Common use of Order of Payment Upon Dissolution Clause in Contracts

Order of Payment Upon Dissolution. Upon the occurrence of a Dissolution Event, the Board of Managers shall designate one or more Persons to act as a liquidating agent (the “Liquidator”). The Liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense. Until the final winding up of the Company, the Liquidator shall continue to operate the Company’s properties with all of the power and authority of the Board of Managers, subject to the power of the Board of Managers to remove and replace such Liquidator. The steps to be accomplished by the Liquidator are as follows:

Order of Payment Upon Dissolution. Upon the occurrence of a Dissolution Event, the person(s) designated by the Board of Managers shall designate one or more Persons to act as a liquidating agent (the “Liquidator”liquidator(s). The Liquidator liquidator(s) shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense. Until the final winding up of the Company, the Liquidator liquidator(s) shall continue to operate the Company’s 's properties with all of the power and authority of the Board of Managers, subject to the power of the Board of Managers to remove and replace such Liquidatorliquidator(s). The steps to be accomplished by the Liquidator liquidator(s) are as follows:

Order of Payment Upon Dissolution. Upon the occurrence of a Dissolution Event, the persons designated by the Board of Managers shall designate one or more Persons to act as a liquidating agent (the “Liquidator”liquidator(s). The Liquidator liquidator(s) shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense. Until the final winding up of the Company, the Liquidator liquidator(s) shall continue to operate the Company’s properties with all of the power and authority of the Board of Managers, subject to the power of the Board of Managers to remove and replace such Liquidatorliquidator(s). The steps to be accomplished by the Liquidator liquidator(s) are as follows: