Distribution on Dissolution. In the event of dissolution, the Member shall take full account of the Company’s assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining their fair value, or, if the assets cannot be sold, they shall be valued and distributed in kind, and shall apply and distribute the proceeds or assets in the following order: (a) To the payment of creditors of the Company; (b) To the creation of any reserves which the Member deems reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company; (c) To the repayment of any outstanding loans made by the Member to the Company; and (d) The remaining balance to the Member.
Appears in 10 contracts
Samples: Operating Agreement (FIS Healthcare Holdings, LLC), Operating Agreement (FIS Healthcare Holdings, LLC), Operating Agreement (FIS Healthcare Holdings, LLC)
Distribution on Dissolution. In the event of dissolution, the Member shall take full account of the Company’s assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining their fair value, or, if the assets cannot be sold, they shall be valued and distributed in kind, and shall apply and distribute the proceeds or assets in the following order: (a) To to the payment of creditors of the Company; (b) To to the creation of any reserves which the Member deems reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company; (c) To to the repayment of any outstanding loans made by the Member to the Company; and (d) The the remaining balance to the Member.
Appears in 3 contracts
Samples: Operating Agreement (FIS Healthcare Holdings, LLC), Operating Agreement (FIS Healthcare Holdings, LLC), Operating Agreement (Aptitude Solutions, Inc.)
Distribution on Dissolution. In the event of dissolution, the Member Managers shall take full account of the Company’s assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining their fair value, or, if the assets cannot be sold, they shall be valued and distributed in kind, and shall apply and distribute the proceeds or assets in the following order: (a) To to the payment of creditors of the Company; (b) To to the creation of any reserves which the Member deems Managers deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company; (c) To to the repayment of any outstanding loans made by the Member to the Company; and (d) The the remaining balance to the Member.
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