Payments in Liquidation. The assets of the Company shall be distributed in liquidation of the Company in the following order: 1. to the creditors of the Company (other than the Members) in satisfaction of the liabilities of the Company, in the order of priority established by law, either by payment or the reasonable provision for payment thereof; 2. to the Members, in repayment of any loans made to, or other debts owed by, the Company to such Members; and 3. the balance, if any, to the Members in the respective amounts each would receive if such distributions were made pursuant to the provisions of paragraph 7.5.
Appears in 8 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
