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EXHIBIT 10.6    
    

 
  OPERATING AGREEMENT OF
  AMERICAN DG NEW YORK LLC    
    

        This Operating Agreement of American DG New York LLC (the "Agreement") is entered into as
of                        , 2002 by and among American DG Inc., a
Delaware corporation ("AMDG"), and AES-NJ Cogen Co., Inc., a New Jersey corporation ("AES-NJ"), each of which is referred to as a "Member". The two Members hereby
form a limited liability company (the "Company") pursuant to the Delaware Limited Liability Company Act (the "Act") upon the following terms and conditions: 

 1.    Definitions:

        In
addition to capitalized terms otherwise defined herein, the Definitions as used in this Agreement are set forth in Exhibit G, attached hereto. 

        2.    Formation of the Company:    

        (a)    Formation of Limited Liability Company.    By this Agreement, and upon filing the Certificate of Formation, the
Members hereby form a limited liability company under the Act. The rights and liabilities of the Members shall be as provided in the Act, except as otherwise expressly provided herein or in the
Certificate of Formation. Any Manager is authorized to execute and file the Certificate of Formation. 

        (b)    Name.    The name of the Company is American DG New York LLC. 

        (c)    Purpose.    The purpose of the Company shall be to engage in any lawful business which may be engaged in by a
limited liability company organized under the Delaware Act, including without limitation, the development and operation of independent and cogeneration power facilities. 

        (d)    Members.    The initial Members of the Company shall be AMDG and AES-NJ, and such other Members as
have been admitted to the Company, accordance with this Agreement. The Member's Membership Interests shall be as set forth in Exhibit A hereto, and as shall be adjusted as provided in this
Agreement. 

        (e)    Office.    The Company's principal office shall be located at c/o American DG, Inc., 45 First Avenue,
Waltham, MA, or at such other locations as the Managers may from time to time determine. 

        (f)    Registered Office and Registered Agent.    The Company shall appoint a registered agent and establish a
registered office in Delaware. The initial registered agent of the Company shall be the C.T. Corporation System. 

        (g)    Term.    The term of the Company shall commence upon the date set forth above and shall continue until
dissolution of the Company in accordance with Section 11 of this Agreement. 

        (h)    Members Names and Addresses.    The names and addresses of the Members as of the date hereof are as follows: 

AES-NJ
Cogen Co., Inc.

4 Deer Trail

Kinnelon, New York 07405

Attn: G. Peter Westerhoff

President

Telephone: (973) 838-2567

Facsimile: (973) 838-5976

email: aesnjcogen@aol.com

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American
DG, Inc.

45 First Avenue

Waltham, MA

Attn: Barry Sanders

President and CEO

Telephone: 781-522-6010

Facsimile: 781-522-6050

email: bsanders@americandg.com 

 3.    Representations and Warranties.

        (a)    Representations with respect to a Member.    Each Member hereby represents and warrants to the Company and each
other Member that: (a) it is a corporation duly organized, validly existing, and in good standing under the law of the state of its incorporation and is duly qualified and in good standing as a
foreign corporation in the jurisdiction of its principal place of business; (b) the Member has taken all necessary actions by its board of directors and shareholders necessary for the due
authorization, execution, delivery, and performance of this Agreement; (c) it has duly executed and delivered this Agreement; (d) the authorization, execution, delivery, and performance
of this Agreement do not conflict with any other agreement, arrangement or administrative or judicial order to which it is a party or by which it is bound; (e) it is purchasing its Membership
Interest for its own account, for investment, and not with a view to resale or distribution to any and it understands that there is not, and will not be, any public market for the sale of Membership
Interests; (h) it is able to bear the economic risks related to a purchase of a Membership Interest and is able to afford a complete loss of its investment in a Membership Interest; and
(i) that all information provided to the Company by that Member including, but not limited to, its financial condition and knowledge and experience in financial, business and investing matters
is true, correct and complete. 

        (b)    Representations with respect to the Assigned Contracts.    AES-NJ represents and warrants to the
Company and each other Member that (i) set forth in Exhibit B hereto is a complete and correct list of all contracts, agreements, commitments and understandings, whether written or oral,
with respect to each Project (the Assigned Contracts"); (ii) the Assigned Contracts are valid, binding and enforceable against each other party thereto in accordance with their respective
terms; (iii) that each of the Assigned Contracts remains in full force and effect, and there are no defaults thereunder, and there do not exist any facts which may, with the passage of time,
cause a default in any of the Assigned Contracts; (iv) the assignments of the Assigned Contracts to the Company are valid, binding and enforceable against AES-NJ and each other
party whose consent or approval is required to assign any Assigned Contract to the Company; and (v) except as disclosed in Exhibit B hereto, no consent, approval or agreement of any
person, court, government or other entity other than AES-NJ is required to be obtained by AES-NJ in connection with the assignment to the Company of each of the Assigned
Contract; and (vi) AES-NJ has not made any commitment to grant any rebates or cash discounts in connection with any Assigned
Contract, except as shown in writing in such Assigned Contract. AES-NJ has made available to AMDG complete and correct copies of the Assigned Contracts. 

 4.    Projects; Assignment of Contracts; Accounting for Project Revenues and Expenses.

        (a)    Projects.    The initial Projects to be undertaken by the Company and all contracts and agreements with respect
thereto are set forth in Exhibit B hereto. AES-NJ shall simultaneously with the execution of this Agreement irrevocably assign to the Company all the Assigned Contracts with respect
to the Projects. The Assigned Contracts are set forth on Exhibit B hereto. 

        (b)    Delegation of Project Responsibilities to Members.    AES-NJ is delegated the responsibility to
carry out the specific tasks set forth on Exhibit C hereto with respect to each Project, subject to the 

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supervision
of the Managers. AMDG is delegated the responsibility to carry out the specific tasks set forth on Exhibit C hereto with respect to each Project, subject to the supervision of the
Managers. The Managers may change the delegation of such tasks by majority vote. 

        (c)    Accounting for Projects.    The revenues, expenses, income, capital investment, rebates and all other
accounting attributes shall be accounted for by the Company on an individual Project basis. The revenues for each Project shall include any payments from customers or lessees of a Project, and shall
include all revenues and payments from any contracts or agreements related to or arising out of a Project, including but not limited to the Assigned Contracts. Revenues of the Company shall also
include any rebates, subsidies or cost sharing received from customers, lessees or any governmental entity with respect to any Projects. If a Member individually receives a payment from a customer or
lessee with respect to a Project or assigned Agreement, said Member shall promptly transfer any such payment to the Company. 

        (d)    Master Installation, Maintenance and Operation Agreement.    AES-NJ shall service, operate and
maintain the Projects in accordance with a Master Installation, Maintenance and Operation Agreement between AES-NJ and the Company, attached hereto as Exhibit E. Under said
Agreement AES-NJ shall receive from the Company the amount the customer under the Assigned Contract pays to the Company for the service, maintenance or operation costs of a Project
("Project Service Costs"), as specified in said Agreement. If a Project requires additional amounts of Project Service Costs over the amount paid to AES-NJ under the
Master Installation, Maintenance and Operation Agreement, the additional Project Service Cost shall be paid by the AES-NJ. 

        (e)    Distributions to Members.    The Company will report on an unaudited basis every month the revenues, expenses
and income of the Company. The cumulative revenues, expenses and income of the various Project shall be consolidated on the annual financial statements of the Company. Distributions to Members in
accordance with Section 7(d) shall be made only after payment of all expenses and costs with respect to the Projects and the Company. 

 5.    Management of the Company.

        (a)    Management of the Company.    Except as otherwise specifically provided by this Agreement, the Company and its
business shall be managed, controlled and operated exclusively by the Managers. One Manager shall be appointed by each Member. A Member may appoint an alternate Manager in case of the unavailability
of the primary Manager. 

