Sale of Company Assets. (a) As expeditiously as possible, the Manager, or any such trustee or liquidator, shall pay all Company liabilities, establish the reserves and make the distributions provided for in Section 10.2. Except as agreed by the Management Committee, no Member shall have the right to demand or receive property other than cash upon liquidation, and the Management Committee, or any such trustee or liquidator, shall, in any event, have the power to sell Company assets for cash as necessary to provide for the payment of all Company liabilities and the establishment of reserves.
Appears in 3 contracts
Samples: Limited Liability Company Operating Agreement (Whwel Real Estate Lp), Limited Liability Company Operating Agreement (Wellsford Real Properties Inc), Limited Liability Company Operating Agreement (Wellsford Real Properties Inc)
Sale of Company Assets. (a) As expeditiously as possible, the Manager, or any such trustee or liquidator, shall pay all Company liabilities, establish the reserves and make the distributions provided for in Section 10.2. Except as agreed by the Management Committee, no Member shall have the right to demand or receive property other than cash upon liquidation, and the Management Committee, or any such trustee or liquidator, shall, in any event, have the power to sell Company Assets and the assets of the Subsidiaries for cash as necessary to provide for the payment of all Company liabilities and the establishment of reserves.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Whwel Real Estate Lp), Execution Version (Wellsford Real Properties Inc)
