Common use of DISTRIBUTION OF PROCEEDS ON LIQUIDATION Clause in Contracts

DISTRIBUTION OF PROCEEDS ON LIQUIDATION. Section 13.1. Upon dissolution, winding up and liquidation of the Company, the assets of the Company shall be liquidated and distributed in the following order of priority: (i) The claims of creditors other than the Member shall first be satisfied and reserves established as deemed necessary or desirable by the Company; (ii) All outstanding debts and liabilities owing to the Member shall be repaid; then (iii) To the Member in accordance with Section 7.3 hereof. Section 13.2. The Company may be liquidated by either (i) selling the Company assets and distributing the net proceeds therefrom in the manner provided in Section 12.1 and/or (ii) by distributing the assets to the Member. The choice and relative values of the property or money so distributed to the Member, shall be determined by the Member. Section 13.3. Distributions made pursuant to this Article XIII may be distributed to a trust established for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or the Member arising out of or in connection with the Company. The assets of any such trust shall be distributed to the Member from time to time, in the discretion of the Member, in the same proportion as the amount distributed to such trust by the Company would otherwise have been distributed to the Member pursuant to this Operating Agreement.

DISTRIBUTION OF PROCEEDS ON LIQUIDATION. Section 13.112.1. Upon dissolution, winding up and liquidation of the Company, the assets of the Company shall be liquidated and distributed in the following order of priority: (i) The claims of creditors other than the Member Members shall first be satisfied and reserves established as deemed necessary or desirable by the Company; (ii) All outstanding debts and liabilities owing to the Member Members shall be repaid; then (iii) To the Member Members in accordance with Section 7.3 hereofproportion to each Member’s Membership Interest. Section 13.212.2. The Company may be liquidated by either (i) selling the Company assets and distributing the net proceeds therefrom in the manner provided in Section 12.1 and/or (ii) by distributing the assets to the Members in proportion to each Member’s Membership Interest. The choice and relative values of the property or money so distributed to the MemberMembers, shall be reasonably determined by the Controlling Member. Section 13.312.3. Distributions made pursuant to this Article XIII XII may be distributed to a trust established for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or the Member Members arising out of or in connection with the Company. The assets of any such trust shall be distributed to the Member Members from time to time, in the discretion of the MemberMembers, in the same proportion as the amount distributed to such trust by the Company would otherwise have been distributed to the Member Members pursuant to this Operating Agreement.

DISTRIBUTION OF PROCEEDS ON LIQUIDATION. Section 13.114.1. Upon dissolution, winding up and liquidation of the Company, the assets of the Company shall be liquidated and distributed in the following order of priority: (i) The claims of creditors other than the Member shall first be satisfied and reserves established as deemed necessary or desirable by the Company; (ii) All outstanding debts and liabilities owing to the Member shall be repaid; then (iii) To the Member in accordance with Section 7.3 hereof. Section 13.214.2. The Company may be liquidated by either (i) selling the Company assets and distributing the net proceeds therefrom in the manner provided in Section 12.1 14.1 and/or (ii) by distributing the assets to the Member. The choice and relative values of the property or money so distributed to the Member, shall be determined by the Member. Section 13.314.3. Distributions made pursuant to this Article XIII XIV may be distributed to a trust established for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or the Member arising out of or in connection with the Company. The assets of any such trust shall be distributed to the Member from time to time, in the discretion of the Member, in the same proportion as the amount distributed to such trust by the Company would otherwise have been distributed to the Member pursuant to this Operating Agreement.

DISTRIBUTION OF PROCEEDS ON LIQUIDATION. Section 13.1. Upon dissolution, winding up and liquidation of the Company, the assets of the Company shall be liquidated and distributed in the following order of priority: (i) The claims of creditors other than the Member shall first be satisfied and reserves established as deemed necessary or desirable by the Company; (ii) All outstanding debts and liabilities owing to the Member shall be repaid; then (iii) To the Member in accordance with Section 7.3 hereof. Section 13.2. The Company may be liquidated by either (i) selling the Company assets and distributing the net proceeds therefrom in the manner provided in Section 12.1 13.1 and/or (ii) by distributing the assets to the Member. The choice and relative values of the property or money so distributed to the Member, shall be determined by the Member. Section 13.3. Distributions made pursuant to this Article XIII may be distributed to a trust established for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or the Member arising out of or in connection with the Company. The assets of any such trust shall be distributed to the Member from time to time, in the discretion of the Member, in the same proportion as the amount distributed to such trust by the Company would otherwise have been distributed to the Member pursuant to this Operating Agreement.

DISTRIBUTION OF PROCEEDS ON LIQUIDATION. Section 13.112.1. Upon dissolution, winding up and liquidation of the Company, the assets of the Company shall be liquidated and distributed in the following order of priority: (i) The claims of creditors other than the Member Members shall first be satisfied and reserves established as deemed necessary or desirable by the Company; (ii) All outstanding debts and liabilities owing to the Member Members shall be repaid; then (iii) To the Member Members in accordance with Section 7.3 hereofproportion to each Member’s Membership Interest. Section 13.212.2. The Company may be liquidated by either (i) selling the Company assets and distributing the net proceeds therefrom in the manner provided in Section 12.1 and/or (ii) by distributing the assets to the Members in proportion to each Member’s Membership Interest. The choice and relative values of the property or money so distributed to the MemberMembers, shall be reasonably determined by the MemberMembers. Section 13.312.3. Distributions made pursuant to this Article XIII XII may be distributed to a trust established for the purposes of liquidating Company assets, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or the Member Members arising out of or in connection with the Company. The assets of any such trust shall be distributed to the Member Members from time to time, in the discretion of the MemberMembers, in the same proportion as the amount distributed to such trust by the Company would otherwise have been distributed to the Member Members pursuant to this Operating Agreement.