Common use of Effect of Filing of Certificate of Cancellation Clause in Contracts

Effect of Filing of Certificate of Cancellation. Upon the filing of the certificate of cancellation with the Delaware Secretary of State, the existence of the Company shall cease, except that the Manager may, in the name of, and for and on behalf of the Company, prosecute and defend suit, gradually settle and close the Company's business, dispose of and convey the Company's property, discharge or make reasonable provision for the Company's liabilities, and distribute to the Members any remaining assets, and take such other appropriate action as provided in the Act. The Manager shall have authority to distribute any Company property discovered after dissolution, convey real estate and take such other act as may be necessary on behalf of and in the name of the Company.

Effect of Filing of Certificate of Cancellation. Upon the filing of the certificate of cancellation with the Delaware Secretary of Statestate, the existence of the Company shall cease, except that the Manager may, in the name of, and for and on behalf of the Company, prosecute and defend suit, gradually settle and close the Company's business, dispose of and convey the Company's property, discharge or make reasonable provision for the Company's liabilities, and distribute to the Members any remaining assets, and take such other appropriate action as provided in the Act. The Manager shall have authority to distribute any Company property discovered after dissolution, convey real estate and take such other act as may be necessary on behalf of and in the name of the Company.