Common use of Winding Up and Distribution of Assets Clause in Contracts

Winding Up and Distribution of Assets. Upon the occurrence of an event of dissolution described in Section 10.1 hereof, the Company shall cease to carry on its business and the Manager shall wind up the Company’s affairs and dissolve the Company in accordance with the provisions of Section 00-00-000 of the Act and as hereinafter set forth: (a) Prior to any distribution to the Members, the Manager shall set aside from the assets of the Company sufficient assets to be applied to the payment of creditors other than Members and their Affiliates, in the order of priority provided by law (whether by making immediate payment or the making or reasonable provision for payment thereof). (b) After the payment required by Section 10.4(a) hereof and after giving effect to all contributions, distributions and allocations for all periods, any remaining assets of the Company shall be distributed in accordance with Section 6.1. (c) No Member shall receive additional compensation for any services performed pursuant to this ARTICLE X.

Winding Up and Distribution of Assets. Upon the occurrence of an event of dissolution described in Section 10.1 9.1 hereof, the Company shall cease to carry on its business and the Manager shall wind up the Company’s affairs and dissolve the Company in accordance with the provisions of Section 0018-00-000 804 of the Act and as hereinafter set forth: (a) Prior to any distribution to the Members, the Manager shall set aside from the assets of the Company sufficient assets to be applied to the payment of creditors other than Members and their Affiliates, in the order of priority provided by law (whether by making immediate payment or the making or reasonable provision for payment thereof). (b) After the payment required by Section 10.4(a9.4(a) hereof and after giving effect to all contributions, distributions and allocations for all periods, any remaining assets of the Company shall be distributed in accordance with Section 6.1. (c) No Member shall receive additional compensation for any services performed pursuant to this ARTICLE X.