Winding Up, Liquidation and Distribution of Assets. 7.2.1 If the Company is dissolved and its affairs are to be wound up, the Member is directed to: (1) sell or otherwise liquidate such of the Company’s assets as may be required to discharge all liabilities of the Company, including any liabilities to the Member and establish such Reserves as may be reasonably necessary to provide for contingent liabilities of the Company; and (2) distribute the remaining assets to the Member, such distribution to be made either in cash or in kind, as determined by the Member. 7.2.2 Upon completion of the winding up, liquidation and distribution of the assets, the Company shall be deemed terminated.
Appears in 4 contracts
Samples: Operating Agreement (Manitowoc FSG Operations, LLC), Operating Agreement (Manitowoc FSG Operations, LLC), Operating Agreement (Manitowoc FSG Operations, LLC)
Winding Up, Liquidation and Distribution of Assets. 7.2.1 A. If the Company is dissolved and its affairs are to be wound up, the Member is directed to:
(1i) sell or otherwise liquidate such of the Company’s assets as may be required to discharge all liabilities of the Company, including any liabilities to the Member and establish such Reserves as may be reasonably necessary to provide for contingent liabilities of the Company; and
(2ii) distribute the remaining assets to the Member, such distribution to be made either in cash or in kind, as determined by the MemberMember (or his Representative).
7.2.2 B. Upon completion of the winding up, liquidation and distribution of the assets, the Company shall be deemed terminated.
Appears in 2 contracts
Samples: Operating Agreement (Glass Mountain Holding, LLC), Operating Agreement (Glass Mountain Holding, LLC)
Winding Up, Liquidation and Distribution of Assets. 7.2.1 (a) If the Company is dissolved and its affairs are to be wound up, then the Member is directed to:
(1) sell or otherwise liquidate such of the Company’s assets as may be required to discharge all liabilities of the Company, including any liabilities to the Member Member, and establish such Reserves as may be reasonably necessary to provide for contingent liabilities of the Company; and
(2) distribute the remaining assets to the Member, such distribution to be made either in cash or in kind, as determined by the Member.
7.2.2 (b) Upon completion of the winding up, liquidation liquidation, and distribution of the assets, the Company shall be deemed terminated.
Appears in 2 contracts
Samples: Operating Agreement, Operating Agreement (ARAMARK FHC Kansas, Inc.)
