Distribution of XXXX Xxxxx 0 Assets. (i) Subject to Section 10.3(ii) below, upon completion of the winding- up procedure set forth in Section 10.2 above, the Enterprise Board, with the assistance of the winding-up agent, shall distribute the cash or cash equivalents held by the Enterprise in the following manner and order:
(A) To cover any expenses incurred as a result of the winding- up procedures set forth in Section 10.2;
(B) To maintain a reserve fund as the Enterprise Board may deem necessary to cover any contingent liabilities or obligations of the Enterprise as identified with specificity by the Enterprise, provided that such reserves or any part thereof not required for payment of such contingent liabilities shall be distributed as hereinafter provided;
(C) To satisfy any loans or advances made to the Enterprise by the XXXX Xxxxx 0 Participants; and then
(D) To the non-defaulting XXXX Xxxxx 0 Participants in proportion to their NISP Participation Percentages after adjusting for any debts each XXXX Xxxxx 0 Participant may owe to the Enterprise.
(ii) Distribution of Enterprise assets under Section 10.3(i) is subject to the following terms and conditions:
(A) If any unliquidated non-cash XXXX Xxxxx 0 Assets remain after completion of the winding-up procedures set forth in Section 10.2, then the Enterprise Board shall exercise all reasonable efforts to determine whether the unliquidated non-cash XXXX Xxxxx 0 Assets are to be conveyed to and owned by the XXXX Xxxxx 0 Participants individually or jointly.
(B) Notwithstanding Section 10.3(ii)(A) above, a XXXX Xxxxx 0 Participant is not entitled to and does not have the right to demand distributions of non-cash XXXX Xxxxx 0 Assets in general or of any particular non-cash XXXX Xxxxx 0 Asset.
