Actions on Dissolution. Upon the dissolution of the Company, the Member shall act as liquidator to wind up the Company. The proceeds of liquidation shall be applied first to the payment of the debts and liabilities of the Company (including any loans to the Company made by the Member), the expenses of liquidation, and the establishment of any reserves that the liquidator deems necessary for potential or contingent liabilities of the Company. Remaining proceeds shall be distributed to the Member as provided in Section 4.1. Upon the dissolution and winding up of the Company, the liquidator shall file a certificate of cancellation with the Secretary of State of Delaware in accordance with Section 18-203 of the Act. Upon the completion of the distribution of Company assets and the proceeds of liquidation as provided in this Section 8.2, the Company shall be terminated.
Appears in 5 contracts
Samples: Operating Agreement (Wcof, LLC), Operating Agreement (Coaxial LLC), Operating Agreement (Coaxial LLC)
