Common use of Distribution of Assets Upon Dissolution Clause in Contracts

Distribution of Assets Upon Dissolution. In settling accounts after dissolution, the liabilities of the Company shall be entitled to payment in the following order:

Appears in 15 contracts

Samples: Operating Agreement (Strategic Realty Trust, Inc.), Operating Agreement (Strategic Realty Trust, Inc.), Operating Agreement (Rainbow Casino-Vicksburg Partnership, L.P.)

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Distribution of Assets Upon Dissolution. In settling accounts after dissolution, the liabilities of the Company shall be entitled to payment in the following order:order of priority as provided by law in satisfaction of all liabilities and obligations of the Company whether by payment or the establishment of reasonable reserves therefor. The remaining assets of the Company shall be distributed to the Members in accordance with Section 11.3(c).

Appears in 1 contract

Samples: Operating Agreement (Tivoli Industries Inc)

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