Time for Liquidation. The LLC will not immediately cease to exist upon the occurrence of an event causing its dissolution, but will continue until its affairs have been wound up. It is acknowledged and agreed that the assets of the LLC are illiquid, and will take time to sell. The liquidator shall liquidate the LLC’s assets as promptly as is consistent with obtaining the fair market value thereof, either by sale to third parties by auction to the highest bidder in a reasonably promoted auction (or other commercially reasonable suitable means, if necessary).
Appears in 3 contracts
Sources: Limited Liability Company Operating Agreement (Cf Fund Ii, LLC), Operating Agreement (Cf Fund Ii, LLC), Operating Agreement (Cf Fund Ii, LLC)
Time for Liquidation. The LLC will not immediately cease to exist upon the occurrence of an event causing its dissolution, but will continue until its affairs have been wound up. It is acknowledged and agreed that the assets of the LLC are illiquid, and will take time to sell. The liquidator shall liquidate the LLC’s assets as promptly as is consistent with obtaining the fair market value thereof, either thereof by sale to third parties by auction parties. Members who sell their Membership Units prior to the highest bidder in a reasonably promoted auction (or other commercially reasonable suitable means, if necessary)any such liquidation will not be exposed to this risk.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement