This
Agreement and/or the Certificate may be amended only with the written consent of Members
holding a Supermajority in Interest.


14.9 Additional Documents
and Acts. Each Member agrees to execute and deliver such additional documents and
instruments and to perform such additional acts as may be necessary or appropriate to
effectuate, carry out and perform all of the terms, provisions and conditions of this
Agreement and the transactions contemplated hereby (provided that, the affirmative vote of
all the Members shall be required to amend the provisions of this Agreement pertaining to
those matters for which approval of all Members is required, as provided in Section 6.3(b)
above).


14.10 Construction.
Whenever the singular number is used in this Agreement and when required by the context,
the same shall include the plural, and the masculine gender shall include the feminine and
neuter genders and vice versa. In the event any claim is made by any Member relating to
any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof
or persuasion shall be implied by virtue of the fact that this Agreement was prepared by
or at the request of a particular Member or his or her counsel.


14.11 Headings. The
headings in this Agreement are inserted for convenience only and are in no way intended to
describe, interpret, define, or limit the scope, extent or intent of this Agreement or any
provision hereof.


14.12 Waivers. The
failure of any party to seek redress for violation of or to insist upon the strict
performance of any covenant or condition of this Agreement shall not prevent a subsequent
act, which would have originally constituted a violation, from having the effect of an
original violation.


14.13 Rights and Remedies
Cumulative. The rights and remedies provided by this Agreement are cumulative, and the
use of any one right or remedy by any party shall not preclude or waive the right to use
any or all other remedies. Such rights and remedies are given in addition to any other
rights the parties may have by law, statute, ordinance or otherwise.


14.14 Severability. If
any provision of this Agreement or the application thereof to any person or circumstance
shall be invalid, illegal or unenforceable to any extent, the remainder of this Agreement
and the application thereof shall not be affected and shall be enforceable to the fullest
extent permitted by law.


14.15 Heirs, Successors and
Assigns. Each and all of the covenants, terms, provisions and agreements contained
herein shall be binding upon and inure to the benefit of the parties and, to the extent
permitted by this Agreement, their respective heirs, legal representatives, successors and
assigns.


36
14.16 Parties in
Interest. Except as expressly provided in the Act, nothing in this Agreement shall
confer any rights or remedies under or by reason of this Agreement on any Persons other
than the Members and Managers and their respective successors and assigns nor shall
anything in this Agreement relieve or discharge the obligation or liability of any third
person to any party to this Agreement, nor shall any provision give any third person any
right of subrogation or action over or against any party to this Agreement. None of the
provisions of this Agreement shall be for the benefit of or enforceable by any creditor of
the Company.


14.17 Confidentiality.
No Member or Manager shall, during the period such Member is a Member and for a period of
two (2) years after such Member has ceased to be a Member or Manager, disclose any
confidential or proprietary information with respect to the Company to any Person, except
(i) with the prior written consent of the other Members; (ii) to the extent necessary to
comply with law (including, without limitation, 4Kids obligation as a subsidiary of
4Kids Entertainment, Inc., a public corporation, to disclose material transactions
affecting 4Kids Entertainment, Inc.) or the valid order of a court of competent
jurisdiction; (iii) as part of its normal reporting or review procedure to its Affiliates,
its auditors, attorneys and professional advisors; provided, however, that
such auditors, attorneys and professional advisors and Affiliate shall have a need to know
such confidential or proprietary information and shall be instructed by the disclosing
Member as to the requirements of this Section 14.17; (iv) in connection with the
enforcement of such Members rights hereunder; (v) to a prospective purchaser of all
or a portion of such Members Membership Interests in connection with a sale thereof
in accordance with the terms of this Agreement; provided, however, that such
prospective purchaser agrees to be bound by the provisions of this Section.14.17.


14.18
No public announcement of any kind shall be made by the
Company, 4Kids or by CUSA, or by any Affiliate thereof, with respect to the content of
this Agreement without the prior written consent of the Members.


14.19 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument.


