Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company shall be distributed: (a) to creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilities; (b) to Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 days of the end of the Company's taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property (which need not be distributed proportionately) or partly in both, as determined by Approval of the Members.
Appears in 7 contracts
Sources: Operating Agreement (Beazer Homes Sales, Inc), Operating Agreement (Beazer Homes Texas Lp), Operating Agreement (Beazer Homes Texas Lp)
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a) 3.1. to creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilitiesCompany Liabilities;
(b) 3.2. to Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 days of the end of the Company's taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval of the MembersManaging Member.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement (Charter Equipment Lease 1998-1 LLC), Limited Liability Company Operating Agreement (Charter Equipment Lease 1998-1 LLC)
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a) to creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilitiesCompany Liabilities;
(b) to Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 days of the end of the Company's taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval the Managers; and
(c) notwithstanding the foregoing, the Company Property may not be liquidated without the consent of 100% of the Membersholders of the Asset-Backed Securities then outstanding.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement (Advanta Bank Corp), Limited Liability Company Operating Agreement (Advanta Bank Corp)
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a) to To creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's Company liabilities;, and
(b) to To Members in accordance with positive Capital Account capital account balances taking into account all Capital Account adjustments for the Company's ’s taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 one hundred twenty (120) days of the end of the Company's ’s taxable year or, if later, within 90 one hundred twenty (120) days after the date of liquidation. Such distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval of the Members.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (Americas Power Partners Inc)
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a1) to creditors, including Members who are creditors, to the extent and in the order permitted by law, in satisfaction of the Company's ’s liabilities;; and
(b2) to Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's ’s taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 days of the end of the Company's ’s taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval the Board of the MembersGovernors.
Appears in 1 contract
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a) to 12.3.1 To creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilitiesCompany Liabilities;
(b) to 12.3.2 To Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 sixty (60) days of the end of the Company's taxable year or, if later, within 90 ninety (90) days after the date of liquidation. Such distributions shall be in cash or property (which need not be distributed proportionately) or partly in both, as determined by Approval of the MembersManager.
Appears in 1 contract
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a) to creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilitiesCompany Liabilities;
(b) to Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 days of the end of the Company's taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval of the MembersManaging Member.
Appears in 1 contract
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a) 3.1 to creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilitiesCompany Liabilities;
(b) 3.2 to Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 days of the end of the Company's taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval of the MembersManager.
Appears in 1 contract
Sources: Operating Agreement (Advanta Business Services Corp)
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a) to To creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilitiesCompany Liabilities;
(b) to To Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 sixty (60) days of the end of the Company's taxable year or, if later, within 90 ninety (90) days after the date of liquidation. Such distributions Distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval of the MembersManaging Member(s).
Appears in 1 contract
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a) to 3.1 To creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilitiesCompany Liabilities;
(b) to 3.2 To Members in accordance with positive Capital Account balances Article IX Section 2(b) taking into account all Capital Account adjustments for the Company's taxable year in which the liquidation occurs, until such accounts are at zero. Liquidation proceeds shall be paid within 60 days of the end of the Company's taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval of the MembersManaging Member.
Appears in 1 contract
Sources: Member Control and Operating Agreement (Investors Real Estate Trust)
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company shall be distributed:
(a) to creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's ’s liabilities;
(b) to Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's ’s taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 days of the end of the Company's ’s taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property (which need not be distributed proportionately) or partly in both, as determined by Approval of the Members.
Appears in 1 contract
Sources: Limited Liability Company Agreement (Beazer Homes, LLC)
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
(a) a. to creditors, including Members who are creditors, to the extent permitted by law, in satisfaction of the Company's liabilitiesCompany Liabilities;
(b) b. to Members and Assignees in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's ’s taxable year in which the liquidation occurs. Liquidation proceeds shall be paid within 60 days of the end of the Company's ’s taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval of the MembersManagement Committee.
Appears in 1 contract
Sources: Joint Venture Limited Liability Company Agreement (Tri-S Security Corp)
Distribution of Assets on Dissolution. Upon the winding up of the Company, the assets of the Company Property shall be distributed:
3.1 to the Noteholders (aso long as such Noteholders are not Affiliates of the Company) to creditorsand other creditors of the Company, including the Members who are creditors, (if it is a creditor) to the extent permitted by law, in satisfaction of Company Liabilities and the Company's liabilities;balance, if any.
(b) 3.2 to Members in accordance with positive Capital Account balances taking into account all Capital Account adjustments for the Company's taxable year in which the liquidation occursMember. Liquidation proceeds shall be paid within 60 days of the end of the Company's taxable year or, if later, within 90 days after the date of liquidation. Such distributions shall be in cash or property Property (which need not be distributed proportionately) or partly in both, as determined by Approval of the Members.or
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