Winding Up of the Company. Following the dissolution of the Company, the Company shall be liquidated in an orderly manner in accordance with the provisions of this Agreement and the Act. The Manager (or its designee) shall be the liquidator to wind up the affairs or, if the Manager is not able to act as the liquidator, a liquidating trustee shall be appointed by court decree or by a Majority-in-Interest of the Company (such Person, the “Liquidating Agent”). Following dissolution of the Company and upon liquidation and winding up of the Company, the Manager shall make a final allocation of all items of income, gain, loss and expense in accordance with Article 5, and the Company’s liabilities and obligations to its creditors shall be paid or adequately provided for prior to any distributions to the Members. Distributions from the proceeds of Series Holdings will be distributed to the Members of the applicable Series and any other proceeds shall be distributed pro-rata to all Members.
Appears in 6 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