        (b)    Voting By Managers.    The Managers shall act by majority consent, unless a larger percentage of Membership
Interests is required by Section 5(c) below. In determining a majority vote, a Manager's vote shall be based on the Membership Interest of the Member who appointed said Manager. The Managers
shall be responsible for the management of the Company, except to the extent delegation of specific tasks are delegated to certain Members, as provided in Section 4(b) above. 

        (c)    Unanimous Consent.    The unanimous consent of the Managers shall be required (i) to sell, transfer,
exchange, dispose of, or abandon, in any single transaction or series of transactions, all or substantially all of the Company properties or assets; (ii) to merge the Company with or into, or
consolidate the Company with, any person or entity; (iii) to terminate, dissolve, or liquidate the Company, except as provided in Section 11(b) of this Agreement; (iv) to admit a
new Member into the Company; (v) to amend this Agreement; or (vi) to add any new Projects to Exhibit B, or the material expansion of any existing Projects. 

        (d)    Meetings of Managers.    (i) A majority of the Managers representing a majority of the Membership
Interests shall constitute a quorum for the transaction of business of the Managers. Meetings of the Managers may be held at such place or places as determined from time to time by 

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resolution
of the Managers. Regular meetings of the Managers shall be held at time to time as determined by the Managers. 

        (e)    Action by Written Consent or Telephone Conference.    Any actions of the Managers may be taken without a
meeting if a consent in writing, setting forth the action to be taken, is signed by all the Managers. Managers' meetings may be held by conference telephone or similar communications equipment by
means of which all Managers participating in the meeting can speak to and hear each other. 

        (f)    Compensation of Manager.    No Manager shall be compensated for his services for acting as a Manager of the
Company, provided however, the Managers shall have authority to reimburse a Manager or Member for expenses incurred by such Manager or Member on behalf of the Company or for out of pocket expensed
paid or incurred while carrying out the business of the Company. 

        (g)    Authority to Sign Contracts.    Both Managers representing AMDG and AES-NJ shall be required to
sign contracts, agreements, or understandings on behalf of the Company, unless otherwise agreed by the Managers. 

        (h)    Bank Accounts.    Monies belonging to the Company shall be deposited in a separate banking account or accounts
in such bank or banks or other financial institutions as are agreed by the Managers, and may be withdrawn therefrom only for proper Company purposes and only upon checks made or signed by individuals
authorized by the Managers. 

        (i)    Insurance.    The Managers shall procure on behalf of the Company shall maintain such insurance, including but
not limited to liability insurance, as the Managers determine is appropriate for the Company and its operations. 

 6.    Capital Contributions; Capital Calls.

        (a)    Initial Capital Contributions.    Each of the Members shall contribute, as its initial Capital Contribution to
the capital of the Company, the amount set forth on Exhibit D hereto (the "Capital Contribution"). Such initial Capital Contributions may include cash, property or promissory notes. 

        (b)    Additional Capital Contributions.    

        (i)    No
Member shall be required to make any additional Capital Contribution without said Member's consent. Unless otherwise agreed, all additional Capital Contributions
shall be made proportionate to the Membership Interests of each Member. 

        (ii)   If
the Managers determine by majority vote that the Company requires additional capital, (a "Capital Call"), and one of the Members is not willing to contribute its
share of the required amount of the Capital Call the "Non-contributing Member"), then the following procedure shall be followed: If one of the Members is willing to contribute additional
capital on behalf of the Non-contributing Member (the "Contributing Member"), said Contributing Member shall make the additional Capital Contribution to the Company. The Contributing
Member's Capital Account shall be adjusted to reflect the additional Capital Contribution. In addition, the Contributing Member's Membership Interest shall be increased and the Noncontributing
Member's Membership Interest proportionately decreased, so that the Membership Interest of each Member remains in proportion to the total Capital Contributions made by each Member (reduced by any
prior Distributions that were treated as returns of Capital Contributions made to the Company.) 

        (c)    No Right to Return of Capital Contribution.    No Member shall have the right to withdraw or to demand the
return of all or any part of such Member's Capital Contribution, except as expressly provided herein. The Company shall not be liable to Members for repayment of their Capital Contributions. 

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        (d)    Loans.    Where any loans or advances are made to the Company by Members, they shall be in such amounts, with
such repayment terms, at such interest rates, with such security, and upon such other terms and conditions as may be agreed to by a majority of the Managers. 

        (e)    No Interest on Capital.    No interest shall be paid to any Member on Capital Contributions or on a Member's
Capital Account. 

 7.    Capital Accounts; Allocations of Profits and Losses; Distributions.  

        (a)    Capital Accounts.    A capital account ("Capital Account") shall be maintained for each Member in accordance
with Code Section 704(b) and the Treasury Regulations promulgated thereunder. Each Member's Capital Account shall be increased by the amount of (i) money contributed by it to the
Company, (ii) the fair market value of property contributed by it to the Company (net of liabilities secured by such contributed property that the Company is considered to assume or take
subject to under Code Section 752), (iii) allocations to it of Company income and gain (or items thereof), and such other adjustments items as may be required by the Treasury
Regulations. Each Member's Capital Account shall be decreased by (i) the amount of money distributed to it by the Company, (ii) the fair market value of property distributed to it by the
Company (net of liabilities secured by such distributed property that such Member is considered to assume or take subject to under Code Section 752), and (iii) allocation of Company loss
and deduction. Such Capital Accounts shall be determined and maintained at all times in accordance with all of the provisions of Treasury Regulations. Upon the permitted transfer of all or part of a
Membership Interest, the Capital Account of the transferor that is attributable to the transferred Membership Interest or part thereof will carry over to the transferee Member in accordance with the
provisions of Treasury Regulations. 

        (b)    Allocations of Profit and Losses.    

        (i)
General Allocation of Profits and Losses.    Except as set forth below, all Profits and Losses of the Company for each
fiscal year, computed in accordance with generally accepted accounting principles, consistently applied, shall be allocated among the Members during such fiscal year in accordance with their
Membership Interests. "Profits or Losses" means for a given fiscal period, an amount equal to the Company's taxable income or loss for such period, determined in accordance with the Code
Section 703(a), provided however, any items which are specially allocated pursuant to Section 7(b)(ii) shall not be taken into account in computing Profits or Losses. 

        (ii)   Special Allocations of Profits and Losses.    AMDG shall be allocated all losses resulting from the
deprecation of equipment contributed to the Company as set forth in Exhibit D as AMDG's initial Capital Contribution, or with respect to any such equipment as AMDG may subsequently contribute
to the Company. 

        (c)    Allocations.    Allocations of Profits and Losses for federal income tax purposes shall be made in accordance
with the requirements of Treasury Regulations. 

        (d)    Distributions.    

        (i)    The
Company shall make distributions of cash at such times and in such amounts as shall be determined by the Managers ("Distributions"), but no less often than monthly.
The Managers shall cause the Company to retain an amount in cash as a working capital reserve in such amount as the Managers deem reasonable and prudent with respect to the working capital needs of
the Company, including, but not limited to, Project service and maintenance costs, debt service, taxes, capital repairs and replacements. Except upon the dissolution of the Company, no Member shall
have any right to demand or receive a Distribution from the Company in any form other than cash. In the event of a Distribution of property in kind, such property shall be assumed to have 

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been
sold at its fair market value at the time of the Distribution, and the resulting gain or loss shall be allocated among the Members in proportion to their Membership Interests. 

