Common use of Cash Distributions Upon Dissolution Clause in Contracts

Cash Distributions Upon Dissolution. Upon the dissolution of the Company as a result of the occurrence of any of the events set forth in Section 8.01, the Board of Directors shall proceed to wind up the affairs of and liquidate the Company and the liquidation proceeds, if any, shall be applied and distributed in the following order of priority: (a) First, to the payment of debts and liabilities of the Company in the order of priority as provided by law (including any loans or advances that may have been made by the Member to the Company) and the expenses of liquidation; (b) Second, to the establishment of any reserve which the Board of Directors may deem reasonably necessary for any contingent, conditional or unasserted claims or obligations of the Company; and (c) Finally, the remaining balance of the liquidation proceeds, if any, to the Member.

Cash Distributions Upon Dissolution. Upon the dissolution of the Company as a result of the occurrence of any of the events set forth in Section 8.01, the Board of Directors Managers shall proceed to wind up the affairs of and liquidate the Company and the liquidation proceeds, if any, shall be applied and distributed in the following order of priority: (a) First, to the payment of debts and liabilities of the Company in the order of priority as provided by law (including any loans or advances that may have been made by the Member to the Company) and the expenses of liquidation; (b) Second, to the establishment of any reserve which the Board of Directors Managers may deem reasonably necessary for any contingent, conditional or unasserted claims or obligations of the Company; and (c) Finally, the remaining balance of the liquidation proceeds, if any, to the Member.

Cash Distributions Upon Dissolution. Upon the dissolution of the Company as a result of the occurrence of any of the events set forth in Section 8.01, the Board of Directors Member shall proceed to wind up the affairs of and liquidate the Company and the liquidation proceeds, if any, shall be applied and distributed in the following order of priority: (a) First, to the payment of debts and liabilities of the Company in the order of priority as provided by law (including any loans or advances that may have been made by the Member to the Company) and the expenses of liquidation; (b) Second, to the establishment of any reserve which the Board of Directors Member may deem reasonably necessary for any contingent, conditional or unasserted claims or obligations of the Company; and (c) Finally, the remaining balance of the liquidation proceeds, if any, to the Member.