Common use of Order of Payment of Liabilities Upon Dissolution Clause in Contracts

Order of Payment of Liabilities Upon Dissolution. Upon dissolution, the assets of the Company shall be liquidated, and the proceeds from such liquidation shall be allocated and distributed in the following order of priority: (a) First, to the satisfaction of creditors of the Company, including the Managing Member if a creditor, to the extent otherwise permitted by law, in satisfaction of the liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof); (b) Second, to the satisfaction of all debts, liabilities and other obligations owed to the Managing Member and not paid pursuant to clause (a) above (whether by payment or the making of reasonable provision for payment thereof); and (c) The balance to the Managing Member.

Order of Payment of Liabilities Upon Dissolution. Upon dissolution, the assets of the Company shall be liquidated, and the proceeds from such liquidation shall be allocated and distributed in the following order of priority: (a) Firstfirst, to the satisfaction of creditors of the Company, including the Managing Member if a creditor, to the extent otherwise permitted by law, in satisfaction of the liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof); (b) Secondsecond, to the satisfaction of all debts, liabilities and other obligations owed to the Managing Member and not paid pursuant to clause (a) above (whether by payment or the making of reasonable provision for payment thereof); and (c) The third, the balance to the Managing Member.

Order of Payment of Liabilities Upon Dissolution. Upon dissolution, the assets of the Company shall be liquidated, and the proceeds from such liquidation shall be allocated and distributed in the following order of priority: (a) First, to the satisfaction of creditors of the Company, including the Managing Member or Principal Manager if a creditor, creditor (to the extent otherwise permitted by lawlaw and the Loan Documents), in satisfaction of the liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof); (b) Second, to the satisfaction of all debts, liabilities and other obligations owed to the Managing Member and not paid pursuant to clause (a) above (whether by payment or the making of reasonable provision for payment thereof); and (c) The balance to the Managing Member.