        (ii)   Distributions
shall be made to Members in accordance with the following priorities: 

        All
revenue received by the Company from the Projects and any other sources shall be reduced by: 

        1.     A
Management Fee in an amount $1,275 per month for each Tecogen unit installed in the Projects, until the Management Fee totals $14,000 per month, but such Management Fee
shall not exceed an amount equal to $124,896 in any fiscal year of the Company (the "AMDG Management Fee"). Payment of the per unit AMDG Management Fee shall commence upon the On-Line Date
of each Tecogen unit installed in a Project (as such date is defined in the Master Installation, Maintenance and Operation Agreement between Company and AES-NJ as set forth in
Exhibit E. The AMDG Management Fee shall be paid every year for 5 years (for a total of $624,480 over 5 years). The AMDG Management Fee shall be paid out of Company cash flow
until the total AMDG Management Fee is paid to AMDG. If the Company is unable to pay AMDG such monthly or annual payment of the AMDG Management Fee, any unpaid amount shall accrue and be carried over
from month to month and from year to year (beyond the 5 year period, if necessary) and shall be paid as soon as the Company has available cash to pay the AMDG Management Fee. If the Company
does not have enough cash flow in any monthly or annual period to pay the AMDG Management Fee, AES-NJ agrees to subordinate to the Company any Project Service Costs owed to
AES-NJ under the Master Installation, Maintenance and Operation Agreement on a monthly or annual basis in an amount sufficient to allow the Company to pay AMDG the full amount of AMDG
Management Fee. 

        2.     Any
brokerage fees owed by the Company with respect to any Project 

        3.     All
amounts owed under the Master Installation, Maintenance and Operation Agreement shall be paid to AES-NJ. Any excess Project Service Costs over the amount
owed AES-NJ under the Master Installation, Maintenance and Operation Agreement shall be borne directly by AES-NJ without further reimbursement. 

        4.     All
debt service of the Company owed to third parties who are not Members. 

        5.     All
other costs and expenses of the Company owed to third parties who are not Members (including all taxes owed by the Company), as determined by the Managers. 

        6.     Any
working capital reserves deemed necessary by the Managers. 

        7.     All
remaining amounts of cash in the Company may be distributed to the Members in proportion to their Membership Interests. 

        8.    Tax Matters.    

        (a)    Tax Characterization.    The Members intend that the Company be treated as a "partnership" for tax purposes. 

        (b)    Accounting Method.    The Company shall keep its accounting records and shall report its income for income tax
purposes on the accrual method of accounting, or as otherwise determined by the Managers with the advice of its accountants or tax advisors. 

        (c)    Fiscal Year.    The fiscal and taxable year of the Company for accounting and income tax purposes shall be the
calendar year. 

        (d)    Books and Records.    The Company's books and accounting records and all other papers, records, and documents
relating to the Company's affairs shall be kept at the Company's principal place of business or such other place as the Managers may agree upon. Each Manager or Member, or 

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its
designated representative, shall at all times have access to and may inspect, copy and audit any of such items during normal business hours at the inspecting Member's expense. 

        (e)    Annual Financial Statements.    Within 120 days after the close of each fiscal year, annual financial
statements for the Company, including statements of assets and liabilities, income statements, and such other statements as are commonly included in financial statements, or as may be requested by the
Members, shall be prepared by the Managers, or such accountant or firm as may be selected by the Managers. 

        (f)    Monthly Financial Statements.    Within 45 days after the end of each month, unaudited monthly financial
statements shall be prepared by or for the Company by the Managers and delivered to the Members. 

        (g)    Tax Returns.    Following the close of each year of the Company, the income tax returns for the Company shall
be prepared by the Managers or such accountant or firm as may be selected by the Managers. In addition, within ninety (90) days after the end of each fiscal year (unless otherwise extended),
the Company will cause to be delivered to each Member at any time during such fiscal year a Schedule K-1 and such other information, if any, with respect to the Company as may be
necessary for the preparation of such Member's federal or state income tax (or information) returns, including a statement showing each Member's share of income, gain, loss, and credits for such
fiscal year for federal or state income tax purposes. 

        (h)    Tax Elections.    In the sole discretion of the Managers, the Company may make or not make any and all tax
elections deemed appropriate, including, in the event of a transfer of all or the election under part of any Member's interest in the Company, the election under Section 754 of the Code to
adjust the basis of the assets of the Company. 

        (i)    Tax Matters Partner.    AMDG shall act on behalf of the Company as the "tax matters partner" within the meaning
of Section 6231(a)(7) of the Code. 

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           9.    Transfers of Membership Interests.    

        (a)    Restrictions on Transfer.    Except as otherwise provided in this Section 9, a Member may not sell,
assign, pledge, give, encumber, or otherwise transfer, voluntarily or involuntarily, all or any portion of its interest in the Company (hereinafter collectively, a "Transfer"), except with the written
consent of the other Members holding a majority of the Membership Interests, which consent may be withheld in the sole discretion of each such Member without regard to the reasonableness of such
decision. Notwithstanding the foregoing, a Member may transfer its Membership Interest to an affiliated company (an "Affiliate") or person which is at least 100% owned by a Member or which entity owns
a 100% interest in a Member. When a Member proposes to Transfer its Membership Interest to another person, the transferee of an interest in the Company can become a Member only as provided in
Section 9(b), below, except with respect to a Transfer to an Affiliate). 

        (b)    Requirements for Assignment of Membership Interest.    A transfer of Membership Interest shall not be
recognized by the Company unless (i) the transfer of a Membership Interest is permitted by this Agreement, (ii) the transfer of the Membership Interest is in writing, duly executed and
acknowledged by the transferring Member, (iii) the proposed assignee of the Membership Interest agrees in writing to observe and comply with all the terms and conditions of this Agreement,
(iv) the proposed assignee makes the same Representations and Warranties to the Company in writing as are set forth in Section 3 of this Agreement; and (v) if required by any
Member, legal counsel for the Company has rendered its opinion, in form and substance satisfactory to the requesting Member, and at the expense of the prospective assignee or transferring Member, that
such assignment of Membership Interest would not violate any federal or state securities laws or cause the taxation of the Company as a corporation. 

        (c)    Assignee's Rights.    A permitted assignee of any Member's interest shall be entitled to receive Distributions
of cash or other property from the Company and to receive allocations of the Profits and Losses of the Company attributable to such Membership Interest under this Agreement after the effective date of
the assignment. The "effective date" of an assignment shall be that date set forth on the written instrument of assignment, which may in no event be any earlier than the date upon which the
requirements of this Section 9 have been satisfied. 

        10.    Other Rights, Liabilities and Obligations of Members.    

        (a)    No Personal Liability.    To the fullest extent permitted under the Act, no Member shall have any personal
liability whatsoever, whether to the Company or to the creditors of the Company for the
debts, obligations, expenses or liabilities of the Company or any of its losses, beyond such Member's Capital Contributions. 

        (b)    Withdrawal.    Except as otherwise specified provided in this Agreement, no Member shall have the right to
withdraw or retire from, or reduce its contribution to the capital of the Company. 

        (c)    Separate Debts.    Each Member shall pay its separate debts unrelated to the business of the Company, and
indemnify the other Members and the Company against the same and against all expenses in respect thereof. 

        (d)    Full Disclosure.    Each Member shall inform the other Members of all its work for, and transactions regarding,
the Company, and, on demand, shall provide true and full information in the possession or control of such Member regarding all matters affecting the Company to the other Members or to the Managers. 

        (e)    Restriction on Authority.    No Member may: (i) borrow money in the Company's name or utilize collateral
owned by the Company or lien or pledge its Membership Interest as security or collateral for loans; (b) assign, transfer, pledge, compromise, or release any material claims of or debts due the
Company; (iii) make, execute, or deliver in the Company's name any guaranty, surety bond, 

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assignment
for the benefit of creditors, or confession of judgment; (d) enter into any agreement or commitment or take any other material action on behalf of, or with respect to, the Company or
its business or assets that has not been approved by the Managers. 

        (f)    Further Assurances.    Each Member shall make, sign, deliver, execute, and join all instruments and provide
such further assurances which are reasonably required by the Company for the conduct and success of the Company's business, including, but not limited to, leases, options, deeds, and permit
applications. 

