Liquidation of the Company. (a) Upon the earliest to occur of an event specified in Section 7.02., the Company shall be in liquidation and the Company’s business and affairs shall be wound up in an orderly manner. The Managing Member shall be the liquidator to wind up the affairs of the Company pursuant to this Agreement. (b) Subject to the Delaware Act, in performing its duties, the Managing Member is authorized to sell, distribute, exchange or otherwise dispose of the assets of the Company in any reasonable manner that the Managing Member shall determine. The Managing Member shall determine in its discretion which assets of the Company shall be sold and which assets of the Company shall be retained for distribution in kind to the Members. Assets to be distributed in kind to the Members shall be distributed in accordance with Section 4.08.
Appears in 5 contracts
Samples: Operating Agreement (DLP Positive Note Fund LLC), Operating Agreement (DLP Positive Note Fund LLC), Operating Agreement (DLP Positive Note Fund LLC)
