Common use of Stays Clause in Contracts

Stays. If the Board of Managers, upon unanimous vote of the Board (other than any Manager designated by a Liquidating Member), determines on or before the date than is thirty days before the last permitted Pay Date with respect to any Sale Notice that financing the Company’s purchase obligation on the proposed Pay Date is impracticable in light of the Company’s current financial condition, the Company may elect to stay the Pay Date for a period (a “Stay Period”) not to exceed 120 days beyond the last permitted Pay Date with respect to such Sale Notice, and the Company shall immediately notify the Liquidating Members in writing of the commencement of such Stay Period. After the expiration of a Stay Period, the Liquidating Member may, at its option, provide a new Appraisal Election Notice as provided in Section 12.5.1 at any time or reinstate the Sale Notice given pursuant to Section 12.5.4 by written notice to the Company given within 10 business days following the expiration of such Stay Period, in which case the last permitted Pay Date shall be extended by the number of days of the Stay Period. In no event will the Company be permitted to exercise its right to stay a scheduled Pay Date more than twice during any twenty-four month period.