        (g)    Nonexclusivity.    A Member or its Affiliates may acquire interests in facilities similar to the Projects or
other projects in which the Company may invest or may acquire interests in, without presenting them to the Company, and shall not be deemed a breach of this Agreement or any fiduciary duty of a
Member. Each Member and its Affiliates shall be free to engage in other businesses or occupations, and shall not be obliged to refer business or investment opportunities to the Company. 

        (h)    Confidentiality.    Each Member, Manager and the Company shall maintain the confidentiality of any Confidential
Information, as defined below, that may be provided by either Member to the Company or by the Company to a Member in connection with the Company. Neither the receiving Member nor the Company shall use
or disclose such Confidential Information, except that such Confidential Information may be used for the purpose(s) for which such Confidential Information is provided. For purposes of this section,
"Confidential Information" means any information or trade secrets not generally known or available, about a disclosing the Company or a Member's business, processes, projects, finances, marketing,
business relations, or potential business relations. The restrictions of this Section 10(h) shall not apply to: (i) information which the Company or the receiving Member can prove was
already in said party's possession or already developed by said party prior to its receipt from the disclosing Member; (ii) information that is generally available to the public or the relevant
industry or which later becomes such through no breach by the Company or the receiving Member; (iii) information that is received from a third party not known to be in violation of a
confidential relationship with a disclosing Member, and (iv) information which is required to be disclosed by administrative or judicial order, provided that the party ordered to disclose the
Confidential Information is given the opportunity to object or to enter into a confidentiality stipulation with respect to such Confidential Information. 

 11.    Dissolution.

        (a)    Causes of Dissolution.    The Company shall continue until the occurrence of any of the following events (each
a "Dissolution Event"): 

        (i)    Agreement
by the Members to dissolve the Company; or 

        (ii)   By
or with respect to a Member, (a) admitting in writing its inability to pay its debts generally as they come due; (b) making a general assignment for
the benefit of creditors; (c) filing of a petition in bankruptcy or a petition or answer seeking a reorganization, arrangement with creditors, or similar relief under the federal bankruptcy
laws or under any other applicable laws of the United States of America or any state thereof; (d) consenting to the appointment of a trustee or receiver for or any substantial part of its
property; (e) filing of an involuntary petition in bankruptcy which is not dismissed within ninety (90) days of filing; or (f) taking any action for the purposes of effecting or
consenting to any of the foregoing; or 

        (iii)  The
dissolution or death of any Member; or 

        (iv)  The
sale of all or substantially all of the assets of the Company. 

        (b)    If
an event specified in Section 11(a)(ii) or (a)(iv) above occurs and there is at least one (1) remaining Member, the remaining Member may,
within ninety (90) days of the date such event 

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occurs,
elect to continue the business of the Company, in which case the Company shall not dissolve and the occurrence of the event under Section 11(a)(ii) or (a)(iv) shall not be
deemed a Dissolution Event. The Members further agree that in the event the Company is dissolved prior to a Dissolution Event, the Company may be continued upon the election of the remaining Members
at such time to so continue the Company; provided such election occurs within ninety (90) days of the event triggering such dissolution. The election provided in the previous sentence shall be
effected when the remaining Members by majority vote of the Membership interests so elect in writing or at a meeting of the Members. "Remaining Members" means all Members other than the Members that
caused the Dissolution Event. 

        (c)    Dissolution Procedures.    Upon the occurrence of a Dissolution Event, the Company shall continue solely for
the purpose of winding up its affairs in an orderly manner, liquidating its assets and satisfying the claims of its creditors and Members. No Member shall take any action that is inconsistent with, or
not necessary to or appropriate for, the winding up of the Company's business and affairs. The Managers shall be responsible for overseeing the winding up and dissolution of the Company and shall take
full account of the Company's liabilities and the property of the Company shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom, the extent
sufficient, shall be applied and distributed, subject to any reasonable reserves maintained for contingent or other obligations of the Company, in the following order: 

        (i)    First,
to the payment and discharge of all of the Company's debts and liabilities to creditors other than Members; 

        (ii)   Second,
to the payment and discharge of all of the Company's debts and liabilities to Members; and 

        (iii)  The
balance, if any, to the Members in accordance with their respective positive Capital Account balances, after giving effect to all contributions, distributions and
allocations for all periods. 

        (d)    Distribution of Assets in Kind.    Except to the extent necessary to make a payment of liabilities to creditors
(including to Members for loans, fees, rent, or interest), the Company's non-cash assets shall be distributed in kind to the Members in proportion to their respective claims thereto;
unless the Members otherwise agree to sell such assets and distribute the cash proceeds to the Members. 

        (e)    Articles of Dissolution.    Upon completion of the distribution of Company assets as provided herein, the
Company is terminated, and the Managers (or such other Person or Persons as the Act may require or permit) shall file Articles of Dissolution with the Secretary of State of Delaware, cancel any other
filings made by the Company, and take such other actions as may be necessary to terminate the Company. 

 12.    Indemnity.

        (a)    Indemnification By Members.    Each Member shall indemnify, defend, save and hold harmless the Company, the
other Members and said other Member's directors, officers, shareholders, employees and agents and representatives ("Indemnitees") from and against any claims, suits, civil and administrative
proceedings, losses, expenses, demands, damages, costs, liabilities or obligations, including reasonable expenses and reasonable attorneys' fees ("Claims"), which arise from the (i) willful or
negligent breach of this Agreement by the indemnifying Member or (ii) the fraud, gross negligence or willful misconduct of the indemnifying Member. 

        (b)    Indemnification By Company.    The Company shall indemnify and hold harmless each Member, its respective
Indemnitees from and against any Claims suffered or sustained by it by reason of any acts, omissions or alleged acts or omissions arising out of the activities of a Member or 

10

 

Manager,
employee, director, officer or representative's activities on behalf of the Company or in furtherance of the interests of the Company, including, but not limited to, any judgment, award,
settlement, reasonable attorneys' fees and other costs or expenses incurred in connection with the defense of any actual or threatened action, proceeding or Claims, provided
however, that the acts, omissions or alleged acts or omissions upon which such actual or threatened action, proceeding or Claim is based were not performed or omitted to be
performed fraudulently, or as a result of gross negligence or willful misconduct or by any such Indemnified Person. Such indemnification shall be made only to the extent of the assets of the Company,
and no Member shall have any personal liability on account hereof. 

 13.    Default.

        (a)    Event of Default.    An Event of Default ("Event of Default") with respect to a Member shall occur if: 

        (i)    a
Member violates, breaches or fails to perform any material obligation or covenant under this Agreement, or if there is a material breach of any Representation or
Warranty by a Member, and such breach or default is not remedied or cured within thirty (30) days after a notice of default is delivered to the defaulting Member, provided, however, that if
more than thirty (30) days will be required effectuate a cure of the default if the cure is diligently pursued, then such other Member shall be afforded such additional period of time as is
reasonably required to cure the default, but not more than ninety (90) days from the original notice of default; or 

        (ii)   a
Member shall have filed for bankruptcy, insolvency or taken any action described in Section 11(a)(ii), above. 

        (b)    Remedies.    If an Event of Default shall have occurred, then the nondefaulting Member shall have the right, at
its election, to take any or all of the following actions: 

        (i)    Purchase
the Membership Interests of the defaulting Member in an amount equal to the current balance of the defaulting Member's Capital Account, but the nondefaulting
Member shall not pay anything if the defaulting Member's Capital Account is zero or less than zero; or 

        (ii)   Commence
an arbitration in accordance with Section 14, below, to seek damages or such remedies as the Arbitration panel may award the nondefaulting Member; or 

        (iii)  The
nondefaulting Member shall have the right to declare that the defaulting Member shall become a "Nonparticipating Member" and shall have thereafter have no right to
vote its Membership Interests on anything related to the Company, and the voting rights of the defaulting Member's appointed Manager shall be assigned to the nondefaulting Member's appointed Manager. 

