Winding Up and Distribution. Upon dissolution of the Company, the Member shall wind up the Company’s affairs, liquidate the property and assets, and terminate any remaining business. The assets and liabilities may be liquidated by selling the assets and distributing the net proceeds. The proceeds of the liquidation shall be distributed in this order: (1) the expenses of liquidation; (2) debts and liabilities of the Company (including debts of the Company to the Member or the Member’s affiliates); (3) a reserve for contingent or unforeseen liabilities or obligations to third parties (to be held in escrow by an agent chosen by the Member); (4) to the Member.
Appears in 12 contracts
Samples: LLC Operating Agreement, LLC Operating Agreement, LLC Operating Agreement
