Common use of Liquidating Trust Clause in Contracts

Liquidating Trust. Distributions required by Article 12.2 may be distributed to a trust established for the bene?t of the Members for the purposes of liquidating Company property, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or of the Board arising out of or in connection with the Company. In such case, the assets of such trust shall be distributed to the Members from time to time, in the discretion of the Board, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Members pursuant to this Agreement. 12.4

Liquidating Trust. Distributions required by Article 12.2 may be distributed to a trust established for the bene?t benefit of the Members for the purposes of liquidating Company property, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or of the Board arising out of or in connection with the Company. In such case, the assets of such trust shall be distributed to the Members from time to time, in the discretion of the Board, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Members pursuant to this Agreement. 12.4.

Liquidating Trust. Distributions required by pursuant to this Article 12.2 8 may be distributed to a trust established for the bene?t benefit of the Members for the purposes of liquidating Company propertyProperty, collecting amounts owed to the Company, and paying any contingent or unforeseen liabilities or obligations of the Company or of the Board Liquidator, arising out of or in connection with the Company. In such case, the The assets of any such trust shall be distributed to the Members from time to time, in the reasonable discretion of the BoardLiquidator, in the same proportions as the amount distributed to such trust by the Company would otherwise have been distributed to the Members pursuant to this Agreement. 12.4.