Liquidating Distribution. In the event of the dissolution of the Company for any reason, the assets of the Company shall be liquidated for distribution in the following rank and order: (a) first, to the payment and discharge of all the debts and liabilities in the order of priority as provided by the LLC Act; (b) second, to the establishment of any necessary reserves to provide for contingent liabilities, if any; and (c) third, to the Member.
Appears in 7 contracts
Sources: Operating Agreement (HTS-Sunset Harbor Partner, L.L.C.), Limited Liability Company Operating Agreement (HTS-Sunset Harbor Partner, L.L.C.), Limited Liability Company Operating Agreement (HTS-Sunset Harbor Partner, L.L.C.)