Involuntary Dissolution. Any order, judgment or decree shall be entered against the Borrower or any of its Material Subsidiaries decreeing the dissolution or split up of the Borrower or any of its Material Subsidiaries and such order shall remain undischarged or unstayed for a period in excess of 60 days; or
Involuntary Dissolution. The Company shall not be dissolved upon the occurrence of the following:
Involuntary Dissolution. In the event of an involuntary dissolution, each Member shall be entitled to receive the distribution of such Property as is licensed to such Member in accordance with the terms of such Member’s License, subject to the rights and restrictions applicable to the Property set forth in Sections 3, 4, 6.3, 6.4, 6.5, 6.6, 6.7 and 7.3 of such License, provided, however, that such restrictions shall terminate to the extent and upon the occurrence of any event or circumstances that would have terminated such restrictions pursuant to the applicable License.
Involuntary Dissolution. If any party is in default of any of the terms of this Agreement and fails for sixty
Involuntary Dissolution. If any party is in default of any of the terms of this Agreement and fails for thirty (30) days after notice therefor to cure such default, then the co-owners who are not in default may initiate dissolution proceedings. In this event, the dissolution shall be considered involuntary, and the non-defaulting parties shall be considered as the remaining co-owners, and the co-owner who is in default shall be considered the retiring co-owner, for the purposes of the procedure set out above in ARTICLE 45, "Voluntary Withdrawal."
Involuntary Dissolution. If any party is in default of any of the terms of this Agreement and fails for thirty (30) days after written notice therefore to cure such default, then the Co-owners who are NOT in default may initiate dissolution proceedings. In this event, the dissolution shall be considered involuntary, and the non-defaulting parties shall be considered as the remaining Co-owners, and the Co-owner who is in default shall be considered the retiring Co-owner. To cause an involuntary dissolution for a default of any of the terms of this Agreement the remaining Co-owners only requirement is to notify the retiring Co-owner by mail accompanied by a check for his/her entire Equity balance adjusting it to zero ($0.00) dollars activating ARTICLE 16, “Surrender Ownership Agreement”. Co-owners agree that their Loan/ Equity balance is the Entire sales price and amount the retiring Co-owner is due without regard to the aircrafts actual market value including any appreciation. In the event the Co-owners percentage of the aircraft’s fair market value is less than the retiring Co-owners Equity then ARTICLE 24, “Sale below Equity Value” will be used to calculate the amount owed. In lieu of a bona-fide offer to purchase: Co-owners agree that in the event the Co-owner’s percentage of the aircraft’s market value is worth less than retiring Co-owner’s Equity balance then the remaining Co-owners have the right to sell or buy retiring Co-owner’s share at fair market value. Co-owners agree they will determine fair market value by calculating: Find three (3) or less sales of the same or nearly identical Aircraft that have recently SOLD. These Aircraft must be as close as possible to the item to be valued in likeness, physical condition, age and equipment. Average the previous sales prices of the three or more similar Aircraft by adding all the prices and dividing by the number of Aircraft. For example, if three similar or identical Aircraft are used to determine an unsold Aircraft’s value, add the three previous sales prices and divide by three. Consider the resulting average to be the base value of the unsold Aircraft. Adjust for any unique element of the Aircraft to be valued that cannot be found in a recently sold similar Aircraft. For example, adjust the base price downward for physical damage, adjust upward if the unsold Aircraft is an early number in a series or has a more expensive or less time on the engine. The adjusted price is the fair market value of the Aircraft. When no sales ca...
Involuntary Dissolution. 46 SECTION 7.11. ERISA Event................................................ 47
Involuntary Dissolution. 14 Section 11.3.
Involuntary Dissolution. The Company may be involuntarily dissolved, and wound up, in accordance with law, and to the fullest extent permitted thereby full effect will be accorded to the provisions of Section 11.4 hereof.
Involuntary Dissolution. In the event involuntary dissolution ----------------------- proceedings are commenced, for whatever reason, against the Corporation, the rights and obligations of Hospital and IMS as well as the procedures governing such involuntary dissolution and winding up of the Corporation shall be as is provided in the Articles and the Colorado Corporations Code, as amended.
