Common use of Application of Assets Clause in Contracts

Application of Assets. In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs in an orderly manner. The assets of the Company shall be applied first, as required by Section 18-804(a)(1) of the Act, and then in the manner, and in the order of priority, set forth in Section 4.3. Notwithstanding anything in this Agreement to the contrary, in the event the Company is liquidated within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g), liquidation distributions shall be made by the end of the taxable year in which the Company liquidates or, if later, within ninety (90) days of the date of such liquidation. Distributions may be made to a trust for the purposes of an orderly liquidation of the Company by the trust in accordance with the Act.

Application of Assets. In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner. The ), and the assets of the Company shall be applied applied, first, as required by Section 18-804(a)(1) of the Act, and then in the manner, and in the order of priority, set forth in Section 4.3Article 5. Notwithstanding anything in this Agreement herein to the contrary, in the event the Company is liquidated within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g), liquidation distributions shall be made by the end of the taxable year in which the Company liquidates or, if later, within ninety (90) days of the date of such liquidation. Distributions may be made to a trust for the purposes of an orderly liquidation of the Company by the trust in accordance with the Act.