Procedure for Winding Up and Dissolution. If the Company is dissolved, the Managers shall wind up its affairs. If there shall be no Manager or the Managers are unable or unavailable to perform these duties, then the Members shall elect a Person to wind up the affairs of the Company. On winding up of the Company, the assets of the Company shall be distributed, first, to creditors of the Company including Interest Holders who are creditors, in satisfaction of the liabilities of the Company, and then to the Interest Holders in accordance with this Agreement.
Appears in 4 contracts
Samples: Operating Agreement (Cinergy Corp), Operating Agreement (Cinergy Corp), Limited Liability Company Agreement (Cinergy Corp)
Procedure for Winding Up and Dissolution. If the Company is dissolved, the Managers Manager shall wind up its affairs. If there shall be no the Manager is unavailable or the Managers are unable or unavailable to perform these duties, then the Members shall elect a Person select one or more Members to wind up the affairs of the Company’s affairs. On winding up of the Company, the assets of the Company shall be distributed, first, first to creditors of the Company Company, including Interest Holders who are creditors, in satisfaction of the liabilities of the Company, and then to the Interest Holders in accordance with Section 4.8 of this Agreement.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Tesoro Sierra Properties LLC), Limited Liability Company Agreement (Tesoro Sierra Properties LLC), Limited Liability Company Agreement (Tesoro Sierra Properties LLC)
Procedure for Winding Up and Dissolution. If the Company is dissolved, the Managers Manager shall wind up its affairs. If there shall be no Manager or the Managers are unable or unavailable to perform these duties, then the Members shall elect a Person to wind up the affairs of the Company. On winding up of the Company, the assets of the Company shall be distributed, first, to creditors of the Company Company, including Interest Holders who are creditors, in satisfaction of the liabilities of the Company, and then to the Interest Holders in accordance with Section 4.4 of this Agreement.
Appears in 2 contracts
Samples: Operating Agreement (Miller Lloyd I Iii), Operating Agreement (Aldila Inc)
Procedure for Winding Up and Dissolution. If the Company is dissolved, the Managers General Manager shall wind up its affairs. If there shall be no Manager or the Managers are unable or unavailable to perform these duties, then the Members shall elect a Person to wind up the affairs of the Company. On winding up of the Company, the assets of the Company shall be distributed, first, to creditors of the Company Company, including Interest Holders Members who are creditors, in satisfaction of the liabilities of the Company, and then to the Interest Holders Members, in accordance with this AgreementSection 4.3.
Appears in 2 contracts
Samples: Operating Agreement (Madison Run, LLC), Operating Agreement (Madison Run, LLC)
Procedure for Winding Up and Dissolution. If the Company is dissolved, the Managers General Manager shall wind up its affairs. If there shall be no Manager or the Managers are unable or unavailable to perform these duties, then the Members shall elect a Person to wind up the affairs of the Company. On winding up of the Company, the assets of the Company shall be distributed, first, to creditors of the Company Company, including Interest Holders Members who are creditors, in satisfaction of the liabilities of the Company, and then to the Interest Holders Members in accordance with this AgreementSection 4.4.
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