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ARTICLE 3 <br />PURPOSE <br />3.1 Business. "Business" means any lawful businesses, enterprises, ventures, or other <br />activities of the Company carried out in accordance with its purposes as expressed in this <br />Agreement. <br />3.2 Business Purpose. The Company may carry on any lawful business under state <br />law as the Manager may determine from time to time in its discretion. <br />3.3 Initial Purpose. Without limitation, the Company is initially formed to engage in <br />ranching, farming, or other agricultural or horticultural businesses of any kind. <br />ARTICLE 4 <br />CAPITAL CONTRIBUTIONS AND LOANS <br />4.1, Distribution Pereenta a Interest. "Distribution Percentage Interest" means the <br />respective percentage interests of the Members in. and to the Company, its properties, <br />assets, profits, and losses from time to time. The Distribution Percentage Interest of each <br />Member on the effective date of this Agreement is as set forth on Schedule 4.1. <br />so 4.2 Initial Capital Contributions. The Members' initial capital contributions are set <br />forth on Schedule 4.2. <br />4.3 Additional Contributions. With the consent of the Manager, any Member may <br />make additional capital contributions from time to time, which shall be allocated to the <br />capital account of the Member making the additional capital contribution. <br />4.4 Additional Contributions from New Members. If any additional Members are <br />admitted from time to time in accordance with this Agreement, they shall make capital <br />contributions on such terms and conditions as may be required by the Manager. <br />4.5 Valuation. Assets contributed to the Company and distributions of Company <br />Property shall be valued at their fair market values on the dates of contribution. Initial <br />capital contributions are based on valuations of contributed property which the Members <br />believe to be reasonable. With respect to subsequent capital contributions, where fair <br />market value is not determinable by reference to an established securities index or other <br />similar objective means of appraisal, the Members shall agree to and indicate in the <br />Company records a value which they deem to be reasonable in their. discretion. <br />4.6 Liability of Members. <br />(<.�} In General. 'T'he liability of each Member shall be limited as set forth in <br />this Operating Agreement and as provided in the laws of the State of Colorado. A <br />