[Signature Page Follows]

37
IN WITNESS
 WHEREOF,  the parties  hereto have executed this  Agreement  effective as of the
 Commencement Date.
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|                         |                               | 
|------------------------ | ----------------------------- | 
|4KIDS MANAGERS:          | INITIAL MEMBERS:              | 
|                         |                               | 
|/s/ Samuel R. Newborn    | 4Kids Digital Games Inc.      | 
|Name:  Samuel R. Newborn | By: /s/ Samuel R. Newborn     | 
|                         | Name:  Samuel R. Newborn      | 
|/s/ Bruce R. Foster      | Title: Executive VP          
|Name:  Bruce R. Foster  
|                         |                               | 
|CUSA MANAGERS:           |                               | 
|                         |                               | 
|/s/ Bryan Gannon         | Chaotic USA Digital Games LLC | 
|Name:  Bryan Gannon      | By: /s/ Bryan Gannon          | 
|                         | Title:  CEO                   | 
|/s/ John Milito          |                              
|Name: John Milito       
|                         |                               | 

|ACKNOWLEDGED, ACCEPTED
AND AGREED,  FOR THE  PURPOSES OF BEING BOUND BY THE  PROVISIONS  OF SECTION  4.6(c) OF
THE OPERATING AGREEMENT OF TC DIGITAL GAMES LLC:



4Kids Entertainment, Inc.



By:/s/ Samuel R. NewbornSamuel R. Newborn                  Executive VP






38
EXHIBIT AINITIAL CAPITAL
CONTRIBUTIONS AND PERCENTAGE INTERESTS
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Name and Address
of Members             | Initial Capital
Contribution and
Initial Capital
Account | Number of Units | Member's Percentage
Interest
|--------------------------------------- | -------------------------------------------------------- | --------------- | ----------------------------
|4Kids Digital Games Inc.                |                                                          | 53              | 53%                         
|1414 Avenue of the Americas            
|New York, New York 10019               
|Attn: Samuel R. Newborn, Esq           
|                                        |                                                          |                 |                             
|Chaotic USA Digital Games LLC           |                                                          | 47              | 47%                         
|162 S. Rancho Santa Fe Road, Suite B-30
|Encinitas, CA 92024                    
|Attention: Messrs. Gannon and Milito   

|a-1
EXHIBIT B


GLOSSARY OF CERTAIN
DEFINED TERMS


1.5
The following terms used in this Agreement have the following meanings (unless otherwise
expressly provided in this Agreement):


     (a)    
          4Kids has the meaning set forth in the first paragraph of
          this Agreement.


     (b)    
          Adjusted Capital Account Balance means, with respect to any
          Member, the balance, if any, in such Members Capital Account as of the end
          of the relevant fiscal year, after giving effect to the following adjustments:


     (1)    
          Increase such balance by any amounts which such Member is obligated to restore
          pursuant to any provision of this Agreement or is deemed to be obligated to
          restore pursuant to the penultimate (second to last) sentence of Treasury
          Regulations 1.704-2(g)(1) and 1.704-2(i)(5) (i.e., minimum gain); and


     (2)    
          Decrease such balance by such Members share of the items described in
          Treasury Regulations 1.704-1(b)(2)(ii)(d)(4), (5) and (6).


The foregoing definition of Adjusted
Capital Account Balance is intended to comply with the provisions of Treasury Regulation
1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.


     (c)    
          Adjusted Capital Contribution shall mean, as of any date, a
          Members Capital Contribution(s) adjusted as follows:


     (1)    
          Increased by the amount of any Company liabilities which, in connection with
          distributions pursuant to Sections 4.2 and 10.3(c) hereof, are assumed by such
          Member or are secured by any Company property distributed to such Member; and


     (2)    
          Reduced by (i) the amount of cash and the Gross Asset Value of any Company
          property distributed to such Member pursuant to Section 4.2(a)(iii) and 10.3(c)
          hereof, and (ii) the amount of any liabilities of such Member assumed by the
          Company or which are secured by any property contributed by such Member to the
          Company.


In
the event any Member transfers all or any portion of such Members Membership
Interest in accordance with the terms of this Agreement, such Members transferee
shall succeed to the Adjusted Capital Contribution of the transferor to the extent it
relates to the transferred Membership Interest.


     (d)    
          Affiliate means, with respect to any Person, any other Person
          (i) in which such first Person directly or indirectly owns greater than a twenty
          percent (20%) interest (whether economic or voting), (ii) which directly or
          indirectly owns a twenty percent (20%) interest (whether economic or voting) in
          such first Person, or (iii) which, directly or indirectly, is in control of, is
          controlled by, or is under common control with, such first Person. For purposes
          of this definition, control and controlled with respect
          to any Person means the power, directly or indirectly, either to direct or cause
          the direction of the management and policies of such first Person, whether
          through the ownership of voting securities or equity interests, by contract or
          otherwise.


