Appointment of Liquidator. Upon the LLC’s dissolution, the Manager (unless unwilling or unable to serve as such) shall serve as liquidator, and as such will wind up and liquidate the LLC in an orderly, prudent and expeditious manner in accordance with the following provisions of this Article. While serving as liquidator, the Manager shall have the same authority, powers, duties and compensation as before dissolution, except that the liquidator shall not acquire any additional assets for the LLC, and shall use its best efforts to liquidate the LLC’s existing assets as rapidly as is consistent with receiving the fair market value thereof. If the Manager is unwilling or unable to serve as liquidator, or has resigned or been removed, the Members shall elect another person, who may be a Member, to serve as liquidator.
Appears in 9 contracts
Samples: Limited Liability Company Operating Agreement (Cf Fund Ii, LLC), Operating Agreement (Cf Fund Ii, LLC), Limited Liability Company Operating Agreement (Cf Fund Ii, LLC)
Appointment of Liquidator. Upon the LLC’s Company's dissolution, the Manager (unless unwilling or unable to serve as such) shall serve as liquidator, and as such will wind up and liquidate the LLC Company in an orderly, prudent and expeditious manner in accordance with the following provisions of this Article. While serving as liquidator, the Manager shall have the same authority, powers, duties and compensation as before dissolution, except that the liquidator shall not acquire any additional assets for the LLCCompany, and shall use its best efforts to liquidate the LLC’s Company's existing assets as rapidly as is consistent with receiving the fair market value thereof. If the Manager is unwilling or unable to serve as liquidator, or has resigned or been removed, the Members shall elect another person, who may be a Member, to serve as liquidator.
Appears in 8 contracts
Samples: Limited Liability Company Operating Agreement (LK Secured Lending Reg a Fund, LLC), Limited Liability Company Operating Agreement (LK Secured Lending Reg a Fund, LLC), Limited Liability Company Operating Agreement (LK Secured Lending Reg a Fund, LLC)
Appointment of Liquidator. Upon the LLCCompany’s dissolution, the Manager (unless unwilling or unable to serve as such) shall serve as liquidator, and as such will wind up and liquidate the LLC Company in an orderly, prudent and expeditious manner in accordance with the following provisions of this Article. While serving as liquidator, the Manager shall have the same authority, powers, duties and compensation as before dissolution, except that the liquidator shall not acquire any additional assets for the LLCCompany, and shall use its best efforts to liquidate the LLCCompany’s existing assets as rapidly as is consistent with receiving the fair market value thereof. If the Manager is unwilling or unable to serve as liquidator, or has resigned or been removed, the Members shall elect another person, who may be a Member, to serve as liquidator.
Appears in 7 contracts
Samples: Limited Liability Company Operating Agreement (PFG Fund V, LLC), Limited Liability Company Operating Agreement (PFG Fund V, LLC), Limited Liability Company Operating Agreement (PFG Fund V, LLC)
Appointment of Liquidator. Upon the LLCCompany’s dissolution, the Manager SIC (unless unwilling or unable to serve as such) shall serve as liquidator, and as such will wind up and liquidate the LLC Company in an orderly, prudent and expeditious manner in accordance with the following provisions of this Article. While serving as liquidator, the Manager shall have the same authority, powers, duties and compensation as before dissolution, except that the liquidator shall not acquire any additional assets for the LLCCompany, and shall use its best efforts to liquidate the LLCCompany’s existing assets as rapidly as is consistent with receiving the fair market value thereof. If the Manager is unwilling or unable to serve as liquidator, or has resigned or been removed, the Members shall elect another person, who may be a Member, to serve as liquidator.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Circle of Wealth Fund III LLC)
Appointment of Liquidator. Upon the LLC’s Company's dissolution, the Manager (unless unwilling or unable to serve as such) shall serve as liquidator, and as such will wind up and liquidate the LLC Company in an orderly, prudent and expeditious manner in accordance with the following provisions of this Article. While serving as liquidator, the Manager shall have the same authority, powers, duties and compensation as before dissolution, except that the liquidator shall not acquire any additional assets for the LLCCompany, and shall use its best efforts to liquidate the LLC’s Company's existing assets as rapidly as is consistent with receiving the fair market value thereof. If the Manager is unwilling or unable to serve as liquidator, or has resigned or been removed, the liquidator shall be appointed by a majority of the Members shall elect another person, who may be a Member, to serve as liquidator(the “Liquidator.”)
Appears in 1 contract
Samples: Operating Agreement (Aspen Mortgage Income Fund II, LLC)
Appointment of Liquidator. Upon the LLC’s 's dissolution, the Manager (unless unwilling or unable to serve as such) shall serve as liquidator, and as such will wind up and liquidate the LLC in an orderly, prudent and expeditious manner in accordance with the following provisions of this Article. While serving as liquidator, the Manager shall have the same authority, powers, duties and compensation as before dissolution, except that the liquidator shall not acquire any additional assets for the LLC, and shall use its best efforts to liquidate the LLC’s 's existing assets as rapidly as is consistent with receiving the fair market value thereof. If the Manager is unwilling or unable to serve as liquidator, or has resigned or been removed, the Members shall elect another person, who may be a Member, to serve as liquidator.
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