        (c)    Right to Buy Bankrupt Member's Membership Interest.    If any Member files or is subject to any action
described in Section 13(a)(ii) above, (a "Bankrupt Member"), and if the remaining Member decides not to dissolve the Company in accordance with Section 11(b), the remaining Member
may purchase the Bankrupt Member's Membership Interest in an amount equal to the Capital Account of the defaulting Member. 

        (d)    No Consequential Damages.    In no event shall any Member be liable for any consequential, secondary or
indirect damages, including, but not limited to, loss of profits, lost opportunity or loss of customers. 

 14.    Dispute Resolution.

        (a)    Dispute notice; Mediation.    In the event of any dispute between the Members relating to the Company, or if an
Event of Default shall have occurred and has not been cured, a Member shall send 

11

 

a
notice of dispute to the other Member (a "Dispute Notice") the Members first shall endeavor to resolve the dispute through good faith negotiations. If the matter is not resolved by negotiation
within thirty (30) days after the date of the Dispute Notice, the Members shall mediate such controversy or claim by submitting to non- binding mediation with a mediator mutually
acceptable to the Members. 

        (b)    Arbitration.    If the controversy or claim is not resolved through mediation or mutual agreement within ninety
(90) days after the date of the Dispute Notice of dispute by a Member, a Member may make a demand for Arbitration in accordance with the Commercial Arbitration Rules and procedures of the
American Arbitration Association (the "AAA"). Unless the parties otherwise agree, such arbitration shall be conducted before a single Arbitrator selected by the AAA. The arbitration shall be held in
Boston, MA. The Arbitrator shall diligently pursue the determination of any matter under consideration and shall enter its decision in writing within sixty (60) business days after submission
of the matter to it. The award by the Arbitrator shall be final and binding, and the exclusive jurisdiction for the enforcement of any arbitral award shall in any Federal or state court located in
Massachusetts. 

        (c)    Access; Costs.    Each party shall have reasonable access during normal business hours to such books, records,
and other data of the Company as are reasonably necessary to analyze the dispute under consideration, with the right to copy any of the same at its expense. Each party's cost of arbitration,
attorneys' fees, and costs of any experts shall be borne in such proportion as the Arbitrator may determine. Unless otherwise determined by the Arbitrator, the fees of the Arbitrator shall be borne
equally by the parties. 

 15.    Miscellaneous.

        (a)    Governing Law.    This Agreement and the rights of the parties hereunder will be governed by, interpreted, and
enforced in accordance with the laws of the Commonwealth of Massachusetts, without regard to the principles of conflicts of law. 

        (b)    Certificate of Formation.    The Certificate of Formation is incorporated by reference and hereby made a part
of this Agreement. 

        (c)    Binding Effect.    This Agreement will be binding upon and inure to the benefit of the Members and their
respective heirs, executors, administrators, personal representatives, successors, and assigns. 

        (d)    Superceding Effect.    This Agreement supercedes all prior oral and written agreements with respect to the
subject matter of this Agreement. 

        (e)    Severability.    If any provision of this Agreement is held to be illegal, invalid, or unenforceable under the
present of future laws effective during the term of this Agreement, such provision will be fully severable, and this Agreement will be construed and enforced as if such illegal, invalid, or
unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement will remain in full force and effect. 

        (f)    Counterparts.    This Agreement may be executed in several counterparts, each of which will be deemed an
original, but all of which will constitute one and the same instrument. 

        (g)    No Third Party Beneficiary.    This Agreement is made solely and specifically among and for the benefit of the
parties hereto, and their respective successors and assigns, and no other person will have any rights, interest, or claim hereunder or be entitled to any benefits under or on account of this
Agreement, whether as a third party beneficiary or otherwise. 

        (h)    Notices.    Any notice to be given or to be served upon the Members in connection with this Agreement must be
in writing and will be deemed to have been given when: (i) delivered personally to a Member; (ii) delivered via facsimile to a location or number designated by a Member in
Section 2(h), 

12

 

with
electronic confirmation of delivery, provided that an original or copy of the notice is mailed to the Member within 2 days; or (iii) deposited in the United States mail, postage
prepaid and addressed to a Member at the address specified in Section 2(h) hereof. Any Member may, at any time by giving five (5) days prior written notice to the other Members,
designated any other location, number or address in substitution of the foregoing location, number or address to which such notice will be given. 

        (i)    Headings and Titles.    Article and section headings and titles are for descriptive purposes and convenience of
reference only and shall not control or alter the meaning of this Agreement as set forth in the text. 

        (j)    Expenses.    Each Member shall be responsible for its own expenses, including legal and professional expenses,
incurred in negotiating in establishing the Company. 

        (k)    Survival.    Sections 10(h), 12, 14, 15(a) and 15(k) shall survive the termination of this Agreement. The
withdrawal of a Member, the termination of this Agreement or the dissolution of the Company will not relieve any Member's obligations or liabilities that (i) arose or accrued before withdrawal,
termination or liquidation; or (ii) by their terms, specifically survive withdrawal, termination or liquidation. 

13

 

        IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date and year first set forth above. 

	 	 	AES-NJ COGEN CO., INC.
	

 	
 	

By:	
 	

 G. Peter Westerhoff

President
	

 	
 	

AMERICAN DG INC.
	

 	
 	

By:	
 	

/s/  BARRY J. SANDERS      
 Barry J. Sanders

President & COO

Witnessed
by American Distributed Generation, Inc. 

	

By:	
 	

 Wesley C.J. Schuster

Executive Vice President

14

   Membership Interests

	Member
 
	 	Membership Interest
	 
	AES-NJ	 	49.0	%
	AMDG	 	51.0	%

15

 
 

DEFINITIONS    
    

        "AMDG Management Fee" shall have the meaning set forth in Section 7(d)(ii). 

        "Affiliate" shall have the meaning set forth in Section 9(a). 

        "Agreement" has the meaning set forth in the preamble hereof. 

        "Assigned Contracts" shall have the meaning set forth Section 3(b). 

        "Bankrupt Member" hall have the meaning set forth in Section 13(c). 

        "Capital Account" means the capital account of each Member as determined under Section      7(a). 

        "Capital Call" shall have the meaning set forth in Section 6(b). 

        "Capital Contribution" shall have the meaning set forth in Section 6(a). 

        "Claims" shall have the meaning set forth in Section 12(a). 

        "Contributing Member" shall have the meaning set forth in Section 6(b). 

        "Code" means the Internal Revenue Code of 1986, as amended from time to time. 

        "Dispute Notice" shall have the meaning set forth in Section 14(a). 

        "Dissolution Event" shall have the meaning set forth in Section 11(a). 

        "Distribution" shall have the meaning set forth in Section 7(d). 

        "Event of Default" shall have the meaning set froth in Section 13(a). 

        "Indemnitees" shall have the meaning set forth in Section 12(a) 

        "Member" shall mean a person who has been admitted to the Company as a Member as provided in this Agreement. 

        "Managers" shall mean the individuals appointed by the Members in accordance with Section 5 to manage the Company. The initial
Managers shall be Peter Westerhoff (appointed by AES-NJ) and Barry Sanders (appointed by AMDG).

        "Membership Interest" means a Member's Membership Interest in the Company's capital, profits, and losses. The Members' initial Membership
Interests are set forth on Exhibit A, hereto. 

        "Noncontributing Member" shall have the meaning set forth in Section 6(b). 

        "Nonparticipating Member" shall have the meaning set forth in Section 13(b). 

        "Projects" shall have the meaning set forth in Section 4. 

        "Project Service Costs" shall have the meaning set forth in Section 4(d). 

        "Profits and Losses" shall have the meaning set froth in Section 7(b). 

        "Master Installation, Maintenance and Operation Agreement" shall be as set forth in Exhibit E. 

        "Transfer" shall have the meaning set forth in Section 9(a). 

        "Treasury Regulations" shall mean the regulations issued by the Internal Revenue Service under the Code. 

QuickLinks

EXHIBIT 10.6

OPERATING AGREEMENT OF AMERICAN DG NEW YORK LLC

DEFINITIONSExhibit 4.1

 

	
  Certificate
  No. 1

  	
   

  	
  Represents: 192,080,000 shares

  
	
   

  	
   

  	
  Class I, Series B from 1 to 192,080,000

  
	
   

  	
   

  	
   

  

 

GRUPO AEROPORTUARIO DEL CENTRO NORTE, S.A. B. DE C.V.

 

Domicile: Ciudad de México, Distrito Federal                                                                                        Term:
Indefinite

 

                This
certificate is issued according to the provisions contained in article 282 of
Security Market Law (Ley del Mercado de Valores)
and for the effectiveness of such article the certificate will be deposited
with S.D. Indeval, S.A. de C. V., Institución
para el Depósito de Valores. This certificate represents 192,080,000
ordinary shares, with no par value, fully paid and subscribed, issued by Grupo
Aeroportuario del Centro Norte, S.A.B. de C.V. The shares that are represented
by this certificate are part of the stock issue of 2006 and are part of the
400,000,000 Class I outstanding shares fully paid and subscribed, issued
pursuant to article 112 of the General Corporations Law (Ley General
de Sociedades Mercantiles), of which 341,200,000 shares correspond
to Series “B” and 58,800,000 shares correspond to Series “BB”.

 

             The Company was incorporated by
public deed number 44,355, on May
28, 1998 granted before Lic. Emiliano Zubiria Maqueo, notary public No. 25 of
Mexico City, duly registered in the Public Registry of Commerce of Mexico City,
under mercantile file No. 238749
on June, 25, 1998.

 

The bylaws of the Company have been amended by the general
extraordinary shareholders meetings held on December 14, 1998, Augost 31, 1999,
June 5, 2000, December 21, 2005, August 28, and October 2, 2006 in Mexico City,
Distrito Federal.

 

The Company’s
nationality is Mexican. Any foreign person who may upon incorporation of the
Company or at any time thereafter acquire an interest or participation therein,
will be considered as Mexican in respect of any shares or rights acquired
therefrom, of any assets, rights, concessions, participations or interests held
by the Company or of any rights and obligations arising from any agreement to
which the Company is party, and will be deemed to have agreed not to invoke the
protection of its own government under penalty, in the event of violation of
such agreement, of forfeiting in favor of the Mexican government of any rights
or property acquired thereby.

 

Mexico
City, [       ], 2006

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Member

  	
   

  	
  Member

  

 

 

 

 

GRUPO
AEROPORTUARIO DEL CENTRO NORTE, S.A. DE C.V

Coupon No. 1

Certificate No. 1

Reprsentative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

GRUPO
AEROPORTUARIO DEL CENTRO

NORTE,
S.A. DE C.V

Coupon No. 2

Certificate No. 1

Representative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

GRUPO
AEROPORTUARIO DEL CENTRO

NORTE,
S.A. DE C.V

Coupon No. 3

Certificate No. 1

Representative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

GRUPO
AEROPORTUARIO DEL CENTRO

NORTE,
S.A. DE C.V

Coupon No. 4

Certificate No. 1

Representative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

GRUPO
AEROPORTUARIO DEL CENTRO

NORTE,
S.A. DE C.V

Coupon No. 5

Certificate No. 1

Representative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

GRUPO AEROPORTUARIO DEL CENTRO
NORTE, S.A.B DE C.V

Coupon No. 6

Certificate No. 1

Reprsentative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

GRUPO
AEROPORTUARIO DEL CENTRO

NORTE, S.A.B. DE C.V.

Coupon No. 7

Certificate No. 1

Representative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

GRUPO
AEROPORTUARIO DEL CENTRO NORTE, S.A. DE C.V

Coupon No. 8

Certificate No. 1

Representative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

GRUPO
AEROPORTUARIO DEL CENTRO NORTE, S.A. DE C.V

Coupon No. 9

Certificate No. 1

Representative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

GRUPO
AEROPORTUARIO DEL CENTRO NORTE, S.A. DE C.V

Coupon No. 10

Certificate No. 1

Representative of 192,080,000 shares

Class I, Series “B”

 

 

 

 

 

2

 

 

