Common use of Statement of Assets and Liabilities Clause in Contracts

Statement of Assets and Liabilities. Upon the happening of a Liquidating Event under Section 12.1 hereof, a statement shall be prepared under the direction of the Manager or the Liquidating Member, as the case may be, setting forth the assets and liabilities of the Company, and a copy of such statement shall be furnished to all Members within thirty (30) days after such Liquidating Event. The Manager or the Liquidating Member, as the case may be, shall promptly take such action as is necessary so that the Company's business shall be terminated, its liabilities discharged and its assets distributed as hereinafter described. A reasonable period of time shall be allowed for the orderly termination of the Company's business, the discharge of its liabilities and the distribution of its remaining assets so as to enable the Company to minimize the normal losses incurred in the liquidation process.