Common use of Priority of Payment Clause in Contracts

Priority of Payment. The assets of the Company will be distributed in Liquidation in the following order: (a) First, to creditors by the payment or provision for payment of the debts and liabilities of the Company (including any loans or advances that may have been made by any Member or Affiliate) and the expenses of Liquidation; (b) Second, to the setting up of any reserves that Campus Crest and HSRE determine are necessary for any contingent, conditional or unmatured liabilities or obligations of the Company; and (c) Third, in the manner provided for in Section 4.1 hereof.

Priority of Payment. The assets of the Company will be distributed in Liquidation liquidation of the Company in the following order: : (a) Firstfirst, to creditors by the payment or provision provisions for payment of the debts and liabilities of the Company (including any loans or advances that may have been made by any Member or Affiliate) Company, and the expenses of Liquidation; liquidation, (b) Secondsecond, to the setting up of any reserves that Campus Crest and HSRE determine are reasonably necessary for any contingent, conditional or unmatured liabilities or obligations of the Company; and , and (c) Thirdthird, in the manner provided for in Section 4.1 hereofbalance of the Company’s assets to the Member.

Priority of Payment. The assets of the Company will be distributed in Liquidation liquidation in the following order: (a) First, to 9.5.1 To creditors by the payment or provision for payment of the debts and liabilities of the Company (including any loans or advances that may have been made by any Member or Affiliate) and the expenses of Liquidationliquidation; (b) Second, to 9.5.2 To the setting up of any reserves that Campus Crest and HSRE determine are reasonably necessary for any contingent, conditional contingent or unmatured unforeseen liabilities or obligations of the Company; and; (c) Third9.5.3 The balance, if any, to the Members in accordance with Sections 7.1 or, to the manner provided for in extent applicable, Section 4.1 hereof7.2.

Priority of Payment. The assets of the Company will be distributed in Liquidation liquidation in the following order: (a) First, to 7.5.1 To creditors by the payment or provision for payment of the debts and liabilities of the Company (including any loans or advances that may have been made by any Member or Affiliate) and the expenses of Liquidationliquidation; (b) Second, to 7.5.2 To the setting up of any reserves that Campus Crest and HSRE determine are reasonably necessary for any contingent, conditional contingent or unmatured unforeseen liabilities or obligations of the Company; and; (c) Third7.5.3 The balance, if any, to the Members in the manner provided for in accordance with Section 4.1 hereof5.1 and Section 5.2.

Priority of Payment. The assets of the Company will be distributed in Liquidation in the following order: (a) Firstto creditors, to creditors including Members who are creditors, by the payment or provision for payment of the debts and liabilities of the Company (including any loans or advances that may have been made by any Member or Affiliate) and the expenses of Liquidation; (b) Second, to the setting up of any reserves that Campus Crest and HSRE determine are reasonably necessary for any contingent, conditional contingent or unmatured unforeseen liabilities or obligations of the Company; and (c) Third, to the Members pro rata in proportion to the balances in the manner provided for in Section 4.1 hereofCapital Accounts.

Priority of Payment. The assets of the Company will be distributed in Liquidation liquidation of the Company in the following order: : (a) Firstfirst, to creditors by the payment or provision provisions for payment of the debts and liabilities of the Company (including any loans or advances that may have been made by any Member or Affiliate) Company, and the expenses of Liquidation; liquidation, (b) Secondsecond, to the setting up of any reserves that Campus Crest and HSRE determine are reasonably necessary for any contingent, conditional or unmatured liabilities or obligations of the Company; and , and (c) Thirdthird, in the manner provided for in Section 4.1 hereofbalance of the Company's assets to the Member.

Priority of Payment. The assets of the Company will be distributed in Liquidation in the following order: (a) Firstto creditors, to creditors including Members who are creditors, by the payment or provision for payment of the debts and liabilities of the Company (including any loans or advances that may have been made by any Member or Affiliate) and the expenses of Liquidation; (b) Second, to the setting up of any reserves that Campus Crest and HSRE determine are reasonably necessary for any contingent, conditional contingent or unmatured unforeseen liabilities or obligations of the Company; and (c) Third, to the Members pro rata in proportion to the manner provided for balances in Section 4.1 hereoftheir Capital Accounts.

Priority of Payment. The assets of the Company will be distributed in Liquidation in the following order: : (a) First, to creditors by the payment or provision for payment of the debts and liabilities of the Company (including any loans or advances that may have been made by any Member or Affiliate) and the expenses of Liquidation; ; (b) Second, to the setting up of any reserves that Campus Crest and HSRE determine are necessary for any contingent, conditional or unmatured liabilities or obligations of the Company; and and (c) Third, in the manner provided for in Section 4.1 hereof.