Payments in Liquidation. The assets of the Company shall be distributed in liquidation of the Company in the following order: 1. t o 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;
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
Payments in Liquidation. The assets of the Company shall be distributed in final liquidation of the Company in the following order:
1. t o (a) to the creditors of the Company (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 by establishment of reserves;
(b) to the reasonable provision for payment thereof;Members, in repayment of any loans made to, or other debts owed by, the Company to such Members; and
(c) the balance, if any, to the Members as set forth in Section 7.5.
Appears in 1 contract
Samples: Limited Liability Company Agreement