PRINCIPAL RIGHTS AND
OBLIGATIONS

ARTICLE SIX.  Capital Stock. The Company’s capital
is variable. The minimum fixed portion of the Company’s capital, which may not
be withdrawn, is $4,408,446,926.75 (four billion four hundred eight million
four hundred forty six thousand nine hundred twenty six pesos 75/100 Mex.Cy.)
and is represented by 4,000,000 (four millions) fully subscribed and paid-in
Class I shares of common stock, no par value, issued in registered form. The
variable portion of the Company’s capital is unlimited and will be represented
by such number of Class II shares of common stock, no par value, issued in
registered form and with such other characteristics as the shareholders’
meeting that approves the issuance of such shares may determine. The shares of
both classes of stock will be divided into two series, as follows:1,Series B
shares. Series B shares may be held by any person, including any individual,
company or entity considered as a foreign investor pursuant to Article 2 of the
Foreign Investments Law; and2.Series BB shares. Series BB shares are subject to
no ownership restrictions, are issued pursuant to Article 112 of the General
Law of Business Corporations and may be held by any person, including any
individual, company or entity considered as a foreign investor pursuant to
Article 2 of the Foreign Investments Law. Pursuant to Article 112 of the
General Law of Business Corporations, Series BB shares are subject to the
following provisions: a) Holders of the Series BB shares have the right to
elect, by majority of votes, three (3) members of the Board of Directors and
their alternates, who will have the special rights and powers provided in these
bylaws. The special rights conferred by these bylaws to the holder of the
Series BB shares or the directors elected thereby, including, without
limitation, the rights set forth in Articles Eighteen, Nineteen and Forty Five,
will cease upon termination of the Technical Assistance and Technology Transfer
Agreement referred to in subparagraph (c) below without need to amend these
bylaws, provided that such agreement is validly terminated in accordance with
its terms and conditions; b) Series BB
shares may only be transferred after conversion into Series B shares in
accordance with Article Eleven hereof, unless (i) such shares are acquired by
the Federal Government, a decentralized entity of the federal public
administration or a state-owned company, or (ii) such shares are transferred to
a Related Person who is not an individual and who satisfies the requirements
set forth in Section 3.2 of the public bidding notice and guidelines relating
to the Company’s shares, published in the Official Gazette of the Federation on
December 17, 1999, prior 15 (fifteen) days’ notice to the Ministry of
Communications and Transportation evidencing the satisfaction of such
requirements. If Nacional Financiera S.N.C. holds less than 51% (fifty one
percent) of the Company’s shares, the transfer will also be subject to approval
by the affirmative vote of at least 51% (fifty one percent) of the Company’s
shares, and c) Notwithstanding subparagraph (b) above, Series BB shares
may be converted into Series B shares after 15 (fifteen) years from June 8,
2000, the date of execution of the Technical Assistance and Technology Transfer
Agreement between the Company and the holder of the Series BB shares (the “Strategic
Partner”), provided that the extraordinary shareholders’ meeting, by the
affirmative vote of at least 51% (fifty one percent) of the Series B shares not
held by the Strategic Partner or its Related Persons, (i) approves such
conversion, and (ii) resolves not to renew the Technical Assistance and
Technology Transfer Agreement. However, if following the expiration of such 15
(fifteen) year period the Strategic Partner were to hold, directly or
indirectly, less than 7.65% (seven point sixty five percent) of the Company’s
capital in the form of Series BB shares, such shares must be converted into
Series B shares. For purposes of these bylaws, Related Person means, with
respect to any person: (i) any individual or corporation directly or indirectly
controlling, controlled by or under common control with such person, as the
case may be; (ii) any person having the capacity to determine the business
policies of such person; (iii) in the case of an individual, an individual
having a blood or civil kinship in direct line within and including the fourth
degree with such person; (iv) with respect to the Company, the Strategic
Partner; and (v) with respect to the Strategic Partner, its shareholders and
their respective Related Persons (as such term is defined elsewhere in this
paragraph) or any party to the operating agreement pursuant to which the
Strategic Partner fulfills its obligations under the Technical Assistance and
Technology Transfer Agreement. For purposes
of the preceding paragraph, “control” means: (a) the ownership, directly or
indirectly, of 20% (twenty percent) or more of the capital stock with voting
rights of a person; (b) the right to elect the majority of the members of the
Board of Directors or officers of a person; (c) the ability to veto resolutions
that could otherwise be adopted by the majority of a person’s shareholders, or
a person’s right to approve any resolution that could, in accordance with the
law, otherwise be approved by the ordinary shareholders’ meeting; or (d) the
existence of commercial relations representing 15% (fifteen percent) or more of
a person’s total consolidated annual revenues. In addition, in the event
of termination of the Technical Assistance and Technology Transfer Agreement,
the Series BB shares will be automatically converted into Series B shares.
Foreign persons may not directly or indirectly own at any time more than 49%
(forty nine percent) of the Company’s capital stock unless the National
Commission of Foreign Investments issues a resolution pursuant to Article 19 of
the Airport Law and Article 8 of the Foreign Investment Law, authorizing
foreign investors to hold more than such 49% (forty nine percent). The Company
may issue unsubscribed shares of any class of stock, which will be maintained
as treasury shares for their delivery upon subscription. Any Class II shares
held in the Company’s treasury, in respect of which the Company may have
granted any subscription and payment options, will be converted into Class I
shares upon exercise of such options and payment of such shares by the option
holders and, accordingly, the minimum fixed portion of the Company’s capital
will be automatically increased and the Board of Directors, within 30 (thirty)
days following the exercise of such options, will call a general extraordinary
shareholders’ meeting to amend this Article Six so as to reflect the new amount
of the minimum fixed portion of the Company’s capital as a result of the
exercise of such options. The Company may also issue unsubscribed shares
pursuant to Article 53 of the Securities Market Law. All shares confer equal
rights and obligations to all holders within each series. All provisional and
definitive stock certificates must satisfy the requirements set forth in
Article 125 of the General Law of Business Corporations, may represent one or
more shares, must be signed by a director elected by the holders of the Series
B shares and a director elected by the Series BB shares, and must contain a
transcript of Articles Ten, Eleven, Twelve, Thirteen and Fourteen hereof. With
respect to any shares deposited with a securities deposit institution, the
Company may deliver to such institution multiple stock certificates or a single
stock certificate representing all or a portion of the shares of the relevant
issue so deposited. In such event, the certificates representing such shares
will bear the legend “for deposit with” the relevant securities deposit
institution and will not need to state the name, address or nationality of the
actual holder. If the Company and the securities deposit institution so agree,
the Company may issue stock certificates without dividend coupons. In such
event, pursuant to the Securities Market Law the deposit certificates issued by
such institution will serve as dividend coupons. The Company must issue all
definitive stock certificates within 180 (one hundred eighty) calendar days
from the date of approval of the relevant issue or exchange. ARTICLE TEN.  The ownership of shares of the Company’s
capital stock by any person will not be subject to any percentage restrictions
other than those set forth in the applicable law and these bylaws. ARTICLE ELEVEN.  Transfer of Series BB Shares. Series
BB shares may only be transferred after conversion into Series B shares of the
relevant class of stock, provided that so long as the Technical Assistance and
Technology Transfer Agreement between the Company and the Strategic Partner
remains in effect, any such transfer will be subject to the following rules:
(i) 51% (fifty one percent) of the Series BB shares will not be transferable
until after seven (7) years from the date of acquisition thereof (the “Seven-Year
Waiting Period”); and (ii) up to 49% (forty nine percent) of the Series BB
shares will be transferable at any time. After the Seven-Year Waiting Period,
holders of the Series BB shares may transfer annually up to one eighth of the
aforementioned 51% (fifty one percent). Holders of the Series BB shares may
transfer or otherwise dispose of, at any time and without any restriction, up
to 49% (forty nine percent) of the shares held thereby directly or indirectly.
Subject to the restrictions set forth in the preceding paragraph, any holder of
Series BB shares who may wish to convert such shares into Series B shares in
anticipation to their transfer, must give notice of such circumstance to the
Board of Directors. The Board of Directors, within 15 (fifteen) business days
from such notice, will exchange the relevant share certificates. ARTICLE TWELVE.  Public Tender Offers. So long as the
Company’s shares are listed on any stock exchange, if the applicable law
provides for a voluntary or mandatory public tender offer for the purchase of
shares, such offer will be conducted as follows: 1. Any person intending to
acquire or attain by any means, directly or indirectly, 30% (thirty percent) or
more of the Company’s capital through a single transaction or a series of
related transactions of whichever nature, must carry out such acquisition
through a public tender offer in accordance with the applicable law and the
following rules: a) The offer must be made in respect of all series of shares
representing the Company’s capital; b) The offering price must be identical for
all classes or types of shares; c) The offer must be made in respect of (i) the
percentage of the Company’s capital represented by the shares to be purchased,
or 10% (ten percent) of the Company’s total capital, whichever is greater, so
long as the buyer’s aggregate interest following the offering does not convey
thereto the ability to control the Company, or (ii) 100% (one hundred percent)
of the Company’s shares if the buyer intends to acquire the control of the
Company; d) The offering documents will indicate the maximum number of shares
subject matter thereof and, if applicable, the minimum number of shares that
must be purchased as a condition for the completion thereof; e) The buyer may
not pay, deliver or provide to any person or group of persons related to the
recipients of the offer, any consideration that includes a premium or overprice
additional to the offering price. The prohibition contained in this
subparagraph (e) will not be applicable to any consideration associated with
the execution of any agreement in connection with the offering (including,
without limitation, any assignment, termination or other agreement between the
