Liquidating Managers definition

Liquidating Managers. As defined in Section 10.03.
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Examples of Liquidating Managers in a sentence

  • The fair market value of such asset shall be determined by the Liquidating Managers or by the Members, or, if any Member objects, by a mutually agreeable independent appraiser (any such appraiser must be recognized as an expert in valuing the type of asset involved) selected by the Liquidating Managers and approved by the Members.

  • The Liquidating Managers by vote of a majority‑in‑number if not all Managers are Members or by vote of a majority‑in‑interest if all Liquidating Managers are Members shall take full account of the liabilities of the Company and its assets.

  • The Liquidating Managers shall cause to be filed in the office of, and on a form prescribed by, the Delaware Secretary of State, a certificate of cancellation of the articles upon the completion of the winding up of the affairs of the Company.

  • The Liquidating Managers shall cause the Company's assets either to be sold as promptly as is consistent with obtaining the fair market value thereof, or to be distributed among the Members.

  • If the Liquidating Managers sell the Company's assets, the Liquidating Managers shall cause the proceeds from the sale to be applied and distributed as provided in Section 10.05.

  • The Managers or, if none, the Members by vote of a majority interest of Members, shall be responsible for overseeing the winding up and liquidation of the Company ("Liquidating Managers").