In-Kind Distributions. Notwithstanding the foregoing, in the event the Board of Directors shall determine that an immediate sale of part or all of the property of the Company would cause undue loss to the Member, or the Board of Directors determines that it would be in the best interest of the Member to distribute property of the Company to the Member in-kind, then the Board of Directors may either defer liquidation of, and withhold from distribution for a reasonable time, any property of the Company except that necessary to satisfy the Company’s debts and obligations, or distribute such property to the Member in-kind.
Appears in 20 contracts
Samples: Limited Liability Company Agreement (ICG Knott County, LLC), Limited Liability Company Agreement (ICG Knott County, LLC), Limited Liability Company Agreement (ICG Knott County, LLC)
In-Kind Distributions. Notwithstanding the foregoing, in the event the Board of Directors Managers shall determine that an immediate sale of part or all of the property of the Company would cause undue loss to the Member, or the Board of Directors Managers determines that it would be in the best interest of the Member to distribute property of the Company to the Member in-kind, then the Board of Directors Managers may either defer liquidation of, and withhold from distribution for a reasonable time, any property of the Company except that necessary to satisfy the Company’s debts and obligations, or distribute such property to the Member in-kind.
Appears in 8 contracts
Samples: Limited Liability Company Agreement (ICG Knott County, LLC), Limited Liability Company Agreement (Shelby Run Mining Company, LLC), Limited Liability Company Agreement (Shelby Run Mining Company, LLC)
In-Kind Distributions. Notwithstanding the foregoing, in the event the Board of Directors Member shall determine that an immediate sale of part or all of the property of the Company would cause undue loss to the Member, or the Board of Directors Member determines that it would be in the best interest of the Member to distribute property of the Company to the Member in-kind, then the Board of Directors Member may either defer defer· liquidation of, and withhold from distribution for a reasonable time, any property of the Company except that necessary to satisfy the Company’s debts and obligations, or distribute such property to the Member in-kind.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (ICG Knott County, LLC), Limited Liability Company Agreement (ICG Knott County, LLC)
In-Kind Distributions. Notwithstanding the foregoing, in the event the Board of Directors Member shall determine that an immediate sale of part or all of the property of the Company would cause undue loss to the Member, or the Board of Directors Member determines that it would be in the best interest of the Member to distribute property of the Company to the Member in-kind, then the Board of Directors Member may either defer liquidation of, and withhold from distribution for a reasonable time, any property of the Company except that necessary to satisfy the Company’s debts and obligations, or distribute such property to the Member in-kind.
Appears in 1 contract
Samples: Limited Liability Company Agreement (ICG Knott County, LLC)