Company and the Strategic Partner by reason of any agreement in effect between
them), pursuant to which a person is subject to affirmative or negative
covenants in favor of the buyer or the Company, provided that such agreement
has been approved by the Board of Directors based on the opinion of the Audit
Committee and disclosed to the public. 2. The conduction of a public tender
offer pursuant to paragraphs (1) above or (3) below must be approved by a
majority of the members of the Board of Directors elected by the holders of
each separate series of the Company’s capital stock. 3. If the buyer intends to
acquire the control of the Company through a public tender offer pursuant to
paragraph 1 above, the Board of Directors’ approval process will be subject to
the provisions of Section IV of the Securities Market Law applicable to
shareholders’ meetings and shareholder rights, to the extent that such
provisions do not conflict with the provisions of this Article Twelve. For
purposes hereof: a) The buyer must inform the Company, through the Board of
Directors, of the terms and conditions pursuant to which it intends to conduct
the offering (the “Offering Notice”); b) The Board of Directors,
immediately upon receipt of the Offering Notice, will (i) file notice of the
occurrence of a relevant event with the Mexican Stock Exchange in accordance
with the applicable law, and (ii) forward the Offering Notice to all the
shareholders; c) The Board of Directors must issue an opinion, based on the
opinion of the Corporate Practices Committee, with respect to (i) the offering
price or other applicable consideration, (ii) the other terms and conditions of
the tender offer, and (iii) any conflicts of interest that the members of the
Board of Directors may have in connection therewith; d) The opinion of the
Board of Directors pursuant to subparagraph (c) above may be accompanied by the
opinion of an independent expert retained by the Company; e) The Board of
Directors will make available to the public, through the Mexican Stock
Exchange, the opinions referred to in subparagraphs (c) and (d) above within
three (3) months from the receipt of the Offering Notice, and f) The members of
the Board of Directors and the Chief Executive Officer must disclose to the
public, together with the opinions referred to in subparagraphs (c) and (d)
above, their decision concerning the shares of stock of the Company owned by
them. If the Board of Directors approves the offering terms and conditions, the
buyer will be required to obtain, prior to the commencement of such offering,
authorization (whether express or implied) from the Ministry of Communications
and Transportation (the “SCT”) in connection with the change in control.
Pursuant to Article 23 of the Airport Law, and exclusively for purposes of the
preceding paragraph, it will be deemed that a person or group of persons will
acquire the control of the Company if upon completion of the offering such
person or group of persons will own 35% (thirty five percent) or more of the
Company’s capital, have the ability to determine the outcome of any decision
adopted by the general shareholders’ meeting, have the power to elect a
majority of the members of the Board of Directors or otherwise control the
Company. If the Board of Directors approves the offering terms and conditions,
the buyer will be required to carry such other actions as may be necessary in
connection therewith, including, without limitation, obtaining any necessary
governmental authorizations and giving any notices required by law. For
purposes of this Article Twelve, the Company will cooperate with the buyer to
any extent necessary in order to give such notices. 1. If prior to the
commencement of the offering, the holders of the Series BB shares express
interest in participating therein (which expression of interest will not
constitute an obligation to subsequently participate in the offering), then the
commencement of the offering will be conditioned upon obtaining any necessary
authorizations from the SCT and any authorizations necessary to replace a
shareholder of the Strategic Partner in such shareholder’s capacity as Mexican
Partner or Airport Partner, as the case may be. Notwithstanding the provisions
contained in the foregoing Article, no public tender offer will be necessary in
the event of: 1. Any acquisition or transfer of shares through succession,
either by will, bequest or other causa
mortis provision or instrument; 2. Any increase in a shareholders’
ownership interest as a result of a decrease in the number of shares
outstanding after a repurchase or redemption of shares; 3. Any increase in a
shareholder’s ownership interest as a result of the subscription by such
shareholder of any shares issued in connection with a capital increase, in proportion
to the number of shares previously owned thereby pursuant to Article 132 of the
General Law of Business Corporations; 4. Any acquisition of shares by the
Company or its subsidiaries, by any trust created by the Company or its
subsidiaries, or by any other person controlled by the Company or its
subsidiaries; or 5. Any acquisition of shares by (a) any person who controls
the Company, (b) any entity controlled by the person referred to in (a) above,
(c) any heir of the person referred to in (a) above, (d) any direct predecessor
or successor of the person referred to in (a) above, or (e) the person referred
to in (a) above, if such person is repurchasing shares from any of the entities
referred to in (b) above or from any of the predecessors or successors referred
to in (c) and (d) above. ARTICLE THIRTEEN.  Capital Increases and Decreases.
Except for the decrease of the Company’s capital pursuant to Article Nine
hereof, any decrease or increase in the minimum fixed portion of the Company’s
capital must be approved by an extraordinary shareholders’ meeting, subject to
the provisions of these bylaws and the General Law of Business Corporations.
Any increase or decrease in the variable portion of the Company’s capital must
be approved by an ordinary shareholders’ meeting in accordance with the voting
requirements set forth in these bylaws. The minutes of such meeting must be
notarized but need not be registered with the Public Registry of Commerce.
Pursuant to Article 53 and other related provisions of the Securities Market
Law, the Company may issue and hold within its treasury any unsubscribed shares
for their subsequent placement through a public offering, provided that (i) the
general extraordinary shareholders’ meeting will approve the maximum amount of
the corresponding capital increase and the conditions for the placement of such
shares, (ii) such shares must be subscribed through a public offering subject
to their prior registration with the National Securities Registry, in each case
in accordance with the Securities Market Law and its regulations, and (iii) the
Company must disclose the amount of its paid-in capital together with the
amount of its authorized capital represented by unsubscribed shares. The
preemptive rights set forth in Article 132 of the General Law of Business
Corporations will not be applicable in the event of a capital increase for
purposes of conducting a public offering. Pursuant to Article 132 of the
General Law of Business Corporations, in the event of an increase of the
Company’s capital stock, shareholders will have a preemptive right to subscribe
and pay for new shares issued as a result of such increase in proportion to
their interest at the time, unless the new shares (a) are issued for placement
in accordance with Article 53 of the Securities Market Law, (b) are issued as a
result of the Company’s merger, (c) are issued for purposes of making an
in-kind distribution, (d) are issued in connection with the capitalization of
the Company’s liabilities, or (e) are issued as unsubscribed shares for the
conversion of convertible debentures pursuant to Article 210-Bis of the General
Law on Negotiable Instruments and Credit Transactions. The Company may increase its capital in the events set forth in Article
116 of the General Law of Business Corporations, and such capital increases may
be paid for in cash or kind or through the capitalization of liabilities,
reserves or other items of the stockholders’ equity. Share certificates have no
par value and, accordingly, pursuant to Article 53 and other related provisions
of the Securities Market Law, and Article 210-Bis of the General Law of
Negotiable Instruments and Credit Transactions, there will be no need to issue
new share certificates as a result of a capital increase through the capitalization
of subscription premiums, retained earnings or valuation reserves, except as
otherwise directed by the shareholders’ meeting that approves such capital
increase. No new shares may be issued until all previously issued shares
are paid in full. The preemptive right to subscribe and pay for new shares
issued as a result of a capital increase pursuant to the foregoing Article,
must be exercised within 15 (fifteen) business days after the publication of
the notice of the corresponding shareholder resolution in the Official Gazette
of the Federation and in one of the newspapers of greater circulation in the
Company’s domicile. Notwithstanding the above, if all shares of the Company’s
stock were duly represented at the relevant shareholders’ meeting, the aforementioned
15 (fifteen) day term will run from the date of such meeting and the
shareholders will be deemed to have received notice of the relevant resolution
as of such date. In such event, no notice will need to be published. All
increases in the variable portion of the Company’s capital must be recorded in
the Capital Variations Registry maintained thereby. Holders of shares
representing the variable portion of the Company’s capital will not be entitled
to exercise the withdrawal rights otherwise provided by Article 220 of the
General Law of Business Corporations. Capital decreases may be approved in
order to offset losses, reimburse shareholder contributions, release such
shareholders from any unsatisfied share payment obligations, or any other purpose
set forth in Article 206 of the General Law of Business Corporations. Decreases
in the minimum fixed portion of the Company’s capital must be approved by a
general extraordinary shareholders’ meeting, will be subject to the amendment
of Article Six hereof and, unless approved solely to offset any losses, will be
subject to the satisfaction of the requirements set forth in Article 9 of the
General Law of Business Corporations. Capital decreases approved in order to
offset losses or reimburse shareholder contributions will be allocated pro rata
among the fixed and variable portions and both series of shares of the
Company’s capital. If unanimously approved by the shareholders, capital
reductions in order to reimburse shareholder contributions may be allocated
pursuant to other basis or solely among those shareholders who may elect to
receive such reimbursements. The Company’s capital may in no event be decreased
below the minimum fixed amount thereof, and any decrease in the variable
portion of the Company’s capital must be recorded in the Capital Variations
Registry maintained thereby. ARTICLE
FOURTEEN.  Acquisition of
Shares by Subsidiaries. Subsidiaries and other entities controlled by the
Company may not, directly or indirectly, hold any shares representing the
capital stock of the Company or any entity of which the Company is a
subsidiary, except that subsidiaries may acquire shares of stock of the Company
for distribution to their or the Company’s officers or
employees pursuant to an stock option or stock purchase plan in conformity with
the Securities Market Law.

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