Common use of Winding Up Company Affairs Clause in Contracts

Winding Up Company Affairs. (1) Upon the occurrence of any of the events specified in Section 14A(1) - (3) or the events specified in Section 14A(4) and the failure of the Members to continue the business under Section 14B, the Members shall wind up the affairs of the Company. After the payment of, or provisions for, all debts of the Company, the proceeds of the sale of the Company assets or the Company assets shall be distributed to the Members or their Successor-in-Interest pro rata in accordance with their positive Capital Accounts. If any assets are distributed in kind, they shall be distributed on the basis of the fair market value for purposes of the allocations under Section 6. Unless the Members otherwise agree, there shall be distributed to the Members as tenants-in-common an undivided interest in the assets equal to the distributions to which they are entitled under Section 6.

Winding Up Company Affairs. (1) Upon the occurrence of any of the events specified in Section 14A(1) - (314A(l)-(3) or the events specified in Section 14A(4) and the failure of the Members to continue the business under Section 14B, the Members shall wind up the affairs of the Company. After the payment of, or provisions for, all debts of the Company, the proceeds of the sale of the Company assets or the Company assets shall be distributed to the Members or their Successor-in-Interest pro rata in accordance with their positive Capital Accounts. If any assets are distributed in kind, they shall be distributed on the basis of the fair market value for purposes of the allocations under Section 6. Unless the Members otherwise agree, there shall be distributed to the Members as tenants-in-common an undivided interest in the assets equal to the distributions to which they are entitled under Section 6.

Winding Up Company Affairs. (1) Upon the occurrence of any of the events specified in Section 14A(114A(l) - (3) or the events specified in Section 14A(4) and the failure of the Members to continue the business under Section 14B, the Members shall wind up the affairs of the Company. After the payment of, or provisions for, all debts of the Company, the proceeds of the sale of the Company assets or the Company assets shall be distributed to the Members or their Successor-in-Interest pro rata in accordance with their positive Capital Accounts. If any assets are distributed in kind, they shall be distributed on the basis of the fair market value for purposes of the allocations under Section 6. Unless the Members otherwise agree, there shall be distributed to the Members as tenants-in-common an undivided interest in the assets equal to the distributions to which they are entitled under Section 6.