Liquidating Member definition

Liquidating Member has the meaning set forth in Section 8.3;

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Liquidating Member means the Member designated as such by the Managing Member; provided, however, that any Member that is then in default hereunder or that causes the dissolution of the Company under Section 11.1(a)(iv) shall not serve as the Liquidating Member (in which event the Liquidating Member shall be the non-defaulting Member).

Liquidating Member shall have the meaning set forth in Section 9.3 of this Agreement.

Examples of Liquidating Member in a sentence

• The Liquidating Member shall wind up the Company’s affairs, liquidate the property and assets, and terminate any remaining business.

• The proceeds of the liquidation shall be distributed in this order: (1) the expenses of liquidation; (2) debts and liabilities of the Company (including debts of the Company to the Members or affiliates); (3) a reserve for contingent or unforeseen liabilities or obligations to third parties (to be held in escrow by an agent chosen by the Liquidating Member); (4) to the Members in proportion to the Units owned by each Member relative to the total of all issued Units.

• A copy of each bid shall be delivered by the Liquidating Member to each Member.

• Any bid made by a Member or Members for all or any portion of the assets shall be made, if at all, within thirty (30) days after the Liquidating Member or any other Member shall have requested such bids.

• Notwithstanding the foregoing, each Member, upon the request of the Liquidating Member, shall promptly execute, acknowledge and deliver all such documents, certificates and other instruments as the Liquidating Member shall reasonably request to effectuate the proper dissolution and termination of the Company, including the winding up of the business of the Company.

More Definitions of Liquidating Member

Liquidating Member means the Managing Member.

Liquidating Member means the Member designated as such by the Managing Member but subject to the Approval of BH; provided, however, that any Member that is then in default hereunder or that causes the dissolution of the Company under Section 11.1(a)(iii) shall not serve as the Liquidating Member (in which event the Liquidating Member shall be the non-defaulting Member), and provided further that in the event of a dissolution under Section 11.1(a)(iii), the Liquidating Member shall be the bankruptcy trustee or debtor-in-possession of the bankruptcy estate of such last Member.

Liquidating Member means the Managing Member; provided, however, if the Managing Member's bankruptcy, withdrawal or liquidation shall have preceded the liquidation of the Company, the Non-Managing Member shall be the Liquidating Member.

Liquidating Member shall have the meaning given such term in Section 14.2 hereof.

Liquidating Member is defined in Section 11.5(a).

Liquidating Member shall have the meaning set forth in Section 5.1(d).

Liquidating Member means the Class A Member; provided, however, if the Class A Member's bankruptcy, withdrawal or liquidation shall have preceded the liquidation of the Company, the Class B Member shall be the Liquidating Member.