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: (a) To the payment and discharge of all of the Company’s debts and liabilities, and the establishment of Reserves (which Reserves, to the extent no longer needed by the Company, shall be distributed in accordance with subsection (b) hereof) ; (b) The balance shall be distributed to the Member.
Appears in 13 contracts
Samples: Limited Liability Company Operating Agreement (NCOP/Marlin, Inc.), Limited Liability Company Operating Agreement (NCOP/Marlin, Inc.), Limited Liability Company Operating Agreement (NCOP/Marlin, Inc.)
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:
(a) To the payment and discharge of all of the Company’s debts and liabilities, and the establishment of Reserves (which Reserves, to the extent no longer needed by the Company, shall be distributed in accordance with subsection (b) hereof) );
(b) The balance shall be distributed to the Member.
Appears in 12 contracts
Samples: Limited Liability Company Operating Agreement (Ncop Xi, LLC), Limited Liability Company Operating Agreement (Ncop Xi, LLC), Limited Liability Company Agreement (NCOP II, Inc.)
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:
(a) To the payment and discharge of all of the Company’s 's debts and liabilities, and the establishment of Reserves (which Reserves, to the extent no longer needed by the Company, shall be distributed in accordance with subsection (b) hereof) ;
(b) The balance shall be distributed to the Member.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (TransCore Atlantic, Inc.)
