Common use of Order of Payment Upon Dissolution Clause in Contracts

Order of Payment Upon Dissolution. (a) After determining that all known debts and liabilities of the Company, including, without limitation, debts and liabilities to Members who are creditors of the Company, have been paid or adequately provided for, the remaining assets shall be distributed to the Members as provided in Section 5.2(a) but not to any member in excess of the positive balance in the Member's Capital Account after taking into account all allocations and distributions for the Company's fiscal year during which such liquidation occurs through the date of such liquidation (other than adjustments due to distributions pursuant to this Section 8.3(a)). (b) Such liquidating distributions shall be made by the end of the Company's taxable year in which the Company is liquidated, or, if later, within ninety (90) days after the date of such liquidation.