Winding-Up Procedures. If a dissolution of the Company pursuant to Section (a) The assets of the Company shall be sold except to the extent that some or all of the assets of the Company are retained by the Company for distribution to Member as hereinafter provided. (b) The Company shall comply with Section 18-804(b) of the Act. (c) Distributions of the assets of the Company after a dissolution of the Company shall be conducted as follows: (i) first, to creditors, including the Participant (which for all purposes in its capacity as Participant shall constitute a creditor) and Member or former Members who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Company (whether by payment or the making of reasonable provision for payment thereof) other than liabilities for which reasonable provision for payment has been made and liabilities for distributions to Member and former Members under Section 18-601 of the Act; (ii) next, to Member and former Members in satisfaction of liabilities (if any) for distributions under Section 18-601 of the Act; and (iii) next, to Member.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement