Common use of Limited Return of Capital Contributions Upon Dissolution Clause in Contracts

Limited Return of Capital Contributions Upon Dissolution. Each Member shall look solely to the assets of the Company for all distributions with respect to the Company and its Capital Contribution, and shall have no recourse therefor (upon dissolution or otherwise) against any Member. Notwithstanding the dissolution of the Company, the business of the Company and the affairs of the Members, as such, shall continue to be governed by this Agreement until termination of the Company, as provided in this Agreement. Upon dissolution of the Company, the Administrative Manager, or a liquidator (who may be a Member) appointed by the Administrative Manager shall liquidate the assets of the Company, apply and distribute the proceeds thereof as contemplated by this agreement and cause the cancellation of the Company's Certificate of Formation.

Appears in 5 contracts

Samples: Limited Liability Company Agreement (Winthrop Realty Trust), Limited Liability Company Agreement (Lexington Master Limited Partnership), Limited Liability Company Agreement (Lexington Master Limited Partnership)

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Limited Return of Capital Contributions Upon Dissolution. Each Member shall look solely to the assets of the Company for all distributions with respect to the Company and its Capital Contribution, and shall have no recourse therefor (upon dissolution or otherwise) against any Member. Notwithstanding the dissolution of the Company, the business of the Company and the affairs of the Members, as such, shall continue to be governed by this Agreement until termination of the Company, as provided in this Agreement. Upon dissolution of the Company, the Administrative ManagerManaging Member, or a liquidator (who may be a Member) appointed by the Administrative Manager Managing Member shall liquidate the assets of the Company, apply and distribute the proceeds thereof as contemplated by this agreement and cause the cancellation of the Company's Certificate of Formation.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Winthrop Realty Trust), Limited Liability Company Agreement (Lexington Master Limited Partnership)

Limited Return of Capital Contributions Upon Dissolution. Each Member shall look solely to the assets of the Company for all distributions with respect to the Company and its Capital Contribution, and shall have no recourse therefor (upon dissolution or otherwise) against any Member. Notwithstanding the dissolution of the Company, the business of the Company and the affairs of the Members, as such, shall continue to be governed by this Agreement until termination of the Company, as provided in this Agreement. Upon dissolution of the Company, the Administrative Manager, or a liquidator (who may be a Member) appointed by the Administrative Manager Manager, shall liquidate the assets of the Company, apply and distribute the proceeds thereof as contemplated by this agreement and cause the cancellation of the Company's Certificate of Formation.

Appears in 1 contract

Samples: Partnership Agreements (Shelbourne Properties I Inc)

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Limited Return of Capital Contributions Upon Dissolution. Each Member shall look solely to the assets of the Company for all distributions Distributions with respect to the Company and its such Member's Capital Contribution, and shall have no recourse therefor (upon dissolution or otherwise) against any Member. Notwithstanding the dissolution of the Company, the business of the Company and the affairs of the Members, as such, shall continue to be governed by this Agreement until termination of the Company, as provided in this Agreement. Upon dissolution of the Company, the Administrative Manager, or a liquidator (who may be a Member) appointed by the Administrative Manager Board shall liquidate the assets of the Company, apply and distribute the proceeds thereof (or, if determined by the Board, make Distributions in kind) as contemplated by this agreement Agreement and cause the cancellation of the Company's Certificate of Formation.

Appears in 1 contract

Samples: Limited Liability Company Agreement (George Foreman Enterprises Inc)

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