LIMITATION ON DISSOLUTION Sample Clauses

LIMITATION ON DISSOLUTION. Until the dissolution of the Partnership otherwise occurs, neither Partner shall voluntarily retire, resign or withdraw from the Partnership, take any step voluntarily to dissolve itself or voluntarily cause a dissolution of the Partnership, except as provided in Section 8.1.1.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
LIMITATION ON DISSOLUTION. Until the dissolution of the Company otherwise occurs, neither Member shall voluntarily retire, resign or withdraw from the Company, take any step voluntarily to dissolve itself or voluntarily cause a dissolution of the Company, except as provided in Section 8.1.1.
Sample 1Sample 2Sample 3
LIMITATION ON DISSOLUTION. The death, bankruptcy, mental illness, incompetency, insolvency, dissolution or cessation of existence as a legal entity of a Limited Partner shall not dissolve or terminate the Partnership. The authorized representatives of such Limited Partner shall have all the rights of his predecessor in interest in the Partnership, including the right to assign his Units, subject to the terms and conditions of this Agreement, and shall be deemed upon any assignment to consent to the designation of his assignee as a substituted Limited Partner.
Sample 1Sample 2
LIMITATION ON DISSOLUTION. Until the dissolution of the Partnership otherwise occurs, the General Partners shall not voluntarily retire, resign or withdraw from the Partnership, take any step voluntarily to dissolve itself or voluntarily cause a dissolution of the Partnership, except as provided in Section 8.1.
Sample 1
LIMITATION ON DISSOLUTION. Until the dissolution of the Venture otherwise occurs, neither Venturer shall voluntarily retire, resign or withdraw from the Venture, take any step voluntarily to dissolve itself or voluntarily cause a dissolution of the Venture, except as provided in Section 8.1.1.
Sample 1

Related to LIMITATION ON DISSOLUTION

  • Distribution on Dissolution and Liquidation In the event of the dissolution of the Company for any reason, the business of the Company shall be continued to the extent necessary to allow an orderly winding up of its affairs, including the liquidation and termination of the Company pursuant to the provisions of this Section 7.3, as promptly as practicable thereafter, and each of the following shall be accomplished:

  • Distributions on Dissolution and Winding Up Upon the dissolution and winding up of the Company, after adjusting the Capital Accounts for all distributions made under Section 5.01 and all allocations under Article 5, all available proceeds distributable to the Members as determined under Section 11.02 shall be distributed to all of the Members to the extent of the Members' positive Capital Account balances.

  • Limitation on Distributions Notwithstanding any provision to the contrary contained in this Agreement, the Partnership and the General Partner, on behalf of the Partnership, shall not be required to make a distribution to a Partner on account of its interest in the Partnership if such distribution would violate the Act or any other applicable law.

  • Distributions Upon Dissolution Upon the dissolution of the Company, the properties of the Company to be sold shall be liquidated in orderly fashion and the proceeds thereof, and the property to be distributed in kind, shall be distributed as follows:

  • Procedures Upon Dissolution Upon dissolution of the Company, the Manager shall wind up the business and affairs of the Company and shall cause all property and assets of the Company to be distributed as follows:

  • Effect of Dissolution Except as otherwise provided in this Agreement, upon the dissolution of the Company, the Sole Member shall take such actions as may be required pursuant to the Act and shall proceed to wind up, liquidate and terminate the business and affairs of the Company. In connection with such winding up, the Sole Member shall have the authority to liquidate and reduce to cash (to the extent necessary or appropriate) the assets of the Company as promptly as is consistent with obtaining fair value therefor, to apply and distribute the proceeds of such liquidation and any remaining assets in accordance with the provisions of Section 8.3, and to do any and all acts and things authorized by, and in accordance with, the Act and other applicable laws for the purpose of winding up and liquidation.

  • Distribution upon Dissolution Upon dissolution, the Partnership shall not be terminated and shall continue until the winding up of the affairs of the Partnership is completed. Upon the winding up of the Partnership, the General Partner, or any other Person designated by the General Partner (the “Liquidation Agent”), shall take full account of the assets and liabilities of the Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as is consistent with obtaining the fair value thereof. The proceeds of any liquidation shall be applied and distributed in the following order:

  • Distribution on Dissolution, Liquidation and Reorganization; Subrogation of Securities Upon any distribution of assets of the Capital Corporation upon any dissolution, winding up, liquidation or reorganization of the Capital Corporation, whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Capital Corporation or otherwise (subject to the power of a court of competent jurisdiction to make other equitable provisions reflecting the rights conferred in this Agreement upon the Senior Indebtedness and the holders thereof with respect to the Securities by a lawful plan of reorganization under applicable bankruptcy law),

  • Liquidation Upon Dissolution Upon the dissolution of the LLC, sole and plenary authority to effectuate the liquidation of the assets of the LLC shall be vested in the Member, which shall have full power and authority to sell, assign and encumber any and all of the LLC’s assets and to wind up and liquidate the affairs of the LLC in an orderly and business-like manner. The proceeds of liquidation of the assets of the LLC distributable upon a dissolution and winding up of the LLC shall be applied in the following order of priority:

  • Limitations on Payments Made in Dissolution Except as otherwise specifically provided in this Agreement, the Member shall only be entitled to look solely to the assets of Company for the return of its positive Capital Account balance and shall have no recourse for its Capital Contribution and/or share of net income (upon dissolution or otherwise) against any Manager.

Time is Money Join Law Insider Premium to draft better contracts faster.