Deferred Liquidation. If the Manager shall determine that an immediate sale of part or all of the Company's assets would cause undue loss to the Members, the Manager may, after having given notice to all Members, and to the extent not then prohibited by any applicable law of any jurisdiction in which the Company is formed or then qualified, defer liquidation of, and withhold from Distribution for a reasonable time, any assets of the Company except those necessary to satisfy the Company's debts and obligations.
Appears in 3 contracts
Sources: Limited Liability Company Agreement (Luna Azul Development Fund, LLC), Limited Liability Company Agreement (Luna Azul Development Fund, LLC), Limited Liability Company Agreement (Luna Azul Development Fund, LLC)