Common use of Distribution Upon Termination Clause in Contracts

Distribution Upon Termination. Upon the dissolution and termination of the Company, the Managers shall take full account of the Company's assets and liabilities, the assets shall be liquidated as promptly as is consistent with obtaining fair value therefor, and the proceeds therefrom, to the extent sufficient therefor, shall be applied and distributed in the following order:

Appears in 3 contracts

Samples: Operating Agreement (Sparking Events, Inc.), Operating Agreement (Sparking Events, Inc.), Operating Agreement (Sparking Events, Inc.)

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Distribution Upon Termination. Upon the dissolution and termination of the Company, the Managers shall take full account of the Company's assets and liabilities, the assets shall be liquidated (subject to Section 10.4 hereof) as promptly as is consistent with obtaining fair value therefor, and the proceeds therefrom, to the extent sufficient therefor, shall be applied and distributed in the following order:

Appears in 1 contract

Samples: Operating Agreement (Cavalier Holdings, Inc.)

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