Common use of Winding up Affairs and Distribution of Assets Clause in Contracts

Winding up Affairs and Distribution of Assets. (a) If an event requiring the winding up of the Company occurs and is not revoked, a Person designated for this purpose by the Members (the “Liquidating Agent”), as soon as practicable shall wind up the affairs of the Company and sell and/or distribute the assets of the Company. The Liquidating Agent is expressly authorized and empowered to execute any and all documents necessary or desirable to effectuate the liquidation and termination of the Company and the transfer of any assets. The Liquidating Agent shall apply and distribute the proceeds of the sale or liquidation of the assets and property of the Company in the following order of priority, unless otherwise required by nonwaivable provisions of applicable law:

Winding up Affairs and Distribution of Assets. (a) If an event requiring the winding wind up of the Company occurs and is not revokedoccurs, a Person designated for this purpose by the Required Members (the Person so designated being called the “Liquidating Agent”), as soon as practicable shall wind up the affairs of the Company and sell and/or distribute the assets of the Company. The Liquidating Agent is expressly authorized and empowered to execute any and all documents necessary or desirable to effectuate the liquidation and termination of the Company and the transfer of any assets. The Liquidating Agent shall apply and distribute the proceeds of the sale or liquidation of the assets and property of the Company in the following order of priority, unless otherwise required by nonwaivable provisions of applicable law:

Winding up Affairs and Distribution of Assets. (a) If an event requiring the winding up of the Company occurs and is not revoked, a Person designated for this purpose by the Members (the Member, acting as “Liquidating Agent”), ,” as soon as practicable shall wind up the affairs of the Company and sell and/or distribute the assets of the Company. The Liquidating Agent is expressly authorized and empowered to execute any and all documents necessary or desirable to effectuate the liquidation and termination of the Company and the transfer of any assets. The Liquidating Agent shall apply and distribute the proceeds of the sale or liquidation of the assets and property of the Company in the following order of priority, unless otherwise required by nonwaivable provisions of applicable law: