Common use of Procedure on Dissolution Clause in Contracts

Procedure on Dissolution. (a) Upon the dissolution and termination of the Company, a liquidating trustee (the “Liquidating Trustee”), which shall be selected by the Member and may be the Member, shall wind up the Company’s affairs and shall liquidate all of the assets of the Company in an orderly and expeditious manner. If the Company is dissolved while its business is in progress, the winding up of the affairs of the Company may include completion of performance under any contracts in existence on the date of dissolution. The Liquidating Trustee, if other than the Member, shall make an accounting to the Member of the financial results of the operations of the Company from the date of the last previous accounting to the date of dissolution. (b) The proceeds of the liquidation shall be distributed by the Liquidating Trustee in the following manner: (i) first, to the payments of the expenses of liquidation and the debts and obligations of the Company, excluding debts owing to the Member; (ii) second, to creditors of the Company in accordance with Section 18-804(a)(1) of the Act; (iii) third, to the establishment of any reserve which the Liquidating Trustee shall deem reasonably necessary for contingent or unforeseen liabilities; (iv) fourth, to repayment of outstanding debts to Members; and (v) thereafter, to the Member.

Procedure on Dissolution. (a) Upon the dissolution and termination of the Company, a liquidating trustee (the “Liquidating Trustee”), which shall be selected by the Member and may be the Member, shall wind up the Company’s affairs and shall liquidate all of the assets of the Company in an orderly and expeditious manner. If the Company is dissolved while its business is in progress, the winding up of the affairs of the Company may include completion of performance under any contracts in existence on the date of dissolution. The Liquidating Trustee, if other than the Member, shall make an accounting to the Member of the financial results of the operations of the Company from the date of the last previous accounting to the date of dissolution. (b) The proceeds of the liquidation shall be distributed by the Liquidating Trustee in the following manner: (i) first, to the payments of the expenses of liquidation and the debts and obligations of the Company, excluding debts owing to the Member; (ii) second, to creditors of the Company in accordance with Section 18-804(a)(1804(a)(l) of the Act; (iii) third, to the establishment of any reserve which the Liquidating Trustee shall deem reasonably necessary for contingent or unforeseen liabilities; (iv) fourth, to repayment of outstanding debts to Members; and and (v) thereafter, to the Member.

Procedure on Dissolution. (a) Upon the dissolution and termination of the Company, a liquidating trustee (the “Liquidating Trustee”’), which shall be selected by the Member and may be the Member, shall wind up the Company’s affairs and shall liquidate all of the assets of the Company in an orderly and expeditious manner. If the Company is dissolved while its business is in progress, the winding up of the affairs of the Company may include completion of performance under any contracts in existence on the date of dissolution. The Liquidating Trustee, if other than the Member, shall make an accounting to the Member of the financial results of the operations of the Company from the date of the last previous accounting to the date of dissolution. (b) The proceeds of the liquidation shall be distributed by the Liquidating Trustee in the following manner: (i) first, to the payments of the expenses of liquidation and the debts and obligations of the Company, excluding debts owing to the Member; (ii) second, to creditors of the Company in accordance with Section 18-804(a)(1) of the Act; (iii) third, to the establishment of any reserve which the Liquidating Trustee shall deem reasonably necessary for contingent or unforeseen liabilities; (iv) fourth, to repayment of outstanding debts to Members; and (v) thereafter, to the Member.