Common use of Winding Up, Liquidation and Distribution of Assets of a Series Upon Termination of the Series Clause in Contracts

Winding Up, Liquidation and Distribution of Assets of a Series Upon Termination of the Series. (a) Upon termination of a Series, the Manager shall wind up such Series’ affairs; provided, however, that a reasonable time shall be allowed for the orderly liquidation of the assets of such Series and the discharge of liabilities of such Series to its creditors so as to enable the Manager to minimize any losses attendant upon a liquidation. The proceeds of liquidation shall be distributed in accordance with Section 7.9(b). (b) The Manager and the Series Members associated with a Series shall comply with all requirements of applicable law pertaining to the winding up of the affairs of the Series and the final distribution of its assets. (c) Each Series Member shall look solely to the assets of its Series for the return of any contribution to the capital of such Series, and if the assets of such Series remaining after satisfaction (whether by payment or reasonable provision for payment) of the debts, liabilities, obligations and expenses of such Series are insufficient to return such capital contribution, each Series Member shall have no recourse against such Series or any other Series, the Company, the Manager or any other Series Member, except as otherwise provided by law.

Winding Up, Liquidation and Distribution of Assets of a Series Upon Termination of the Series. (a) Upon termination of a Series, the Manager shall wind up such Series’ affairs; provided, however, that a reasonable time shall be allowed for the orderly liquidation of the assets of such Series and the discharge of liabilities of such Series to its creditors so as to enable the Manager to minimize any losses attendant upon a liquidation. The proceeds of liquidation shall be distributed in accordance with Section 7.9(b). (b) The Manager and the Series Members associated with a Series shall comply with all requirements of applicable law pertaining to the winding up of the affairs of the Series and the final distribution of its assets. (c) Each Series Member shall look solely to the assets of its Series for the return of any contribution to the capital of such Series, and if the assets of such Series remaining after satisfaction (whether by payment or reasonable provision for payment) of the debts, liabilities, obligations and expenses of such Series are insufficient to return such capital contribution, each Series Member shall have no recourse against such Series or any other Series, the Company, the Manager or any other Series Member, except as otherwise provided by law. (d) The Manager and the Series Members associated with a Series shall comply with all requirements of applicable law pertaining to the winding up of the affairs of the Series and the final distribution of its assets. Any remaining distributions are subject to the terms of the Redemption Plan and Distribution Reinvestment Plan, if applicable