Payment of Company Creditors and Provision for Reserves. The proceeds derived from the liquidation of Company Assets shall first be applied toward or paid to any creditor of the Company who is not a Member. The order of priority of payment to any creditor shall be as required by applicable law. After payment of liabilities owing to creditors, excluding the Members, the Manager or liquidator shall set up such reserves as are deemed reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company.
Appears in 7 contracts
Samples: Operating Agreement (Cardone Equal Opportunity Fund 2, LLC), Operating Agreement (Cardone Equal Opportunity Fund 2, LLC), Operating Agreement (Cardone REIT I, LLC)
Payment of Company Creditors and Provision for Reserves. The proceeds derived from the liquidation of Company Assets shall first be applied toward or paid to any creditor of the Company who is not a MemberMember and then to creditors who are Members. The order of priority of payment to any creditor shall be as required by applicable law. After payment of liabilities owing to creditors, excluding the Members, the Manager or liquidator shall set up such reserves as are deemed reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company.
Appears in 6 contracts
Samples: Operating Agreement (Central Park Fund 1, LLC), Operating Agreement (Central Park Fund I, LLC), Operating Agreement (Aurora Fund I, LLC)
