Common use of Application of Liquidation Proceeds Clause in Contracts

Application of Liquidation Proceeds. The proceeds of sale and all other assets of the Company shall be applied and distributed in the following order of priority: (1) to the payment of the expenses of liquidation and the debts and liabilities of the Company, other than debts and liabilities owed to the Member; (2) to the payment of debts and liabilities owed to the Member; (3) to the setting up of any reserves which the Liquidating Agent may deem necessary or desirable for any contingent or unforeseen liabilities or obligations of the Company, provided, any balance of such reserve, at the expiration of such period as the Liquidating Agent shall deem advisable, shall be distributed in the manner herein provided; and (4) to the Member.

Application of Liquidation Proceeds. The proceeds of sale and all other assets of the Company shall be applied and distributed in the following order of priority: (1) to the payment of the expenses of liquidation and the debts and liabilities of the Company, other than debts and liabilities owed to the Member; (2) to the payment of debts and liabilities owed to the Member; (3) to the setting up of any reserves which the Liquidating Agent may deem necessary or desirable for any contingent or unforeseen liabilities or obligations of the Company, provided, any balance of such reserve, at the expiration of such period as the Managing Member or Liquidating Agent shall deem advisable, shall be distributed in the manner herein provided; and (4) to the Member.

Application of Liquidation Proceeds. The proceeds of sale and all other assets of the Company shall be applied and distributed in the following order of priority: (1) to the payment of the expenses of liquidation and the debts and liabilities of the Company, other than debts and liabilities owed to the a Member; (2) to the payment of debts and liabilities owed to the a Member; (3) to the setting up of any reserves which the Liquidating Agent may deem necessary or desirable for any contingent or unforeseen liabilities or obligations of the Company, provided, any balance of such reserve, at the expiration of such period as the Managers or Liquidating Agent shall deem advisable, shall be distributed in the manner herein provided; and (4) to the MemberMembers pro rata in proportion to the Company Interests.

Application of Liquidation Proceeds. The proceeds of sale and all other assets of the Company shall be applied and distributed in the following order of priority: (1) to the payment of the expenses of liquidation and the debts and liabilities of the Company, other than debts and liabilities owed to the a Member; (2) to the payment of debts and liabilities owed to the a Member;, (3) to the setting up of any reserves which the Liquidating Agent may deem necessary or desirable for any contingent or unforeseen liabilities or obligations of the Company, provided, any balance of such reserve, at the expiration of such period as the Managers or Liquidating Agent shall deem advisable, shall be distributed in the manner herein provided; and (4) to the MemberMembers pro rata in proportion to the Company Interests.