Common use of Events of Dissolution or Liquidation Clause in Contracts

Events of Dissolution or Liquidation. The LLC shall be dissolved upon the happening of any of the following events: (1) the Consent of the Board of Managers; (2) the sale of all or substantially all of the assets of the LLC; or (3) the entry of a decree of judicial dissolution under the Act. Following any of the foregoing events, the Board of Managers shall proceed diligently to liquidate the assets of the LLC in a manner consistent with commercially reasonable business practices.

Events of Dissolution or Liquidation. The LLC shall be dissolved upon the happening of any of the following events: (1i) the Requisite Consent of Common Members, and the Board consent of Managers; (2a Majority in Interest of Preferred Members as provided in Section 5(b)(v) the sale of all or substantially all of the assets Statement of the LLCDesignations; or (3ii) the entry of a decree of judicial dissolution under the Act. Following any of the foregoing events, the Board of Managers shall proceed diligently to liquidate the assets of the LLC in a manner consistent with commercially reasonable business practices.

Events of Dissolution or Liquidation. The LLC shall be dissolved upon the happening of any of the following events: (1) the Consent consent of the Board of ManagersManager; (2) the sale of all or substantially all of the assets of the LLC; or (3) the entry of a decree of judicial dissolution under the Act. Following any of the foregoing events, the Board of Managers Manager shall proceed diligently to liquidate the assets of the LLC in a manner consistent with commercially reasonable business practices.