     (e)    
          Agreement means this Operating Agreement of the Company as
          originally executed and as amended from time to time.


     (f)    
          Budget shall have the meaning set forth in Section 5.16(a).


     (g)    
          Business Plan shall have the meaning set forth in Section
          5.16(a).


     (h)    
          Capital Account means an account which shall be established
          and maintained for each Member in accordance with Treasury Regulation
          1.704-1(b), including the following requirements:


     (1)    
          Each Members Capital Account shall be credited with (i) the amount of the
          Members Capital Contribution(s); (ii) the Members distributive share
          of Profits (and any item in the nature of income or gain which is allocated to
          such Member, including income and gain exempt from tax); and (iii) the amount of
          any Company liabilities assumed by such Member or which are secured by any
          Company property distributed to such Member.


     (2)    
          Each Members Capital Account shall be debited by (i) the amount of cash
          and the Gross Asset Value of any Company assets distributed to the Member; (ii)
          the amount of any liabilities of such Member assumed by the Company or which are
          secured by any property contributed by such Member to the Company; and (iii)
          such Members distributive share of Losses.


     (3)    
          Whenever the Gross Asset Values of Company property are adjusted pursuant to
          Section 1.5(t), the Capital Accounts of all Members shall be adjusted in the
          manner provided in Treasury Regulations 1.704-1(b)(2)(iv)(f) and (g) to reflect,
          among other items, the aggregate net adjustment as if the Company had recognized
          gain or loss equal to the amount of the adjustment.


     (4)    
          If any Membership Interest in the Company is transferred in accordance with this
          Agreement, the transferee shall succeed to the Capital Account of the transferor
          to the extent it relates to the transferred Membership Interest.


     (5)    
          If property is distributed to a Member, then, before the Capital Account of such
          Member is adjusted as required by this Section 1.5(h), the Capital Accounts of
          the Members shall be adjusted to reflect the manner in which the unrealized
          income, gain, loss or deduction inherent in such property (that has not been
          reflected in such Capital Accounts previously) would be allocated among the
          Members if there were a taxable disposition of such property for its fair market
          value on the date of distribution.


The foregoing provisions and the
other provisions of this Agreement relating to the maintenance of Capital Accounts are
intended to comply with Treasury Regulations 1.704-1(b) and 1.704-2, and shall be
interpreted and applied in a manner consistent with such Regulations. In the event that
the Tax Matters Member, upon the advice of tax counsel, determines that it is prudent to
modify the manner in which the Capital Accounts, or any debits or credits thereto, are
computed in order to comply with such Regulation, the Tax Matters Member is hereby
authorized to make such modification, provided that it is not likely to have a material
effect on the amounts distributable to any Member pursuant to Section 10.3 upon the
dissolution of the Company.


     (i)    
          Capital Contribution means the total amount of money and the
          initial Gross Asset Value of any property contributed to the Company and/or
          services rendered or to be rendered to the Company by any Member.


     (j)    
          Cash Receipts means all cash received by the Company during
          any fiscal year from all sources, except proceeds resulting from a Major Capital
          Event.


     (k)    
          Certificate of Formation or Certificate
          means the Companys Certificate of Formation initially filed with the
          Delaware Secretary of State effective as of January 13, 2006, together with all
          amendments thereto.


     (l)    
          Commencement Date shall have the meaning set forth in Section
          1.4.


     (m)    
          CUSAhas the meaning set forth in the first paragraph of this
          Agreement.


     (n)    
          Code means the Internal Revenue Code of 1986 as amended from
          time to time, or corresponding provisions of subsequent superseding federal
          revenue laws.


     (o)    
          Company refers to TC Digital Games LLC, a Delaware limited
          liability company.


     (p)    
          Company Minimum Gain has the meaning set forth in Section
          4.11(c) of Exhibit C.


     (q)    
          CPA shall have the meaning set forth in Section 4.4.


     (r)    
          Damages shall have the meaning set forth in Section 13.2(c).


     (s)    
          Deadlock shall have the meaning set forth in Section 5.3(b)


     (t)    
          Deceased or Disabled Member has the meaning set forth in
          Section 8.5.


