Procedures During Winding Up Sample Clauses

Procedures During Winding Up. On commencement of dissolution proceedings either by election of all Shareholders or otherwise, the investment company will cease to carry on business except as necessary to wind up its business and distribute its assets. The Managing Shareholder will perform the following acts, as necessary, to wind up the affairs of the investment company: Employ agents and attorneys to liquidate and wind up the affairs of the investment company; Continue the business as necessary for the winding up of the affairs of the investment company; Carry out contracts and collect, pay, compromise, and settle debts and claims for or against the investment company; Defend suits brought against the investment company; Xxx, in the name of the investment company, for all sums due to the investment company or recover any of its property; Collect any amounts owing on subscriptions to shares or recover unlawful distributions: Sell at public or private sale, exchange, convey, or otherwise dispose of all or any part of the assets of the investment company for cash in an amount considered reasonable by the President, or his or her appointee(s); Make contracts and take any steps in the name of the investment company that are necessary or convenient in order to wind up the affairs of the investment company.
Sample 1
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Procedures During Winding Up. On commencement of dissolution proceedings either by election of all Shareholders or otherwise, the will cease to carry on business except as necessary to wind up its business and distribute its assets. The Managing Shareholder Any Shareholder Shareholders appointed by the Managing Shareholder will perform the following acts, as necessary, according to the discretion of the Managing Shareholder, to wind up the affairs of the : Employ agents and attorneys to liquidate and wind up the affairs of the ; Continue the business as necessary for the winding up of the affairs of the ; Carry out contracts and collect, pay, compromise, and settle debts and claims for or against the ; Defend suits brought against the ; Xxx, in the name of the , for all sums due to the or recover any of its property; Collect any amounts owing on subscriptions to shares or recover unlawful distributions; Sell at public or private sale, exchange, convey, or otherwise dispose of all or any part of the assets of the for cash in an amount considered reasonable by the President, or his or her appointee(s); Make contracts and take any steps in the name of the that are necessary or convenient in order to wind up the affairs of the .
Sample 1
Procedures During Winding Up. On commencement of dissolution proceedings either by election of all Shareholders or otherwise, the will cease to carry on business except as necessary to wind up its business and distribute its assets.
Sample 1
Procedures During Winding Up. On commencement of dissolution proceedings either by election of all Stakeholders or otherwise, the LLC will cease to carry on business except as necessary to wind up its business and distribute its assets. Stakeholders appointed by the Managing Stakeholder will perform the following acts, as necessary, according to the discretion of the Managing Stakeholder, to wind up the affairs of the LLC:
Sample 1
Procedures During Winding Up. On commencement of dissolution proceedings either by election of all Shareholders or otherwise, the Corporation will cease to carry on business except as necessary to wind up its business and distribute its assets. The Managing Shareholder will perform the following acts, as necessary, to wind up the affairs of the Corporation: Employ agents and attorneys to liquidate and wind up the affairs of the Corporation; Continue the business as necessary for the winding up of the affairs of the Corporation; Carry out contracts and collect, pay, compromise, and settle debts and claims for or against the Corporation; Defend suits brought against the Corporation; Xxx, in the name of the Corporation, for all sums due to the Corporation or recover any of its property; Collect any amounts owing on subscriptions to shares or recover unlawful distributions; Sell at public or private sale, exchange, convey, or otherwise dispose of all or any part of the assets of the Corporation for cash in an amount considered reasonable by the President, or his or her appointee(s); Make contracts and take any steps in the name of the Corporation that are necessary or convenient in order to wind up the affairs of the Corporation.
Sample 1

Related to Procedures During Winding Up

  • Procedures Upon Dissolution Upon dissolution of the Company, the Manager shall wind up the business and affairs of the Company and shall cause all property and assets of the Company to be distributed as follows:

  • Dissolution Winding Up Termination 27 8.1 Dissolution.......................................................................27 8.2

  • Winding-up, etc None of the events contemplated in clauses (a), (b), (c) or (d) of Section 11.05 has occurred with respect to any Credit Party.

  • Procedure for Winding Up and Dissolution If the Company is dissolved, the affairs of the Company shall be wound up. On winding up of the Company, the assets of the Company shall be distributed, first, to creditors of the Company in satisfaction of the liabilities of the Company, and then to the person(s) who is/are the Member(s) of the Company in proportion to the Member’s(s’) Interests.

  • Dissolution Winding Up (a) The Company shall be dissolved upon (i) the adoption of a plan of dissolution by the members or (ii) the occurrence of any event required to cause the dissolution of the Company under the Delaware Limited Liability Company Act.

  • Dissolution and Winding Up The Company shall dissolve and its business and affairs shall be wound up pursuant to a written instrument executed by the Member. In such event, after satisfying creditors, all remaining assets shall be distributed to the Member.

  • Dissolution Liquidation and Winding Up In the event of any voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation (hereinafter referred to as a "Liquidation"), the holders of Participating Preferred Stock shall be entitled to receive the greater of (i) $1,000 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment and (ii) the aggregate amount per share equal to 1,000 times the aggregate amount to be distributed per share to holders of Common Stock (the "Participating Preferred Liquidation Preference"). In the event the Corporation shall at any time after the First Issuance declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount to which holders of shares of Participating Preferred Stock were entitled immediately prior to such event under the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

  • Liquidation; Dissolution; Bankruptcy Upon any payment or distribution of the assets of the Company to creditors upon a total or partial liquidation or a total or partial dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property:

  • Dissolution The Company shall be dissolved and its affairs shall be wound up on the first to occur of the following:

  • Winding Up Upon dissolution of the Company, the Company shall continue solely for the purposes of winding up its business and affairs as soon as reasonably practicable. Promptly after the dissolution of the Company, the Manager shall immediately commence to wind up the affairs of the Company in accordance with the provisions of this Agreement and the Act. In winding up the business and affairs of the Company, the Manager may, to the fullest extent permitted by law, take any and all actions that it determines in its sole discretion to be in the best interests of the Members, including, but not limited to, any actions relating to (i) causing written notice by registered or certified mail of the Company’s intention to dissolve to be mailed to each known creditor of and claimant against the Company, (ii) the payment, settlement or compromise of existing claims against the Company, (iii) the making of reasonable provisions for payment of contingent claims against the Company and (iv) the sale or disposition of the properties and assets of the Company. It is expressly understood and agreed that a reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the satisfaction of claims against the Company so as to enable the Manager to minimize the losses that may result from a liquidation.

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