Winding Up Affairs Upon Termination In the event that this Contract is terminated for any reason, the parties agree that the provisions of this paragraph survive termination:
Reclassification of Position An employee shall not have her salary reduced by reason of a change in the classification of her position that is caused other than by the employee herself.
Elimination of Positions Existing positions of special responsibility shall not be eliminated or changed without prior consultation with the Association.
Determination of Position(s) The Appointing Authority shall determine the position(s) in the class or class option, if one exists, and employment condition and work location which is to be eliminated.
CLASSIFICATION OF POSITIONS The University shall classify and/or reclassify all positions in the bargaining unit according to the nature and difficulty of duties assigned to and performed by the employee based on a current and accurate job description and shall assign to each position in the bargaining unit a classification title, number, and salary range. An employee new to his/her position will receive a copy of his/her job description upon hire. The appropriate administrator/supervisor will review the description with the employee. Materials used in determining classifications and reclassifications, such as class specifications and reclassification interpretation manuals, shall be readily available to the Union and employees on request.
Liquidation and Termination On dissolution of the Company, the Majority Members may appoint one or more Members as liquidator. The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense. Until final distribution, the liquidators shall continue to operate the Company properties with all of the power and authority of the Members. The steps to be accomplished by the liquidators are as follows:
DISTRIBUTIONS AFTER DISSOLUTION Upon dissolution, the Company must pay its debts before distributing cash, assets, or capital to the Members or the Members’ interests. The Members agree that any distributions occurring after the dissolution of the Company will follow the process outlined in this Agreement and Section 00-00-000 of the Act.
Dissolution and Liquidation (Check One)
Dissolution and Termination (a) The Company shall not be dissolved by the admission of Substitute Members or Additional Members. The Company shall dissolve, and its affairs shall be wound up, upon:
Dissolution Event If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.
