Distribution on Dissolution. In the event of the dissolution and liquidation of the Company for any reason, the assets of the Company shall be liquidated for distribution in the following rank and order: (a) Payment of creditors of the Company (other than Members) in the order of priority as provided by law; (b) Establishment of reserves as provided by the Managing Member to provide for contingent liabilities, if any; (c) Payment of debts of the Company to Members, if any, in the order of priority provided by law; and (d) Payment to holders of Units in accordance with their Capital Accounts. Whenever the Liquidating Trustee reasonably determines that any reserves established pursuant to paragraph (b) above are in excess of the reasonable requirements of the Company, the amount determined to be excess shall be distributed to the Members in accordance with the above provisions.
Appears in 6 contracts
Samples: Operating Agreement (General Growth Properties, Inc.), Operating Agreement (New GGP, Inc.), Operating Agreement (New GGP, Inc.)
