Common use of Appointment of Liquidator Clause in Contracts

Appointment of Liquidator. Upon dissolution of the Company, the Members shall designate a Person (which may be a Member) to act as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions as provided in this Agreement and pursuant to the Act. The costs and expenses of liquidation shall be the costs and expenses of the Company. From the date of dissolution until the final distribution, the liquidator shall operate the Company with all requisite power and authority, subject to the power of the Members to remove and replace such liquidator.