Procedure and Distribution Sample Clauses

The "Procedure and Distribution" clause outlines the steps and methods by which certain actions or payments are to be carried out and how resulting funds or assets are allocated among parties. Typically, this clause specifies the process for handling distributions, such as the order of payments, timing, and any conditions that must be met before distribution occurs. Its core practical function is to ensure transparency and fairness in the execution of procedures and the division of assets, thereby minimizing disputes and confusion among involved parties.
Procedure and Distribution. Upon the dissolution of the LLC, the President shall proceed to liquidate the assets of the LLC, which may be by the sale of all or substantially all of the assets of the LLC in a single transaction or a related series of transactions (subject to the prior Approval of the Executive Committee and of a Supermajority in Interest as provided in Subsection 4.6(g) above) and wind up its affairs and the proceeds of such liquidation shall be applied and distributed in the following order of priority: a. To the expenses of liquidation; b. To the repayment of the debts and liabilities of the LLC, excluding any debts or liabilities owing to a Member; c. To the establishment of any reserves which the Executive Committee deems necessary for any contingent or unforeseen liabilities of the LLC, or of the Members, arising out of or in connection with the LLC; d. To the repayment of the liabilities of the LLC owning to any Member, including any Additional Contributions on which interest is payable pursuant to Section 3.2 above; e. To any Member whose Capital Account as a fraction of the total of all Members’ Capital Accounts exceeds such Member’s Percentage Interest in the LLC in the amount necessary to reduce its Capital Account so that as a fraction of the total of all Members’ Capital Accounts it equals such Member’s Percentage Interest in the LLC; and f. Any remaining proceeds, including any reserves when no longer required or so much thereof as shall remain, shall be allocated and distributed to the Members in accordance with their Percentage Interests.
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Procedure and Distribution. 35 10.4.2 Negative Capital Account....................................36 10.4.3 Time Period of Liquidation..................................36 10.4.4 Non-Cash Assets.............................................36 10.5
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Procedure and Distribution. Upon the dissolution of the LLC, the CEO shall proceed to liquidate the assets of the LLC, which may be by the sale of all or substantially all of the assets of the LLC in a single transaction or a related series of transactions (subject to the prior Approval of the Executive Committee as provided in Subsection 4.8(g) above) and wind up its affairs and the proceeds of such liquidation shall be applied and distributed in the following order of priority:
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Procedure and Distribution. 35 10.4.2 Negative Capital Account....................................36 10.4.3 Time Period of Liquidation..................................36 10.4.4 Non-Cash Assets.............................................36 10.5
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Related to Procedure and Distribution

  • Printing and Distribution of Agreement The Medical Center and the Association shall equally share expenses for the printing of an adequate supply of copies of this Agreement. The Medical Center will make available a suitable number of copies of the Agreement on each nursing unit following the Association’s delivery of the printed copies to the Medical Center.

  • Printing and Distribution The School District will, at its own expense, print sufficient copies of this Agreement for present and new employees.

  • Sales and Distribution It is understood that as between the Parties, the Commercializing Party shall be solely responsible for handling all returns, order processing, invoicing and collection, distribution, and receivables for Licensed Products in the applicable territory and indication.

  • Notification and Distribution of Materials The Company shall notify the Holders in writing of the effectiveness of the Resale Shelf Registration Statement as soon as practicable, and in any event within one (1) Business Day after the Resale Shelf Registration Statement becomes effective, and shall furnish to them, without charge, such number of copies of the Resale Shelf Registration Statement (including any amendments, supplements and exhibits), the Prospectus contained therein (including each preliminary prospectus and all related amendments and supplements) and any documents incorporated by reference in the Resale Shelf Registration Statement or such other documents as the Holders may reasonably request in order to facilitate the sale of the Registrable Securities in the manner described in the Resale Shelf Registration Statement.

  • LIQUIDATION AND DISTRIBUTION On or as soon after the Closing Date as is conveniently practicable: (a) the Acquired Fund will distribute in complete liquidation of the Acquired Fund, pro rata to its shareholders of record, determined as of the close of business on the Closing Date (the "Acquired Fund Shareholders"), all of the Acquiring Fund Shares received by the Acquired Fund pursuant to paragraph 1.1; and (b) the Acquired Fund will thereupon proceed to dissolve and terminate as set forth in paragraph 1.8 below. Such distribution will be accomplished by the transfer of Acquiring Fund Shares credited to the account of the Acquired Fund on the books of the Acquiring Fund to open accounts on the share records of the Acquiring Fund in the name of the Acquired Fund Shareholders, and representing the respective pro rata number of Acquiring Fund Shares due such shareholders. All issued and outstanding shares of the Acquired Fund (the "Acquired Fund Shares") will simultaneously be canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing Acquiring Fund Shares in connection with such transfer. After the Closing Date, the Acquired Fund shall not conduct any business except in connection with its termination.