Final Distributions. Upon the dissolution of the Company, and subject to the requirements of the Act, the Board shall distribute the assets of the Company in the following order of priority: (a) first, to any creditors of the Company; (b) second, to known and reasonably estimated costs of dissolution and winding up; (c) third, to any reserves established by the Board, in the sole discretion thereof, for contingent liabilities of the Company; and (d) fourth, to the Sole Member.
Appears in 4 contracts
Samples: Operating Agreement (Dominion Energy Gas Holdings, LLC), Operating Agreement (Dominion Energy Gas Holdings, LLC), Operating Agreement (Dominion Gas Holdings, LLC)
Final Distributions. Upon the dissolution of the Company, and subject to the requirements of the Act, the Board Manager shall distribute the assets of the Company in the following order of priority: :
(a) first, to any creditors of the Company; ;
(b) second, to known and reasonably estimated costs of dissolution and winding up; ;
(c) third, to any reserves established by the BoardManager, in the sole discretion thereof, for contingent liabilities of the Company; and and
(d) fourth, to the Sole Member.
Appears in 4 contracts
Samples: Operating Agreement (Cornerstone Realty Income Trust Inc), Operating Agreement (Apple Suites Inc), Operating Agreement (Cornerstone Realty Income Trust Inc)
Final Distributions. Upon the dissolution of the Company, and subject to the requirements of the Act, the Board Manager shall distribute the assets of the Company in the following order of priority: :
(a) first, to any creditors of the Company; ;
(b) second, to known and reasonably estimated costs of dissolution and winding up; ;
(c) third, to any reserves established by the BoardManager may establish, in the Manager’s sole discretion thereofdiscretion, for contingent debts, liabilities or obligations of the Company; and and
(d) fourth, to the Sole Member.
Appears in 3 contracts
Samples: Operating Agreement (Composite Technology Corp), Operating Agreement (Composite Technology Corp), Operating Agreement (Composite Technology Corp)
Final Distributions. Upon the dissolution of the Company, and subject to the requirements of the Act, the Board Manager shall distribute the assets of the Company in the following order of priority: (a) first, to any creditors of the Company; (b) second, to known and reasonably estimated costs of dissolution and winding up; (c) third, to any reserves established by the BoardManager, in the sole discretion thereof, for contingent liabilities of the Company; and (d) fourth, to the Sole Member.
Appears in 2 contracts
Samples: Operating Agreement (JMA Associates, Inc.), Operating Agreement (JMA Associates, Inc.)
Final Distributions. Upon the dissolution of the Company, and subject to the requirements of the Act, the Board Manager shall distribute the assets of the Company in the following order of priority: :
(a) first, to any creditors of the Company; ;
(b) second, to known and reasonably estimated costs of dissolution and winding up; ;
(c) third, to any reserves established by the BoardManager may establish, in the Manager’s sole discretion thereofdiscretion, for contingent debts, liabilities or obligations of the Company; and (d) fourth, to the Sole Member.
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