Distributions Upon Dissolution. Upon the dissolution of the Company, the properties of the Company to be sold shall be liquidated in orderly fashion and the proceeds thereof, and the property to be distributed in kind, shall be distributed as follows: (a) First, to the payment and discharge of all of the Company’s debts and liabilities, to the necessary expenses of liquidation and to the establishment of any cash reserves which the Member determines to create for unmatured and/or contingent liabilities or obligations of the Company. (b) Second, to the Member.
Appears in 117 contracts
Samples: Limited Liability Company Agreement (Triad of Oregon, LLC), Limited Liability Company Agreement (Triad of Oregon, LLC), Limited Liability Company Agreement (Triad of Oregon, LLC)
Distributions Upon Dissolution. Upon the dissolution of the Company, the properties of the Company to be sold shall be liquidated in orderly fashion and the proceeds thereof, and the property to be distributed in kind, shall be distributed as follows:
(a) First, to the payment and discharge of all of the Company’s 's debts and liabilities, to the necessary expenses of liquidation and to the establishment of any cash reserves which the Member Board determines to create for unmatured and/or contingent liabilities or obligations of the Company.
(b) Second, to the Member.
Appears in 3 contracts
Samples: Operating Agreement (BHC Meadows Partner Inc), Operating Agreement (BHC Meadows Partner Inc), Limited Liability Company Agreement (BHC Meadows Partner Inc)
Distributions Upon Dissolution. Upon the dissolution of the Company, the properties of the Company to be sold shall be liquidated in orderly fashion and the proceeds thereof, and the property to be distributed in kind, shall be distributed as follows:
(a) First, to the payment and discharge of all of the Company’s debts and liabilities, to the necessary expenses of liquidation and to the establishment of any cash reserves which the Member determines Managers determine to create for unmatured and/or contingent liabilities or obligations of the Company.
(b) Second, to the Member.
Appears in 2 contracts
Samples: Operating Agreement (THM Homes Inc), Operating Agreement (THM Homes Inc)
Distributions Upon Dissolution. Upon the dissolution of the Company, the properties of the Company to be sold shall be liquidated in orderly fashion and the proceeds thereof, and the property to be distributed in kind, shall be distributed as follows:
(a) First, to the payment and discharge of all of the Company’s debts and liabilities, to the necessary expenses of liquidation and to the establishment of any cash reserves which the Member determines Members determine to create for unmatured un-matured and/or contingent liabilities or obligations of the Company.
(b) Second, to the MemberMembers.
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