Distribution of Net Proceeds. The Members shall continue to divide Net Profits and Net Losses and Available Cash Flow during the winding-up period in the same manner and the same priorities as provided for in Articles IV and V hereof. The proceeds from the liquidation of Property shall be applied in the following order:
(i) To creditors other than Members in the order of priority provided by law; then
(ii) To creditors who are Members in order of priority, except amounts owed to Members on account of their Capital Contributions; then
(iii) To the Members as provided in Section 5.2 hereof. Where the distribution pursuant to this Section 9.5 consists both of cash (or cash equivalents) and non-cash assets, the cash (or cash equivalents) shall first be distributed, in a descending order, to fully satisfy each category starting with the most preferred category set forth above. In the case of non-cash assets, the distribution values are to be based on the fair market value thereof as determined in good faith by the liquidator, and the shortest maturity portion of such non-cash assets (e.g., notes or other indebtedness) shall, to the extent such non-cash assets are readily divisible, be distributed, in a descending order, to fully satisfy each category above, starting with the most preferred category.
Distribution of Net Proceeds. The Members shall continue to allocate Profits and Losses and distribute Available Cash and Net Capital Transaction Proceeds during the winding-up period in the same manner and the same priorities as provided for in Articles 4 and 5 hereof. The proceeds from the liquidation of LLC Property shall be applied in the following order:
11.4.1 to the payment of creditors (other than to Members on account of their Capital Contributions or Member Loans), in the order of priority as provided by law;
11.4.2 to the establishment of such Reserves that the Administrative Member reasonably deems necessary, appropriate or desirable for any contingent or unforeseen liabilities, debts or obligations of the LLC and its Subsidiaries arising out of or in connection with the LLC operations; and
11.4.3 to the Members in accordance with the positive balance in their respective Capital Accounts, as determined after taking into account all adjustments to Capital Accounts for the LLC’s taxable year during which the liquidation occurs, by the end of such taxable year or, if later, within ninety (90) days after the date of such liquidation, and the distribution provisions in Section 5.1 hereof. For purposes of the application of this Section 11.4.3 and determining Capital Accounts on liquidation, all unrealized gains, losses and accrued income and deductions of the LLC will be treated as realized and recognized immediately before the date of the distribution. Where the distribution pursuant to this Section 11.4 consists both of cash (or cash equivalents) and non-cash assets, the cash (or cash equivalents) shall first be distributed, in a descending order, to fully satisfy each category starting with the most preferred category above. In the case of non-cash assets, the distribution values are to be based on the fair market value thereof as determined in good faith by the Administrative Member, and the shortest maturity portion of such non-cash assets (e.g., notes or other indebtedness) shall, to the extent such non-cash assets are readily divisible, be distributed, in a descending order, to fully satisfy each category above, starting with the most preferred category.
Distribution of Net Proceeds. The Members shall continue to allocate Net Profits and Losses and Available Cash Flow during the winding-up period in the same manner and the same priorities as provided in ARTICLES 3. The proceeds from the Liquidation shall be applied in the following order:
10.4.1 To the repayment of creditors, in the order of priority as provided by law, except to Members on account of their contributions;
10.4.2 To the repayment of loans or advances that may have been made by any of the Members or their Principals for working capital or other requirements of Palace;
10.4.3 For the first three years of operation only, to the repayment to Low of all sums in his capital account;
10.4.4 For the first three years of operation only, to the repayment to CRC of all sums in its capital account;
10.4.5 To the Members in accordance with the positive balances in their Capital Accounts after adjustments for all allocations of Net Profits and Net Loss. Where the distribution pursuant to SECTION 10.4 consists both of cash (or cash equivalents) and non-cash assets, the cash (or cash equivalents) shall first be distributed, in a descending order, to fully satisfy each category starting with the most preferred category above. In the case of noncash assets, the distribution values are to be based on the fair market value thereof as determined in good faith by the liquidator, and the shortest maturity portion of such non-cash assets (e.g., notes or other indebtedness) shall, to the extent such non-cash assets (e.g., sets are readily divisible, be distributed, in a descending order, to fully satisfy each category above, starting with the most preferred category.
Distribution of Net Proceeds. The Members shall continue to divide Net Profits and Losses and Available Cash Flow during the winding-up period in the same manner and the same priorities as provided for in Articles 4 and 5 hereof. The proceeds from the liquidation of Property shall be applied in the following order:
10.4.1 To the payment of creditors, in the order of priority as provided by law, except to Members on account of their contributions;
10.4.2 To the payment of loans or advances that may have been made by any of the Members or their Principals for working capital or other requirements of the LLC;
10.4.3 To the Members in accordance with the positive balances in their Capital Accounts after adjustments for all allocations of Net Profits and Net Loss. Where the distribution pursuant to this Section 104 consists both of cash (or cash equivalents) and non-cash assets, the cash (or cash equivalents) shall first be distributed, in a descending order, to fully satisfy each category starting with the most preferred category above. In the case of noncash assets, the distribution values are to be based on the fair market value thereof as determined in good faith by the liquidator, and the shortest maturity portion of such non-cash assets (e.g., notes or other indebtedness) shall, to the extent such non-cash assets are readily divisible, be distributed, in a descending order, to fully satisfy each category above, starting with the most preferred category.
Distribution of Net Proceeds. The Members shall continue to distribute Available Cash and Net Capital Proceeds during the winding-up period in the same manner and the same priorities as provided for in Article 5. Subject to the Act, the proceeds from the liquidation of Company Property shall be applied in the following order:
11.4.1 to the payment of creditors, in the order of priority as provided by law;
11.4.2 to the establishment of such reserves that the Manager may reasonably deem necessary, appropriate or desirable for any contingent or unforeseen liabilities, debts or obligations of the Company arising out of or in connection with the Company operations; and
11.4.3 in the same manner and order as is set forth in Section 5.1.2. It is expressly understood and agreed that a reasonable time shall be allowed for the orderly liquidation of the assets of the Company and the satisfaction of claims against the Company so as to enable the Manager to minimize the losses that may result from a liquidation.
Distribution of Net Proceeds. Upon the occurrence of any of the events specified above and the completion of the winding up all LLC business and affairs, the assets of the LLC shall be promptly liquidated and distributed in the following order:
(a) To the payment of creditors, excluding the Member, in the order of priority as provided by law;
(b) To the payment of loans or advances made by the Member;
(c) To the Member. Where the distribution consists both of cash and noncash assets, the cash shall be distributed first, in descending order, to the above categories. With respect to the noncash assets, which distribution values are to be based on the fair market value of the noncash asset as determined in good faith by the liquidator, the liquidator may sell the noncash assets and distribute the cash proceeds or distribute the assets in kind, in descending order, to the above categories.
Distribution of Net Proceeds. 1. Distributions of Net Proceeds to the Parties shall be accounted for, and made, within 30 days of each 6 month cycle. Company will deliver to Artist, with each semi- annual distribution of Net Proceeds, a semi-annual accounting of the sales, the sales proceeds, and New Project Costs, related to the marketing, distribution, and sales, of the New Project during the previous period.
2. Each of the Parties shall be entitled to a semi-annual distribution, equal in amount to 50% of the Net Proceeds.
Distribution of Net Proceeds. Dalhousie shall provide the Inventors with an annual report regarding its Protection and Commercialization efforts and the Gross Revenues received, Direct Costs incurred and Net Proceeds in connection with the Intellectual Property during each fiscal year of Dalhousie. Dalhousie shall retain 50% of the Net Proceeds for each such fiscal year and shall pay 50% of the Net Proceeds for each such fiscal year, within 6 months of the end of such fiscal year, to Inventors and, at the direction of the Inventors, to such other individuals with whom the Inventors wish to share the Net Proceeds, in accordance with Schedule “B”.
Distribution of Net Proceeds. For as long as the Investor owes any amounts to the Owner, all Gross Proceeds shall be paid to Servicer. Every 45 days Servicer shall disburse to the Investor an amount equal to the Net Proceeds over the preceding billing period reduced by any Standard Expenses incurred by Owner or Servicer or amounts otherwise due under this Agreement. Initial here: to confirm you agree to the foregoing provision.
Distribution of Net Proceeds. During the winding-up period, the Members shall continue to divide Net Profits and Losses and Available Cash Flow in the same manner and the same priorities as provided for in Articles IV and V hereof. The proceeds from the liquidation of Property shall be applied in the following order:
(a) To the payment of creditors (including expenses of winding up and payments to any present or former Members who have made loans or advances to the LLC) in the order of priority as provided by law;
(b) To the Members in accordance with the positive balance in their respective Capital Accounts after adjustments for all allocations of Net Profits and Net Loss during the Fiscal Year in which dissolution of the LLC occurs. Notwithstanding the provisions of Section 4.1 of the Agreement, Net Profits and Net Loss of the LLC resulting from the sale or other disposition of all or substantially all of the LLC assets or otherwise associated with the liquidation of the LLC shall be allocated in a manner designed, to the extent possible, to cause the Capital Account balance of each Member to equal the amount that would be distributed to such Member if all of the LLC Assets were distributed to the Members in accordance with their respective Percentage Interests at the time of the distribution.
