Common use of Payments and Distributions Clause in Contracts

Payments and Distributions. Company property or the proceeds therefrom, to the extent sufficient therefor, shall be applied and distributed in the following order of priority, with no distribution being made in any category set forth below until each preceding category has been satisfied in full: (i) To the payment and discharge of all of the Company’s debts and liabilities, including any debts and liabilities owed to any Member, and to the expenses of liquidation; (ii) To the establishment of Reserves (which Reserves, to the extent no longer needed by the Company, shall be distributed in accordance with the order of priority set forth in subsection (iii) below); (iii) To and among the Members in accordance with Article III of this Agreement.

Payments and Distributions. Company property or the proceeds -------------------------- therefrom, to the extent sufficient therefor, shall be applied and distributed in the following order of priority, with no distribution being made in any category set forth below until each preceding category has been satisfied in full: (ia) To the payment and discharge of all of the Company’s 's debts and liabilities, including any debts and liabilities owed to any Member, and to the expenses of liquidation; (iib) To the establishment of Reserves (which Reserves, to the extent no longer needed by the Company, shall be distributed in accordance with the order of priority set forth in subsection Section (iiic) belowhereof); (iiic) To and among the Members in accordance with Article III Section 3 of this Agreement.

Payments and Distributions. Company property or the -------------------------- proceeds therefrom, to the extent sufficient therefor, shall be applied and distributed in the following order of priority, with no distribution being made in any category set forth below until each preceding category has been satisfied in full: (ia) To the payment and discharge of all of the Company’s 's debts and liabilities, including any debts and liabilities owed to any Member, and to the expenses of liquidation; (iib) To the establishment of Reserves (which Reserves, to the extent no longer needed by the Company, shall be distributed in accordance with the order of priority set forth in subsection Section (iiic) belowhereof); (iiic) To and among the Members in accordance with Article III Section 3 of this Agreement.

Payments and Distributions. Company property or the proceeds therefrom, to the extent sufficient therefor, shall be applied and distributed in the following order of priority, with no distribution being made in any category set forth below until each preceding category has been satisfied in full: (ia) To the payment and discharge of all of the Company’s 's debts and liabilities, including any debts and liabilities owed to any Member, and to the expenses of liquidation; (iib) To the establishment of Reserves (which Reserves, to the extent no longer needed by the Company, shall be distributed in accordance with the order of priority set forth in subsection Section (iiic) belowhereof); (iiic) To and among the Members in accordance with Article III Section 3 of this Agreement.