Common use of Winding Up of Company Clause in Contracts

Winding Up of Company. Upon dissolution, the Company’s business shall be wound up in an orderly manner. The Managing Member shall be the liquidator to wind up the affairs of the Company pursuant to this Agreement. If no managing member remains, the Members holding a majority of the Interest Percentages may approve one or more liquidators to act as the liquidator in carrying out such liquidation. Subject to the Act (and with respect to any distribution of assets, Article VI), the liquidator shall dispose of or distribute all Company assets to the Members within one year following dissolution, except that such one-year period may be extended with the consent of the Members holding a majority of the Interest Percentages. During such winding up period the liquidator shall not pursue the acquisition of additional Company assets or require any further Capital Contributions from the Members unless, and then only to the extent, required to pay normal and reasonable Company Expenses.