Winding Up Affairs on Dissolution. Upon dissolution of the Company, the Members or the other persons required or permitted by law to carry out the winding up of the affairs of the Company shall promptly notify all Members of such dissolution; shall wind up the affairs of the Company; shall prepare and file all instruments or documents required by law to be filed to reflect the dissolution of the Company; and, after paying or providing for the payment of all liabilities and obligations of the Company, shall distribute the assets of the Company as provided by the terms of this Agreement.
Winding Up Affairs on Dissolution. Upon dissolution of the Partnership, the General Partner, or the persons required or permitted by law to carry out the winding up of the affairs of the Partnership, shall promptly notify all Partners of such dissolution; shall wind up the affairs of the Partnership; shall prepare and file all instruments or documents required by law to be filed to reflect the dissolution of the Partnership; and, after paying or providing for the payment of all liabilities and obligations of the Partnership, shall distribute the assets of the Partnership as provided by law and the terms of this Agreement.
Winding Up Affairs on Dissolution. Upon dissolution of the LLC, the Managers or other persons required or permitted by law to carry out the winding up of the affairs of the LLC shall promptly notify all Members of such dissolution; shall wind up the affairs of the LLC; shall prepare and file all instruments or documents required by law to be filed to reflect the dissolution of the LLC; and, after collecting the debts and obligations owed to the LLC and after paying or providing for the payment of all liabilities and obligations of the LLC, shall distribute the assets of the LLC in accordance with Section 5.7 hereof.
Winding Up Affairs on Dissolution. Upon the occurrence of any event described in Section 11.1, the Company shall be wound up by the Managers or other persons required or permitted by law to carry out such winding up. In such event, such person or persons shall promptly notify all Members of such dissolution; shall wind up the affairs of the Company; shall prepare and file all instruments or documents required by law to be filed to reflect the dissolution of the Company; and, after paying or providing for the payment of all liabilities and obligations of the Company, shall distribute the assets of the Company in the manner set forth in Section 5.4.
Winding Up Affairs on Dissolution. Upon dissolution of the Company, the Manager of the Company will: (a) promptly notify all Members of such dissolution; (b) wind up the affairs of the Company; (c) prepare and file all instruments or documents required by law to be filed to reflect the dissolution of the Company; and (d) after paying or providing for the payment of all liabilities and obligations of the Company, distribute the assets of the Company as provided by the terms of this Agreement. The Manager will comply with any applicable requirements of applicable law pertaining to the winding up of the affairs of the Company and the final distribution of its assets.
Winding Up Affairs on Dissolution. Upon the occurrence of any of the events set forth in Section 9.1, the Partnership shall be wound up by the General Partner or other persons required or permitted by law to carry out such winding up. In such event, such person or persons shall promptly notify the Partners of such dissolution; shall wind up the affairs of the Partnership; shall prepare and file all instruments or documents required by law to be filed to reflect the dissolution of the Partnership; and, after paying or providing for the payment of all liabilities and obligations of the Partnership, shall distribute the assets of the Partnership as set forth below:
Winding Up Affairs on Dissolution. Upon dissolution, the Foundation shall be wound up by the Member or other persons required or permitted by law to carry out such winding up. In such event, such person or persons shall promptly notify all Members of such dissolution; shall wind up the affairs of the Foundation; shall prepare and file all instruments or documents by law to be filed to reflect the dissolution of the Foundation; and, after paying or providing for the payment of all liabilities and obligations of the Foundation, shall distribute the assets of the Foundation as provided by the terms of this Agreement.
Winding Up Affairs on Dissolution. Upon dissolution of the LLC, the officers, Board Members or other persons required or permitted by law to carry out the winding up of the affairs of the LLC shall promptly notify all Members of such dissolution; shall wind up the affairs of the LLC; shall prepare and file all instruments or documents required by law to be filed to reflect the dissolution of the LLC; and, after collecting the debts and obligations owed to the LLC and after paying or providing for the payment of all liabilities and obligations of the LLC, shall distribute any remaining assets to the Members in accordance with the positive balances in their respective Capital Accounts. In the event of a distribution of assets in kind (in whole or in part), the fair market value of the assets shall be determined and each Member's Capital Account shall be adjusted as if such asset were sold for its fair market value. Each Member shall receive an undivided interest in the assets of the Company equal in value to the portion of the proceeds to which the Member would have been entitled if the assets had been sold or otherwise converted to cash at the assets' fair market values and the distribution had been solely in the form of a cash distribution. Division of the property may be made on a non-pro rata basis upon the consent of all of the Members, so that certain Members own certain assets while other Members own other assets.
Winding Up Affairs on Dissolution. Upon dissolution of the Company, the Managers or the other persons required or permitted by law to carry out the winding up of the affairs of the Company shall:
Winding Up Affairs on Dissolution. Upon dissolution of the LLC, the officers, Board Members or other persons required or permitted by law to carry out the winding up of the affairs of the LLC shall promptly notify all Members of such dissolution; shall wind up the affairs of the LLC; shall prepare and file all instruments or documents required by law to be filed to reflect the dissolution of the LLC; and, after collecting the debts and obligations owed to the LLC and after paying or providing for the payment of all liabilities and obligations of the LLC, shall distribute any remaining assets to the Members in accordance with the positive balances in their respective Capital Accounts. In the event of a distribution of assets in kind (in whole or in part), the fair market value of the assets shall be determined and each Member's Capital Account shall be adjusted as if such asset were sold for its fair market value. Each Member shall receive an undivided interest in the assets of the LLC equal in value to the portion of the proceeds to which the Member would have been entitled if the assets had been sold or otherwise converted to cash at the assets' fair market values and the distribution had been solely in the form of a cash distribution. Division of the property may be made on a non-pro rata basis upon the consent of all of the Members, so that certain Members own certain assets while other Members own other assets. In the event the LLC is "liquidated" within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g), distributions shall be made pursuant to this Article XII to the Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Member has a deficit balance in his Capital Account (after giving effect to all contributions, distributions and allocations for all periods, including the period during which such liquidation occurs), such Member shall have no obligation to make any contribution to the capital of the LLC with respect to such deficit, and such deficit shall not be considered a debt owed to the LLC or to any other person for any purpose whatsoever.