     (u)    
          Defaulting Member shall have the meaning set forth in Section
          13.1.


     (v)    
          Delaware Act means the Delaware Limited Liability Company Act
          codified at Title 6, Delaware Code, Section 18-101, et seq., as amended from
          time to time.


     (w)    
          Depreciation means, for each fiscal year or other period, an
          amount equal to the depreciation, amortization or other cost recovery deduction
          allowable with respect to an asset for such year or other period, except that if
          the Gross Asset Value of an asset differs from its adjusted basis for federal
          income tax purposes at the beginning of such year or other period, Depreciation
          shall be an amount which bears the same ratio to such beginning Gross Asset
          Value as the federal income tax depreciation, amortization or other cost
          recovery deduction for such year or other period bears to such beginning
          adjusted tax basis.


     (x)    
          Designatorshall have the meaning set forth in Section
          5.3(a).


     (y)    
          Designee shall have the meaning set forth in Section 5.3(a).


     (z)    
          Dispute shall have the meaning set forth in Section 14.6(a).


     (aa)    
          Dispute Noticeshall have the meaning set forth in Section
          14.6(a).


     (bb)    
          Dissolution Event has the meaning set forth in Section
          10.1(a).


     (cc)    
          Entity means any general partnership, limited partnership,
          limited liability company, corporation, joint venture, trust, business trust,
          cooperative, association or any other entity.


     (dd)    
          Event of Default shall have the meaning set forth in Section
          13.1.


     (ee)    
          Exempt Members has the meaning set forth in Section 4.19(a)
          in Exhibit C.


     (ff)    
          Financing means any mortgage financing, refinancing or
          borrowing secured by any assets including additions to borrowing initially made
          to finance the purchase of assets, but excluding any loan made by the Company.


     (gg)    
          Fiscal Year means the Companys fiscal year, which shall
          be the calendar year.


     (hh)    
          Gross Asset Value means, with respect to any asset, the
          adjusted basis of the asset for federal income tax purposes, except as follows:


     (1)    
          The initial Gross Asset Value of any asset contributed by a Member to the
          Company shall be its fair market value, as reasonably determined by the
          contributing Member and the Company.


     (2)    
          The Gross Asset Values of all Company assets shall be adjusted to equal their
          respective fair market values, as reasonably determined by the Manager, as of
          the following times:


     a.    
          the acquisition of additional Units in the Company by any new or existing Member
          in exchange for more than a de minimis Capital Contribution;


     b.    
          the distribution by the Company to a Member of more than a de minimis amount of
          Company property or money in consideration for a Unit in the Company if the
          Manager reasonably determine that such adjustment is necessary or appropriate to
          reflect the relative economic units of the Members in the Company; and


     c.    
          notwithstanding anything in subclause (B) above to the contrary, on the
          liquidation of the Company within the meaning of Treasury Regulation 1.704-
          1(b)(2)(ii)(g).


     (3)    
          The Gross Asset Value of any Company asset distributed to any Member shall be
          the gross fair market value of such asset on the date of distribution.


     (4)    
          If the Gross Asset Value of an asset has been determined or adjusted pursuant to
          clause (1) or (2) above, such Gross Asset Value shall thereafter be adjusted by
          the Depreciation taken into account with respect to such asset for purposes of
          computing Profits and Losses.


     (ii)    
          Indemnitee shall have the meaning set forth in Section
          5.7(a).


     (jj)    
          Initial Capital Contribution means the initial Capital
          Contribution to the Company pursuant to this Agreement.


     (kk)    
          Initial Members shall have the meaning set forth in the first
          paragraph of this Agreement.


     (ll)    
          Interim Designee shall have the meaning set forth in Section
          5.9.


     (mm)    
          Line of Credit Agreement shall have the meaning set forth in
          Section 4.6.


     (nn)    
          Loan Agreement shall have the meaning set forth in Section
          4.6.


     (oo)    
          Key Personnel means John Milito and Bryan Gannon


     (pp)    
          Major Capital Event means (i) the sale, lease, assignment,
          transfer, conveyance, exchange, condemnation, casualty loss or other disposition
          (whether voluntary or involuntary) of all or substantially all of the assets of
          the Company or any interest therein, excluding dispositions of personal assets
          and equipment in the ordinary course of business, (ii) the acquisition of the
          Company by another entity by means of consolidation, corporate reorganizations,
          merger or other transaction or series of related transactions in which Members
          of the Company immediately prior to such transaction do not own at least a
          majority of the outstanding membership interests or voting securities of the
          successor entity, or (iii) recovery of damage awards and insurance proceeds
          (other than business or rental interruption insurance proceeds).


