Limited Time Period for Winding Up. When a winding up of the Company is required, a reasonable time as determined by the Members, but not to exceed eighteen (18) months unless otherwise agreed to by the Members, shall be allowed for the orderly liquidation of the assets of the Company and the discharge of all liabilities to its creditors so as to enable the Company to minimize any losses attendant upon liquidation. The Members shall be furnished with a statement which shall set forth the assets and liabilities of the Company as of the date of complete liquidation and the manner in which the assets of the company are being, or are to be, distributed.
Appears in 3 contracts
Samples: Operating Agreement (Erie Shores Emergency Physicians, Inc.), Operating Agreement (Erie Shores Emergency Physicians, Inc.), Operating Agreement (Reich Seidelman & Janicki Co)
Limited Time Period for Winding Up. When a winding up of the Company is required, a reasonable time as determined by the Members, but not to exceed eighteen (18) months unless otherwise agreed to by the Members, shall be allowed for the orderly liquidation of the assets of the Company and the discharge of all liabilities to its creditors so as to enable the Company to minimize any losses attendant upon liquidation. liquidation The Members shall be furnished with a statement which shall set forth the assets and liabilities of the Company as of the date of complete liquidation and the manner in which the assets of the company are being, or are to be, distributed.
Appears in 1 contract
Samples: Operating Agreement (Erie Shores Emergency Physicians, Inc.)
Limited Time Period for Winding Up. When a winding up of the Company is requiredrequited, a reasonable time as determined by the Members, but not to exceed eighteen (18) months unless otherwise agreed to by the Members, shall be allowed for the orderly liquidation of the assets of the Company and the discharge of all liabilities to its creditors so as to enable the Company to minimize any losses attendant upon liquidation. The Members shall be furnished with a statement which shall set forth the assets and liabilities of the Company as of the date of complete liquidation and the manner in which the assets of the company are being, or are to be, distributed.
Appears in 1 contract
Samples: Operating Agreement (Erie Shores Emergency Physicians, Inc.)
