Order of Distribution. Upon completion of all desired sales of Company Property, and after payment of all selling costs and expenses, the proceeds of such sales, and any Company Property that is to be distributed in kind, shall be distributed to the following groups in the following order of priority:
1. to the extent permitted by law, to satisfy Company liabilities to creditors, including Members who are creditors (other than for past due Company distributions), and the expenses of liquidation, of the Company, whether by payment or establishment of reserves;
2. to satisfy Company obligations to Members to pay past due Company distributions; and
3. to the sole Member, or, if there is more than one Member, to the Members in accordance with the positive balances in their respective capital accounts.
Order of Distribution. The distribution will be made in the following order:
1. Each faculty member’s salary will first be increased by the across-the-board increment.
2. Members of the bargaining unit who are promoted in rank will then receive the promotion bonus described in B above.
3. After application of the across-the-board and the promotion bonus provisions, any faculty member whose salary is below minimum for her/his rank will have her/his salary increased to the minimum of her/his rank as indicated in A. above.
4. Merit Adjustments to Base Salary, when applicable, will be added after application of all the above provisions.
Order of Distribution. If the amount received by the Agent from the Borrower on any date is less than the total sum remaining and/or becoming due under this Agreement on that date, the Agent shall apply that amount in or towards payment of the following sums in the following order:
Order of Distribution. The distribution will be made in the following order:
1. Each faculty member’s salary will first be increased by the across-the-board increment.
2. Members of the bargaining unit who are promoted in rank will then receive the promotion bonus described in B above.
3. After application of the across-the-board and the promotion bonus provisions, any faculty member whose salary is below minimum for her/his rank will have her/his salary increased to the minimum of her/his rank as indicated in A. above.
4. The funds in the equity pools for full and associate professors under Section D above will be distributed.
5. Merit Adjustments to Base Salary, when applicable, will be added after application of all the above provisions.
Order of Distribution. If the amount received by the Agent from the Borrower on any date is less than the total sum remaining and/or becoming due under this Agreement on that date, the Agent shall apply that amount in or towards payment of the following sums in the following order:
(a) first, in or towards payment pro rata of any sums then due to the Agent or the Arrangers in their capacity as such;
(b) secondly, in or towards payment pro rata of any sums (other than principal of or interest on the Advances) then due to the Banks (or any of them);
(c) thirdly, in or towards payment pro rata of any interest then due on the Advances;
(d) fourthly, in or towards payment pro rata of any principal then due. Any such applications shall override any purported appropriation by any Person. For this purpose, the Agent may (if and to the extent necessary) convert one currency into another.
Order of Distribution. Subject to Section 6(B), upon the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, after payment or provisions for the payment of the debts and other liabilities of the Corporation, the assets then available for distribution to the shareholders shall be distributed as follows:
(1) First to the holders of the Series B Preferred Stock, to the extent available, in an amount equal to $10,000.00 per share (the "Series B Liquidation Preference"), but if the funds available therefor are insufficient, then to the holders of Series B Preferred Stock on a pro-rata basis in accordance with the number of shares held by each holder.
(2) After distribution in accordance with clause (1) above, all remaining assets available for distribution to the shareholders shall be distributed to the holders of shares of the outstanding Common Stock on a pro rata basis in accordance with the number of shares held by each holder.
Order of Distribution. Subject to the provisions of Section 12.5 --------------------- hereof, the assets of the LLC, whether cash or in kind, will be distributed in accordance with the Act, A) first, in the amount of premium payments and milestone payments received by the LLC, but not previously distributed to the Members, to the Members, provided that the provisions of Section 10.1(b)(i) hereof with respect to calculation of the amount to be distributed to Exelixis will apply pursuant to the provisions of Section 12.5 hereof, (B) then to the creditors of the LLC in the order of priority provided by law, (C) then to the Members in accordance with the provisions of Section 12.5 hereof in the amount of third party revenue of the LLC not previously distributed to the Members by the LLC, and then (D) (A) first to creditors of the LLC in the order of priority provided by law, then (B) premium payments, milestone payments and third party revenue of the LLC not previously distributed to the Members will be distributed to the Members provided that the provisions of Section 10.1(b)(i) hereof with respect to calculation of the amount to be distributed to Exelixis will apply pursuant to the provisions of Section 12.5 hereof, and then (C) to the Members in proportion to their remaining Capital Accounts. Except as specifically provided otherwise herein, no Member will have any obligation at any time to repay or restore to the LLC all or any part of any distribution made to such Member from the LLC in accordance with this Section 12.4, nor to make any additional contribution of capital to the LLC.
Order of Distribution. If the amount received by the Guarantor from the Indemnifier on any date is less than the total sum remaining and/or becoming due under the Indemnification Agreement on that date, the Guarantor shall apply that amount first in payment of damages, fees and interest in that order and secondly in reduction of sums otherwise due.
Order of Distribution. Upon completion of all desired sales of Company Property, and after payment of all selling costs and expenses, the Liquidator shall distribute the proceeds of such sales, and any Company Property that is to be distributed in kind, to the following groups in the following order of priority:
1. To the extent permitted by law, to satisfy Company liabilities to creditors, including Members who are creditors (other than for past due Company distributions), whether by payment or establishment of reserves;
2. To satisfy Company obligations to the Member to pay past due Company distributions; and
3. To the Member.
Order of Distribution. If the amount received by the Bank from the Borrower on any date is less than the total sum remaining and/or becoming due under this Agreement on that date, the Bank may apply that amount in or towards such liabilities of the Borrower hereunder as the Bank may in its absolute discretion determine.