     (qq)    
          Majority in Interest means Members entitled to vote holding
          collectively more than fifty percent (50%) of the Percentage Interests held by
          all Members entitled to vote.


     (rr)    
          Manager means one or more Designees appointed by a Designator
          permitted to do so in accordance with the provisions of the Agreement, who shall
          serve on the Management Committee.


     (ss)    
          Member means each Initial Member, New Member and Substituted
          Member who is, as of a given time, a member of the Company.


     (tt)    
          Member Nonrecourse Debt has the meaning set forth in
          Section 4.11(c) in Exhibit C.


     (uu)    
          Membership Interest or Interest means the
          entire interest of a Member in the Company, including the right to receive
          distributions, the right to vote and the right to receive information regarding
          the Company, as provided in this Agreement and the Delaware Act.


     (vv)    
          New Member means any Person or Entity who or which is
          admitted to the Company as an new Member pursuant to Article 9 hereof.


     (ww)    
          Non-Appointing Member shall have the meaning set forth in
          Section 5.9.


     (xx)    
          Officer means one or more Persons designated as such by the
          Manager pursuant to this Agreement, if any. As of the effective date of this
          Agreement, no Person is designated as an Officer of the Company.


     (yy)    
          Party and Parties shall have the meaning
          set forth in Section 11.2(a).


     (zz)    
          PCH&S shall have the meaning set forth in Section 14.2.


     (aaa)    
          Percentage Interest means the percentage interest of a Member
          set forth opposite the name of such Member under the column Members
          Percentage Interest in Exhibit A hereto, as such percentage
          may be adjusted from time to time pursuant to the terms of this Agreement. A
          Members Percentage Interest shall be determined by dividing his or her
          Units by the total number of Units then outstanding.


     (bbb)    
          Permitted Transfers shall have the meaning set forth in
          Section 8.4(a).


     (ccc)    
          Person means any individual or Entity, and the heirs,
          executors, administrators, legal representatives, successors, and assigns of
          such Person where the context so requires.


     (ddd)    
          Prior Tax Distributions shall have the meaning set forth in
          Section 4.2(e).


     (eee)    
          Profits or Losses means, for each fiscal year or other
          period, an amount equal to the Companys taxable income or loss for such
          year or period, determined in accordance with Code section 703(a) (for this
          purpose, all items of income, gain, loss or deduction required to be stated
          separately pursuant to Code section 703(a)(1) shall be included in taxable
          income or loss), with the following adjustments:


     (1)    
          Any income of the Company that is exempt from federal income tax and not
          otherwise taken into account in computing Profits or Losses shall be included as
          if it were taxable income;


     (2)    
          Any expenditures of the Company described in Code section 705(a)(2)(B) or
          treated as Code section 705(a)(2)(B) expenditures pursuant to Treasury
          Regulation 1.704-1(b)(2)(iv)(i), shall be taken into account in computing such
          taxable income or loss as if they were deductible items;


     (3)    
          Gain or loss resulting from any disposition of Company assets with respect to
          which gain or loss is recognized for federal income tax purposes shall be
          computed by reference to the Gross Asset Value of the property disposed of,
          notwithstanding that the adjusted tax basis of such property differs from its
          Gross Asset Value;


     (4)    
          In lieu of the depreciation, amortization and other cost recovery deductions
          taken into account in computing such taxable income or loss, the Company shall
          compute such deductions based on the book value of Company property, in
          accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g)(3).


     (5)    
          Any items which are specifically allocated pursuant to pursuant to a Section 754
          election, a recharacterization of a guaranteed payment as a distribution, a
          qualified income offset, minimum gain chargeback, nonrecourse deduction special
          allocation, or a gross income allocation shall not be taken into account in
          computing Profits or Losses.


     (6)    
          Notwithstanding anything in this Agreement to the contrary, Profits and Losses
          shall be adjusted as necessary to ensure compliance with Treasury Regulation
          1.704-1(b) or other applicable Treasury Regulations.


     (fff)    
          Promissory Note means any promissory note payable to the
          Company issued by a Member.


