Dissolution Procedure. Except as otherwise provided by the Act and unless the Company is continued pursuant to Section 12.2, upon the occurrence of a Dissolution Event, no further business shall be done in the name of or on behalf of the Company except insofar as may be necessary to wind up the business of the Company and distribute its assets to the Members or their successors in interest, and the Company shall execute and file a certificate of cancellation as required by the Act. Upon dissolution and termination of the Company, except as otherwise provided in any valid business continuation agreement and by applicable law, the Company's assets shall be applied in the following order:
Dissolution Procedure. The procedure to be followed after the occurrence of one of the events causing dissolution shall be as follows:
Dissolution Procedure. The Company shall be terminated after the dissolution described in Section 13.1, in which event the Management Committee shall promptly wind up the affairs of the Company, liquidate and discharge all debts and liabilities of the Company and distribute all assets in accordance with this Agreement and the Act.
Dissolution Procedure. (a) Subject to Section 8.4(g), at any time after the seventh anniversary of the Closing, either set of Related Partners (the “Triggering Partners”) may, at their option, elect to initiate the Dissolution Procedure set forth in this Section 8.4 (the “Dissolution Procedure”). In such event, the Triggering Partners shall notify the other Partners (the “Non-Triggering Partners”) in writing of their intention to initiate the Dissolution Procedure (the “Dissolution Notice”).
Dissolution Procedure. (a) Winding Up, Liquidation, and Distribution of Assets. Upon dissolution, Manager shall immediately proceed to wind up the affairs of the Company. The Manager shall:
Dissolution Procedure. Upon dissolution of the Company, the Managers shall promptly wind up the affairs of the Company, liquidate and discharge all debts and liabilities of the Company, and distribute all assets in accordance with the Act and this Agreement. If assets are distributed in kind to the Members, all assets shall be valued at their then fair market value as determined by the Managers, and the Members’ capital accounts shall be adjusted accordingly, as provided for in the 704(b) Regulations. This fair market value shall be used for purposes of determining the amount of any distribution to a Member pursuant to Section
Dissolution Procedure. A. In the event of the dissolution of the Company for any reason, the Managing, Member (or, if the Managing Member is Bankrupt or dissolved, then the Non-Managing Member) shall commence to wind up the affairs of the Company and to liquidate its investments. The Member obligated to wind up the affairs of the Company as aforesaid is herein called the "WINDING-UP MEMBER," The Members shall continue to share profits, losses, gain or loss on sale or disposition, and Distributable Cash during the period of liquidation in the same manner and proportion as though the Company had not dissolved.
Dissolution Procedure. 16.2.1 Upon the occurrence of an Event of Dissolution and following the delivery of a written request from one Party to the others, the Parties shall act in good faith, take all the necessary actions, submit all the necessary filings and fully cooperate for the purpose of dissolving and liquidating the Company.
Dissolution Procedure. SECTION 16.A.1
Dissolution Procedure. (a) Upon dissolution of the Company, the Operator shall promptly wind up the affairs of the Company, liquidate and discharge or provide for all debts and liabilities of the Company and distribute the remaining assets in accordance with the Act and this Agreement. The Operator shall use reasonable efforts to complete the winding up within one (1) year of dissolution.
