Other Events of Dissolution. The happening of any one of the following events shall work a dissolution of the Venture: (i) The reduction to cash or cash equivalents of all Venture assets; (ii) The agreement in writing to dissolution by the Members; or (iii) The termination of the term of the Venture pursuant to Section 2.4 of this Agreement. Each Member waives the right to cause a dissolution of the Venture in any other way. Dissolution of the Venture shall be effective on the day on which the event occurs which gives rise to the dissolution, but the Venture shall not terminate until the assets of the Venture shall have been distributed as provided herein and a certificate of cancellation of the Certificate has been filed with the Secretary of State of the State of Delaware.
Appears in 3 contracts
Samples: Limited Partnership Agreement (Behringer Harvard Multifamily Reit I Inc), Limited Liability Company Agreement (Behringer Harvard Multifamily Reit I Inc), Limited Liability Company Agreement (Behringer Harvard Multifamily Reit I Inc)
Other Events of Dissolution. The happening of any one of the following events shall work cause a dissolution of the Venture:
(i) The reduction to cash or cash equivalents of all Venture assets;
(ii) The agreement in writing to dissolution by the Members; or
(iii) The termination of the term of the Venture pursuant to Section 2.4 of this Agreement. Each Member waives the right to cause a dissolution of the Venture in any other way. Dissolution of the Venture shall be effective on the day on which the event occurs which gives rise to the dissolution, but the Venture shall not terminate until the assets of the Venture shall have been distributed as provided herein and a certificate of cancellation of the Certificate has been filed with the Secretary of State of the State of Delaware.
Appears in 1 contract
Samples: Membership Interest Purchase and Sale Agreement (Behringer Harvard Multifamily Reit I Inc)
