Common use of Liquidating Agent Clause in Contracts

Liquidating Agent. Upon dissolution of the Company, the Board of Managers shall act in liquidation of the Company. The Board of Managers may, in their discretion, sell the assets of the Company or they may distribute all or any part of the assets in kind. Should the Board of Managers elect to distribute assets in kind, the assets shall be treated as if sold for their respective Fair Market Values during the year in which the assets are distributed, as reasonably determined by the Board of Managers, and the Capital Accounts of the Members shall be adjusted to reflect any gain or loss which would have been realized had the assets been sold for their respective Fair Market Values and the proceeds received, it being intended that no different treatment of a Member shall result from a decision to distribute assets in kind rather than to sell assets. Net Profits and Net Losses realized during liquidation shall be credited and charged to the Members in the same shares and proportions as if realized during the year in which liquidation occurs.

Liquidating Agent. Upon dissolution of the Company, the Board of Managers Liquidating Agent shall act in liquidation of to liquidate the Company. The Board of Managers mayLiquidating Agent shall have the authority, in their its discretion, to sell the assets of the Company or they may distribute all or any other part of the assets in kind. Should To the Board of Managers elect to distribute extent the Liquidating Agent distributes assets in kind, the assets shall be treated as if sold for their respective Fair Market Values fair market value during the year in which the assets are distributed, as reasonably determined by the Board of ManagersLiquidating Agent, and the Capital Accounts of the Members shall be adjusted to reflect any gain or loss which would have been realized had the assets been sold for their respective Fair Market Values fair market value and the proceeds received, it being intended that no different treatment of a Member shall result from a decision to distribute assets in kind rather than to sell assets. Net Profits and Net Losses realized during liquidation shall be credited and charged to the Members in the same shares and proportions as if realized during the year in which liquidation occurs.

Liquidating Agent. Upon dissolution of the Company, the Board of Managers shall act in liquidation of to liquidate the Company. The Board of Managers may, in their discretionits discretion (as determined by a Majority in Interest of Members), sell the assets of the Company or they may distribute all or any part of the assets in kind. Should the Board of Managers elect to distribute assets in kind, the assets shall be treated as if sold for their respective Fair Market Values fair market value during the year in which the assets are distributed, as reasonably determined by the Board of Managers, and the Capital Accounts of the Members shall be adjusted to reflect any gain or loss which would have been realized had the assets been sold for their respective Fair Market Values fair market value and the proceeds received, it being intended that no different treatment of a Member shall result from a decision to distribute assets in kind rather than to sell assets. Net Profits and Net Losses realized during liquidation shall be credited and charged to the Members in the same shares and proportions as if realized during the year in which liquidation occurs.