     (ggg)    
          Proposed Sale shall have the meaning set forth in Section
          11.2(d).


     (hhh)    
          Regulatory Allocations has the meaning set forth in Section
          4.11(f) in Exhibit C.


     (iii)    
          Representative has the meaning set forth in Section 8.5.


     (jjj)    
          Reserves means, with respect to any fiscal period, funds set
          aside or amounts allocated during such period to reserves which shall be
          maintained in amounts deemed sufficient by the Manager for working capital and
          to pay taxes, insurance, debt service or other costs or expenses incident to the
          ownership or operation of the Companys business.


     (kkk)    
          Sale Notice shall have the meaning set forth in Section
          11.2(a).


     (lll)    
          Sale and Residual Proceeds means the net cash proceeds
          received by the Company resulting from a Major Capital Event (including interest
          income of the Company in respect of any promissory note or contractual
          obligations received in consideration for a sale of all or a portion of the
          assets) that are not reinvested in property of the Company or otherwise retained
          by the Company for the continuation of its business.


     (mmm)    
          Securities Act means the Securities Act of 1933, as amended.


     (nnn)    
          Substituted Member means the admission of a transferee of a
          Membership Interest as a Member pursuant to Article 8.


     (ooo)    
          Supermajority in Interest means Members entitled to vote
          holding collectively more than sixty six and two thirds percent (66 2/3%) of the
          Percentage Interests held by all Members entitled to vote.


     (ppp)    
          Tax Distribution Amount has the meaning set forth in Section
          4.2(c).


     (qqq)    
          Target Final Balances has the meaning set forth in Section
          10.6.


     (rrr)    
          Tax-Exempt Use Property has the meaning set forth in Section
          4.19(a) of Exhibit C.


     (sss)    
          Tax Matters Member has the meaning set forth in Section 4.9.


     (ttt)    
          Taxable Members has the meaning set forth in Section 4.19(c)
          of Exhibit C.


     (uuu)    
          Transacting Members shall have the meaning set forth in
          Section 11.2(a).


     (vvv)    
          Transfer has the meaning set forth in Section 8.1.


     (www)    
          Transfer Notice has the meaning set forth in Section 8.1.


     (xxx)    
          Transferring Member has the meaning set forth in Section 8.1.


     (yyy)    
          Treasury Regulations means the Income Tax Regulations,
          including temporary regulations, promulgated under the Code, as amended from
          time to time.


     (zzz)    
          Units means all of the units issued by the Company to its
          Members, in exchange for contributions, which shall represent the Members
          respective interests in the Company.



EXHIBIT C


SPECIAL TAX PROVISIONS


4.11     Prior
to making any allocations under Section 4.1 above, the following allocations shall be
made:


(a)......Except
as otherwise provided in Sections 4.11(b) and 4.11(c), in the event any Member
unexpectedly receives any adjustments, allocations or distributions described in Treasury
Regulation 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be
specially allocated to each such Member in proportion to such Members respective
deficit in such Members Adjusted Capital Account Balance in an amount and manner
sufficient to eliminate, to the extent required by the Treasury Regulations, the deficit
in the Adjusted Capital Account Balance of such Member as quickly as possible. It is
intended that this Section 4.11(a) qualify and be construed as a qualified income
offset within the meaning of Treasury Regulation 1.704- (b)(2)(ii)(d)(3) and shall
be interpreted consistently therewith.


(b)......Nonrecourse
Deductions (as defined in Treasury Regulation section 1.704-2(b)(1)), for any fiscal year,
or portion thereof, shall be allocated among the Members in proportion to their respective
Percentage Interests. Except as provided in Section 4.11(c) below, if there is a net
decrease in Company Minimum Gain for a Company fiscal year, each Member shall be
allocated, before any other allocation of Company items for such fiscal year, items of
gross income and gain for such year (and, if necessary, for subsequent years) in
proportion to, and to the extent of, the amount of such Members share of the net
decrease in Company Minimum Gain during such year. The income allocated pursuant to this
Section 4.11(b) in any fiscal year shall consist first of gains recognized from the
disposition of property subject to one or more nonrecourse liabilities, and any remainder
shall consist of a pro rata portion of other items of income or gain of the Company.


