Time for Liquidation. A reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities. Unless a longer period is provided by Applicable Law, any distribution to a Party under this Article 18 shall be made by the later of (1) the end of the taxable year of the “liquidation” of the Company, or (2) within ninety (90) days of such “liquidation,” as such term is defined by Treasury Regulation Section 1.704-1(b)(2)(ii)(g), except as otherwise permitted by Treasury Regulation Section 1.704-1(b)(2)(ii)(b).
Appears in 3 contracts
Samples: Joint Venture Agreement, Joint Venture Agreement (Solazyme Inc), Joint Venture Agreement (Solazyme Inc)
Time for Liquidation. A reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities. Unless a longer period is provided by Applicable Law, any Any distribution to a Party Member under this Article 18 21 shall be made by the later of (1) the end of the taxable year of the “liquidation” of the Company, or (2) within ninety (90) days of such “liquidation,” as such term is defined by Treasury Regulation Section Treas. Reg. § 1.704-1(b)(2)(ii)(g), except as otherwise permitted by Treasury Regulation Section Treas. Reg. § 1.704-1(b)(2)(ii)(b).
Appears in 2 contracts
Samples: Venture and Operating Agreement, License Agreement (Solazyme Inc)
