Common use of Procedure for Winding-Up Clause in Contracts

Procedure for Winding-Up. If the Company is dissolved, the General Managers shall wind up its affairs. On winding up of the Company, the assets of the Company shall be distributed as follows: first, to creditors, including Members who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Company, other than liabilities for which reasonable provision has been made; second, to Interest Holders to the extent of and in proportion to their Positive Capital Accounts; and third, to the Interest Holders in accordance with their Percentages.

Procedure for Winding-Up. If the Company is dissolved, the General Managers shall wind up its affairs. , On winding up of the Company, the assets of the Company shall be distributed as follows: first, to creditors, including Members who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Company, other than liabilities for which reasonable provision has been made; second, to Interest Holders to the extent of and in proportion to their Positive Capital Accounts; and third, to the Interest Holders in accordance with their Percentages.