     (c)       
          Notwithstanding any other provisions of this Section 4.11 to the contrary, if
          there is a net decrease in Company Minimum Gain (as defined in
          Treasury Regulation section 1.704-2(d)), including for this purpose minimum gain
          attributable to Member Nonrecourse Debt (as defined in Treasury
          Regulation sections 1.704-2(k) and 1.704-2(b)(4)), each Member shall be
          specially allocated items of Company income and gain for such year (and, if
          necessary, subsequent years) in proportion to, and to the extent of, an amount
          equal to the greater of (i) such Members share of the net decrease in
          Company Minimum Gain, determined in accordance with Treasury Regulation sections
          1.704-2(f) and 1.704-2(i) (or any corresponding provisions of any successor
          regulations thereto) that is allocable to the disposition of Company property
          (including the Property) subject to one or more Nonrecourse Liabilities (as
          defined in Treasury Regulation section 1.704- 2(b)(3)) or Member Nonrecourse
          Debt, or (ii) the amount by which such Members Adjusted Capital Account
          Balance is negative at the end of such fiscal year, in an amount and manner
          sufficient to eliminate such negative Adjusted Capital Account Balance as
          quickly as possible. This Section 4.11(c) shall be applied separately with
          respect to Company Minimum Gain attributable to Member Nonrecourse Debt and
          other Company Minimum Gain. The items to be so allocated shall be determined in
          accordance with Treasury Regulation sections 1.704-2(f), 1.704-2(g), 1.704-
          2(i)(4), 1.704-2(i)(5) and 1.704-2(j)(2)(ii). This Section 4.11(c) is intended
          to comply with the minimum gain chargeback requirement in such Treasury
          Regulations and shall be interpreted consistently therewith.


(d)......Any
item of Company loss, deduction or expenditures described in section 705(a)(2)(B) of the
Code that is attributable to a Member Nonrecourse Debt shall be allocated to those Members
that bear the economic risk of loss for such Member Nonrecourse Debt, and among such
Members in accordance with the ratios in which they share such economic risk determined in
accordance with Treasury Regulation section 1.704-2(i). If there is a net decrease in any
Member Nonrecourse Debt Minimum Gain of the Company during a Company fiscal year, each
Member with a share of such Member Nonrecourse Debt Minimum Gain as of the beginning of
such year shall be allocated items of gross income and gain in the manner and to the
extent provided in Treasury Regulation sections 1.704-2(i)(4) and 1.704-2(i)(5).


(e)......Notwithstanding
anything herein to the contrary, to the extent Losses otherwise allocable to a Member
pursuant to Section 4.1 would cause any Member to have a deficit in such Members
Adjusted Capital Account Balance at the end of any fiscal year, such Losses shall not be
allocated to such Member and instead shall be allocated to the other Members (to the
extent the other Members are not limited in respect of the allocation of Losses) and
thereafter to the Members in accordance with their Percentage Interests.


(f)......The
allocations set forth in Sections 4.11(a), 4.11(b), 4.11(c) and 4.11(e) above (the
Regulatory Allocations) are intended to comply with certain requirements of
Treasury Regulation section 1.704-1(b). Notwithstanding any other provision of this
Article 4 (other than the Regulatory Allocations), the Regulatory Allocations shall be
taken into account in allocating other Profits, Losses and items of income, gains, loss
and deduction among the Members so that, to the extent possible, the net amount of such
allocations of other Profits, Losses and other items and the Regulatory Allocations to
each Member shall be equal to the net amount that would have been allocated to each such
Member if the Regulatory Allocations had not occurred.


Prohibited Allocations


4.12
Notwithstanding anything to the contrary in this Agreement, it is the intent of the
Company that (i) the allocations contained in this Article 4 shall be deemed to have
substantial economic effect within the meaning of Treasury Regulation
1.704-1(b). In the event that the Code or any Treasury Regulation promulgated thereunder
requires allocations of items of income, gain, loss, deduction or credit different from
those set forth in this Agreement, upon the advice of tax counsel, the Tax Matters Member
is hereby authorized to make new allocations in reliance upon the Code, the Treasury
Regulations and such advice of tax counsel. Such new allocations shall be deemed to be
made pursuant to the fiduciary obligations of the Tax Matters Member to the Company and
the Members, and no such new allocation shall give rise to any claim or cause of action by
any Member, whether or not the Tax Matters Member benefits from such reallocation.


