Required Dissolution Sample Clauses

The Required Dissolution clause mandates the formal winding up and termination of a company or partnership under specific circumstances outlined in the agreement. Typically, this clause details the events or conditions—such as a unanimous vote of members, insolvency, or regulatory requirements—that trigger the dissolution process, and may outline the steps for distributing assets and settling liabilities. Its core practical function is to provide a clear, predetermined process for ending the business entity, thereby reducing uncertainty and potential disputes among stakeholders when dissolution becomes necessary.
Required Dissolution. The Company shall be dissolved, and shall wind up its affairs, upon the first to occur of the following: (a) the determination by the Member to dissolve the Company; (b) the termination of the legal existence of the last remaining member of the company or the occurrence of any other event which terminates the continued membership of the last remaining member of the Company unless the Company is continued without dissolution in a manner permitted by this Agreement or the Act; or (c) the entry of a decree of judicial dissolution pursuant to Section 18-802 of the Act.
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Related to Required Dissolution

  • Early Dissolution 33 Section 9.03. Termination..................................................................................33 Section 9.04. Liquidation..................................................................................33 Section 9.05. Mergers, Consolidations, Amalgamations or Replacements of the Trust..........................35 ARTICLE X

  • Effective Date of Dissolution Any dissolution of the Company shall be effective as of the date on which the event occurs giving rise to such dissolution, but the Company shall not terminate unless and until all its affairs have been wound up and its assets distributed in accordance with the provisions of the Act and the Certificate is cancelled.

  • 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.

  • Liquidation or Dissolution In the event the Company is liquidated or dissolved, the assets of the Company shall be distributed to the Members in accordance with the provisions of Section 11.

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