Distribution of Assets Upon Dissolution Sample Clauses

Distribution of Assets Upon Dissolution. In settling accounts after dissolution, the assets of the Company shall be paid in the following order: (a) First, to creditors, in the order of priority as provided by applicable law, except those to the Member on account of its Capital Contributions; and (b) Second, any remainder shall be distributed to the Member.

Distribution of Assets Upon Dissolution. If NYFS ceases to operate, the Board of Directors will do one of the following:

Distribution of Assets Upon Dissolution. Upon the winding up of the Company, the assets shall be distributed in the manner provided in Section 18-804 of the Act.

Distribution of Assets Upon Dissolution. In settling the accounts of the Company after its dissolution, the assets of the Company shall be applied and distributed in the following order of priority: (a) first, to the extent permitted by applicable law, and in accordance with the priorities, if any, established by applicable law, to creditors in satisfaction of liabilities of the Company, including liabilities of the Company to its Sole Member as a creditor (other than for distributions and Capital Contributions), whether by payment or establishment of reserves; and (b) second, to the Sole Member.

Distribution of Assets Upon Dissolution. Upon the winding up of the Company, the assets of the Company shall be distributed in the following order: (a) to creditors, including Members who are creditors (to the extent permitted by applicable law), in satisfaction of the liabilities of the Company; (b) to the Members in proportion to, and to the extent of, the positive balances in their respective Capital Accounts, as determined after taking into account all Capital Account adjustments for the Company's Fiscal Year in which the dissolution occurs; and then (c) to the Members, pro rata based upon the respective number of Units held by the Members. The Directors shall have the authority to make the determination of whether the distribution of assets under this Section to creditors, or any Distributions under this Section to the Members, shall be made in the form of cash, property or otherwise.

Distribution of Assets Upon Dissolution and winding up of the LLC, the affairs of the LLC shall be wound up and the LLC liquidated by the Managers. Pursuant to such liquidation the assets of the LLC shall be sold unless the Members shall consent to a distribution in kind of the assets. If the Members do not consent to a distribution in kind but the Managers determine that an immediate sale would be financially inadvisable, they may defer sale of the LLC assets for a reasonable time. If any assets are distributed in kind, then they shall be distributed on the basis of the fair market value thereof as determined by appraisal, and shall be deemed to have been sold at such fair market value for purposes of the allocations under Section 10. Unless the Members otherwise agree, if any assets are to be distributed in kind, they shall be distributed to the Members, as tenants-in-common, in undivided interests in proportion to distributions to which the Members are entitled under this Section 14.5. The assets of the LLC, whether cash or in kind shall be distributed as follows in accordance with the Act: 14.5.1 to creditors of the LLC in the order of priority provided by law; and 14.5.2 the Members and Assignees in accordance with the positive balances in their Capital Accounts, after adjustment for allocations of income and loss realized during the year of dissolution, and except as specifically provided in Sections 3 and 11, no Member or Assignee shall have any obligation at any time to repay or restore to the LLC all or any part of any distribution made to it from the LLC in accordance with this Sections 14.5 or 11 or to make any additional contribution of capital to the LLC. The distributions in this Section 14.5 shall be made when dissolution occurs, or, if later, within 90 days following the event triggering the dissolution. The LLC shall terminate when all of its assets have been sold and/or distributed and all of its affairs have been wound up.

Distribution of Assets Upon Dissolution. In settling accounts after dissolution, the liabilities of the Company shall be entitled to payment in the following order: 18.3.1 to creditors, in the order of priority as provided by law (except to Members on account of their Capital Contributions); 18.3.2 to Members and former Members in satisfaction of liabilities for distributions under Section 7-80-601 or 7-80-603 of the Act; and 18.3.3 to Members pro rata in accordance with the positive balances in their Capital Accounts after taking into account all adjustments to the Capital Accounts for all periods.

Distribution of Assets Upon Dissolution. In settling accounts after dissolution, the liabilities of the Company shall be entitled to payment in the order of priority as provided by law in satisfaction of all liabilities and obligations of the Company whether by payment or the establishment of reasonable reserves therefor. The remaining assets of the Company shall be distributed to the Members in accordance with Section 10.3(c).

Distribution of Assets Upon Dissolution. In settling accounts after dissolution, the assets of the Company shall be paid to the Company’s creditors and to the Members as required by the Delaware Act and other applicable law.