Priority;
Distributions and Allocations


4.13
Except as otherwise provided herein, no Member shall have priority over any other Member,
either as to the return of capital or as to profits, losses or distributions.


Amounts Withheld


4.14
All amounts required to be withheld pursuant to the Code or any provision of any state or
local tax law with respect to any payment or distribution to the Members shall be treated
as amounts distributed to such Members pursuant to this Article 4 for all purposes under
this Agreement. The Manager may allocate any such amounts among the Members in any manner
that is in accordance with applicable law.


Deductible Payments
Treated as Distributions


4.15
In the event that any amount claimed by the Company to constitute a guaranteed payment as
defined in Section 707(c) of the Code or a payment to a Member not acting in such
Members capacity as a Member under Section 707(a) of the Code is treated for federal
income tax purposes as a distribution made to a Member in such Members capacity as a
member of the Company, then, as provided under Treasury Regulation Section 1.704-3(b):


(a)......The
Capital Account of the Member who is deemed to have received such distribution shall be
reduced to reflect the distribution;


(b)......The
Member who is deemed to have received such distribution shall be allocated an amount of
Company gross income equal to such payment; and


(c)......For
purposes of this Article 4, Profits and Losses shall be determined after making the
allocation required under this Section.


Change In
Members Interest


4.16
If any Membership Interest in the Company is sold, assigned or transferred during any
accounting period or a Members Percentage Interest increases or decreases, Profits,
Losses, each item thereof and all other items attributed to such Membership Interest for
such period shall be divided and allocated between the transferor and the transferee by
taking into account their varying interests during the period in accordance with Code
Section 706(d), using any conventions permitted by law and selected by the Tax Matters
Member. All distributions on or before the date of such transfer shall be made to the
transferor, and all distributions thereafter shall be made to the transferee. Solely for
purposes of making such allocations and distributions, the Company shall recognize such
transfer not later than the end of the calendar month during which it is given notice of
such transfer, provided that if the Company does not receive a notice stating the date
such Membership Interest was transferred and such other information as the Tax Matters
Member may reasonably require within thirty (30) days after the end of the accounting
period during which the transfer occurs, then all of such items shall be allocated, and
all distributions shall be made, to the Person who, according to the books and records of
the Company, on the last day of the accounting period during which the transfer occurs,
was the owner of the Membership Interest. The Tax Matters Member and the Company shall
incur no liability for making allocations and distributions in accordance with the
provisions of this Section 4.16.


Recapture


4.17
Notwithstanding anything to the contrary in this Article 4 allocating Profits and Losses:


(a)......To
the extent permitted by applicable income tax law, all Profits treated as ordinary income
attributable to the recapture of depreciation or cost recovery deductions shall be
allocated between the Members in the same ratio as prior allocations to such Members of
the depreciation or cost recovery deductions subject to recapture (taking into account any
basis adjustments made to the Companys assets under Section 754 of the Internal
Revenue Code of 1986, as amended or any corresponding provision of succeeding law).


(b)......To
the extent permitted by applicable income tax law, all tax credits that are recaptured
shall be allocated between the Members in the same ratio as prior allocations to such
Members of the tax credit subject to recapture.


(c)......To
the extent permitted by applicable income tax law, all income allocated pursuant to
Sections 4.17(a) and (b) above shall have the same character under the passive loss rules
as the deductions giving rise to such allocations.


Code Section 704(c);
Mandatory Allocations


4.18
Notwithstanding the foregoing, (i) in the event Code Section 704(c) or Code Section 704(c)
principles applicable under Treasury Regulations thereunder require allocations of income
or loss of the Company in a manner different than that set forth above, the provisions of
Code Section 704(c) and the Treasury Regulations thereunder shall control such allocations
among the Members; and (ii) all deductions and losses of the Company which are
attributable to any loan made to the Company by a Member (or which are treated as such by
such Treasury Regulations thereunder) shall be allocated to such Member as so required by
such Treasury Regulations.


Allocation In the
Event of Section 754 Election


4.20
Upon an adjustment to the adjusted tax basis of any Company asset pursuant to Code section
734(b) or Code section 743(b) the Capital Accounts of the Members shall be adjusted
pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m).


Allocation Provisions
Binding


4.21
The Members are aware of the income tax consequences of the allocations made by this
Article 4 and hereby agree to be bound by the provisions of this Article 4
in reporting their shares of Company income and loss for income tax purposes.
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