Common use of Liquidation Procedures Clause in Contracts

Liquidation Procedures. The Company will be dissolved only upon the written election of the Member. On dissolution of the Company, the Board of Managers will promptly wind up and terminate the business and affairs of the Company. The Member agrees to execute or cause to be executed all documents required in connection with the dissolution, termination and winding up of the Company. A reasonable period of time will be allowed for the orderly termination of the Company’s business, discharge of the Company’s liabilities and distribution or liquidation of the remaining assets so as to enable the Company to minimize the losses from the liquidation process. The Company’s property and assets and/or the proceeds from the liquidation thereof will be paid, applied and/or distributed in the following order of priority:

Liquidation Procedures. The Company will be dissolved only upon the written election of the Member. On dissolution of the Company, the Board of Managers Member will promptly wind up and terminate the business and affairs of the Company. The Member agrees to execute or cause to be executed all documents required in connection with the dissolution, termination and winding up of the Company. A reasonable period of time will be allowed for the orderly termination of the Company’s business, discharge of the Company’s liabilities and distribution or liquidation of the remaining assets so as to enable the Company to minimize the losses from the liquidation process. The Company’s property and assets and/or the proceeds from the liquidation thereof will be paid, applied and/or distributed in the following order of priority: