Liquidation and Winding Up. In the event of dissolution, the Company shall be wound up and its assets liquidated. In connection with the dissolution and winding up of the Company, the Member or such other person designated by the Member shall proceed with the sale, exchange or liquidation of all of the assets of the Company, and shall conduct only such other activities as are necessary to wind up the Company’s affairs, and the assets of the Company shall be applied in the manner, and in the order of priority, set forth in Section 18-804 of the Act.
Liquidation and Winding Up. If the Company is dissolved pursuant to Section 7.1, the Company shall be liquidated and wound up in accordance with the Act and the following provisions:
Liquidation and Winding Up. If dissolution of the Company should be caused by reason of any of the events set forth in paragraphs (a) or (b) of Section 13.1 hereof, the Company shall be liquidated and the Person designated at such time by the Board of Managers (or other Person or Persons designated by a decree of court) shall wind up the affairs of the Company. The Person or Persons winding up the affairs of the Company shall promptly proceed to the liquidation of the Company Assets and, in settling the accounts of the Company, the Company Assets shall be distributed in the following order of priority:
Liquidation and Winding Up. If the Company is dissolved pursuant to Section 14.1, the Company shall be liquidated and the Managers (or other Person or Persons designated by the Managers or by a decree of court) shall wind up the affairs of the Company. The Managers or other Persons winding up the affairs of the Company shall promptly proceed to the liquidation of the Company and, in settling the accounts of the Company, the assets and the property of the Company shall be distributed in the following order of priority:
Liquidation and Winding Up. 8.3.1 If the Partnership is dissolved for any reason and is not reconstituted pursuant to Section 8.4.1, the General Partner, if it is not then a Terminated Partner (or, if the General Partner is a Terminated Partner, the Limited Partner) (the Partner who is not a Terminated Partner, or any other Person empowered to liquidate the Partnership under this Section 8.3, the "Liquidator") shall commence to wind up the affairs of the Partnership and to liquidate and sell its assets as reasonably Approved by the Partners other than Terminated Partners as soon as is practicable thereafter. A third-party liquidator may be appointed as the Liquidator if Approved by the Partners other than Terminated Partners. Any Liquidator other than the Partners shall have sufficient business expertise and competence to conduct the winding up and termination of the business of the Partnership as it has theretofore been conducted or (subject to the limitations hereinafter set forth) which the Partnership may thereafter enter into. No Liquidator who is a Partner shall be paid any compensation or fee for conducting the liquidation of the Partnership.
Liquidation and Winding Up. Upon the occurrence of a Dissolution Event, the Company shall be liquidated and the Management Committee (or other Person designated by the Management Committee or a decree of court) shall wind up the affairs of the Company. In such case, the Management Committee (or such Designated Manager or other Person designated by the Management Committee or a decree of court) shall have the authority, in its sole and absolute discretion, to sell the Company’s assets and properties or distribute them in kind. The Management Committee or other Person winding up the affairs of the Company shall promptly proceed to the liquidation of the Company. In proceeding with the winding-up process, it is the Members’ objective that the winding-up process for the Company shall be completed within three (3) years following the sale of the Company’s last asset (assuming that the Company and its Subsidiary Entities are not then parties to any outstanding litigation which has not been resolved). If the Approval of the Members is obtained, the Members may elect to accelerate the winding-up process by mutually agreeing to set aside reserves or entering into a cost-sharing agreement with respect to any trailing liabilities of the Company or its Subsidiary Entities. In a liquidation, the assets and property of the Company shall be distributed in the following order of priority:
Liquidation and Winding Up. (a) Upon dissolution of Company, the Manager(s) shall serve as liquidator of Company (the “Liquidator”). The Liquidator shall, with reasonable speed, wind up the affairs of Company and liquidate the Property. The Liquidator shall have unlimited discretion to determine the time, manner and terms of any sale of Property having due regard to the activity and condition of the relevant market and general financial and economic conditions and shall be authorized to continue the business of Company in order to maximize its value as a going concern for eventual sale.
Liquidation and Winding Up. 9 9.4 Survival of Rights, Duties and Obligations....................10
Liquidation and Winding Up. If dissolution of the Company should be caused by reason of any of the events set forth in paragraphs (a) or (b) of Section 13.1 hereof, the Company shall be liquidated and the Person designated at such time by the Board of Managers (or other Person or Persons designated by a decree of court) shall wind up the affairs of
Liquidation and Winding Up. 8.3.1 If the Company is dissolved for any reason and is not reconstituted pursuant to Section 8.4.1, the Members who are not Terminated Members (they, collectively, or any other Person empowered to liquidate the Company under this Section 8.3, the "Liquidator") shall commence to wind up the affairs of the Company and to liquidate and sell its assets as reasonably Approved by the Members as soon as is practicable thereafter. A third-party liquidator may be appointed as the Liquidator if Approved by the Members. Any Liquidator other than the Members shall have sufficient business expertise and competence to conduct the winding up and termination of the business of the Company as it has theretofore been conducted or (subject to the limitations hereinafter set forth) which the Company may thereafter enter into. No Liquidator who is a Member shall be paid any compensation or fee for conducting the liquidation of the Company.
