Common use of Final Liquidation Clause in Contracts

Final Liquidation. (a) Upon any dissolution of the Company, its assets shall be liquidated, and its affairs shall be wound up as soon as practicable thereafter by the Managing Member. A court may wind up the Company’s affairs, or appoint a person to wind up its affairs, on application of any Member, his legal representative, or assignee. The persons charged with winding up the Company shall collect its assets, dispose of its properties that will not be distributed in-kind to its Members, discharge or make provision for discharging its liabilities, and distribute its remaining assets as provided in Section 6.2(b) below. The Company shall continue in existence following its dissolution and during its winding up, but shall carry on only that business appropriate to wind up and liquidate its business affairs.

Final Liquidation. (a) Upon any dissolution of the Company, its assets shall be liquidated, and its affairs shall be wound up as soon as practicable thereafter by the Managing MemberMembers or the legal representative of, or successor to, the Member whose event of withdrawal has resulted in the dissolution may wind up the Company’s affairs. A court may wind up the Company’s affairs, or appoint a person to wind up its affairs, on application of any Member, his legal representative, representative or assignee. The persons charged with winding up the Company shall collect its assets, dispose of its properties that will not be distributed in-in kind to its Members, discharge or make provision for discharging its liabilities, liabilities and distribute its remaining assets as provided in Section 6.2(b8.2(b) below. The Company shall continue in existence following its dissolution and during its winding up, but shall carry on conduct only that business appropriate to wind winding up and liquidate its business affairsaffairs and liquidating its assets.