Liquidating Distribution. Upon termination or liquidation of the LLC, the cash or other assets of the LLC shall be distributed as follows: (a) first, in the event the LLC has any liabilities at the time of its termination or dissolution, the LLC shall liquidate such of its assets as is necessary to satisfy such liabilities; (b) second, any capital contribution in cash or in kind by any Member of the PJM Interconnection Association prior to the Effective Date shall be distributed by the LLC back to such Member in the form received by the PJM Interconnection Association; and (c) third, any remaining assets of the LLC shall be distributed to the Members in proportion to their Weighted Interests.
Appears in 5 contracts
Samples: Operating Agreement (PPL Electric Utilities Corp), Operating Agreement (PPL Electric Utilities Corp), Operating Agreement (Pp&l Resources Inc)
Liquidating Distribution. Upon termination or liquidation of the LLC, the cash or other assets of the LLC shall be distributed as follows:
(a) first, in the event the LLC has any liabilities at the time of its termination or dissolution, the LLC shall liquidate such of its assets as is necessary to satisfy such liabilities;
(b) second, any capital contribution in cash or in kind by any Member of the PJM Interconnection Association prior to the Effective Date shall be distributed by the LLC back to such Member in the form received by the PJM Interconnection Association; and
and (c) third, any remaining assets of the LLC shall be distributed to the Members in proportion to their Weighted Interests.
Appears in 2 contracts
Samples: Operating Agreement (Pp&l Inc), Operating Agreement (Pp&l Resources Inc)
