Procedure in Dissolution and Liquidation Sample Clauses

Procedure in Dissolution and Liquidation. (a) Upon dissolution of the Company pursuant to Section 10.02 hereof, the Managers shall immediately commence to wind up its affairs and the Managers shall proceed with reasonable promptness to liquidate the business of the Company.
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Procedure in Dissolution and Liquidation. (a) Upon the election of a Party to dissolve the Tengtu United pursuant to this agreement or upon the occurrence of any other event Tengtu United shall immediately commence to wind up its affairs and the Party shall proceed with reasonable promptness to liquidate the business of Tengtu United. To the extent the Tengtu United is not completely liquidated within a reasonable time (not to exceed 36 months) from the date of the election to dissolve, the remaining assets shall forthwith be disposed of at a public sale.
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Procedure in Dissolution and Liquidation. Upon dissolution, the Managing General Partner shall immediately proceed to wind up the Limited Partnership in an orderly and businesslike fashion. The rights and obligations of the Managing General Partner with respect to the management of the Limited Partnership shall continue in the ordinary course. Each party shall be responsible in the ordinary course for completion of all orders and work in progress. Net Profits and Net Losses shall be allocated in the ordinary course. Distributions in liquidation shall occur in the following order of priority:
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Procedure in Dissolution and Liquidation a. Upon dissolution of the Partnership pursuant to Section 8.1, the Partnership shall immediately commence to wind up its affairs, and the Partners shall proceed with reasonable promptness to liquidate the business of the Partnership.
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Procedure in Dissolution and Liquidation. Upon election to dissolve Vision 21 Plus, management shall immediately commence to wind up its affairs and proceed with reasonable promptness to liquidate business operations. During the period of the winding up of the affairs of the Company, the rights and obligations of the principal partners set forth herein with respect to the management of the Company shall continue. Management shall continue to act as such and shall make all decisions relating to the conduct of any business or operations during the winding up period and to the sale or other disposition of Company assets as provided herein. In addition, the parties agree that in the event of termination of this Agreement for whatever reason, they will
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Procedure in Dissolution and Liquidation 
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Related to Procedure in Dissolution and Liquidation

  • Dissolution and Liquidation Section 12.1 Dissolution 84 Section 12.2 Continuation of the Business of the Partnership After Dissolution 84 Section 12.3 Liquidator 85 Section 12.4 Liquidation 85 Section 12.5 Cancellation of Certificate of Limited Partnership 86 Section 12.6 Return of Contributions 86 Section 12.7 Waiver of Partition 86 Section 12.8 Capital Account Restoration 86

  • Distribution on Dissolution and Liquidation In the event of the dissolution of the Company for any reason, the business of the Company shall be continued to the extent necessary to allow an orderly winding up of its affairs, including the liquidation and termination of the Company pursuant to the provisions of this Section 7.3, as promptly as practicable thereafter, and each of the following shall be accomplished:

  • Dissolution Termination and Liquidation 30 Section 8.1. Dissolution and Termination 30 Section 8.2. Liquidator 30 Section 8.3. Liquidation of the Company 31 Section 8.4. Cancellation of Certificate of Formation 32 Section 8.5. Return of Contributions 32 Section 8.6. Waiver of Partition 32 ARTICLE IX AMENDMENT OF AGREEMENT 32 Section 9.1. General 32 Section 9.2. Super-Majority Amendments 33 Section 9.3. Amendments to be Adopted Solely by the Manager 33 Section 9.4. Certain Amendment Requirements 34

  • Dissolution Liquidation and Winding Up In the event of any voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Corporation (hereinafter referred to as a "Liquidation"), the holders of Participating Preferred Stock shall be entitled to receive the greater of (a) $10.00 per share, plus an amount equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment and (b) the aggregate amount per share equal to 1,000 times the aggregate amount to be distributed per share to holders of Common Stock (the "Participating Preferred Liquidation Preference"). In the event the Corporation shall at any time after the First Issuance declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the aggregate amount to which holders of shares of Participating Preferred Stock were entitled immediately prior to such event under the preceding sentence shall be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

  • Liquidation; Dissolution If the Company shall dissolve, liquidate or wind up its affairs, the Holder shall have the right, but not the obligation, to exercise this Warrant effective as of the date of such dissolution, liquidation or winding up. If any such dissolution, liquidation or winding up results in any cash distribution to the Holder in excess of the aggregate Exercise Price for the shares of Common Stock for which this Warrant is exercised, then the Holder may, at its option, exercise this Warrant without making payment of such aggregate Exercise Price and, in such case, the Company shall, upon distribution to the Holder, consider such aggregate Exercise Price to have been paid in full, and in making such settlement to the Holder, shall deduct an amount equal to such aggregate Exercise Price from the amount payable to Holder.

  • Liquidation; Dissolution; Bankruptcy Upon any payment or distribution of the assets of the Company to creditors upon a total or partial liquidation or a total or partial dissolution of the Company or in a bankruptcy, reorganization, insolvency, receivership or similar proceeding relating to the Company or its property:

  • Dissolution, Liquidation (a) The Company shall dissolve, and its affairs shall be wound up upon the first to occur of the following: (i) the written consent of the Member or (ii) any other event or circumstance giving rise to the dissolution of the Company under Section 18-801 of the Act, unless the Company’s existence is continued pursuant to the Act.

  • Dissolution and Winding Up The Company shall dissolve and its business and affairs shall be wound up pursuant to a written instrument executed by the Member. In such event, after satisfying creditors, all remaining assets shall be distributed to the Member.

  • Dissolution Liquidation and Termination 32 Section 13.1. No Dissolution........................................32 Section 13.2. Events Causing Dissolution............................32 Section 13.3.

  • Distributions on Dissolution and Winding Up Upon the dissolution and winding up of the Company, after adjusting the Capital Accounts for all distributions made under Section 5.01 and all allocations under Article 5, all available proceeds distributable to the Members as determined under Section 11.02 shall be distributed to all of the Members to the extent of the Members' positive Capital Account balances.

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