Liquidation and Distribution of Assets. Manager, a successor in interest to Manager designated in writing by Member, or in the event of the failure of Manager or any such successor to serve, a court appointed trustee, shall be responsible for overseeing the winding up and liquidation of the Company and shall take full account of the Company’s liabilities and assets upon a Dissolution Event. Any assets not required to discharge any liabilities of the Company shall be distributed to Member. Upon the completion of the winding up, liquidation, and distribution of the Company’s assets the Company shall be deemed terminated. The Company shall comply with any applicable requirements of the Act pertaining to the winding up of the affairs of the Company and the final distribution of its assets.
Appears in 3 contracts
Samples: Operating Agreement (Meritage Homes of California, Inc.), Operating Agreement (Meritage Homes of California, Inc.), Operating Agreement (Meritage Homes of California, Inc.)
Liquidation and Distribution of Assets. ManagerMeritage, a successor in interest to Manager Meritage designated in writing by Member, or in the event of the failure of Manager Meritage or any such successor to serve, a court appointed trustee, shall be responsible for overseeing the winding up and liquidation of the Company and shall take full account of the Company’s liabilities and assets upon a Dissolution Event. Any assets not required to discharge any liabilities of the Company shall be distributed to Member. Upon the completion of the winding up, liquidation, and distribution of the Company’s assets the Company shall be deemed terminated. The Company shall comply with any applicable requirements of the Act pertaining to the winding up of the affairs of the Company and the final distribution of its assets.
Appears in 2 contracts
Samples: Operating Agreement (Meritage Homes of Florida Realty LLC), Operating Agreement (Meritage Homes of California, Inc.)
