Distributions of Proceeds of Liquidation Clause Samples
Distributions of Proceeds of Liquidation. For purposes of this Section 13.5, “proceeds of liquidation” shall equal cash available for distribution, net of debts secured by liens on the Property, provided that neither the Company nor the Members shall be personally liable on, or they shall be released from, such debts. The proceeds of liquidation shall be applied in the following order of priority:
(a) First. To the payment of:
(i) debts and liabilities of the Company, except Member Loans, and
(ii) expenses of liquidation.
Distributions of Proceeds of Liquidation. The proceeds of liquidation shall be applied in the following order of priority:
Distributions of Proceeds of Liquidation. For purposes of this SECTION 12.5, "proceeds of liquidation" shall equal cash available for liquidation, net of liens secured by the Property, PROVIDED that neither the Company nor the Members shall be personally liable for, nor shall either or any of them be released from, such debts. The proceeds of liquidation shall be applied in the order of priority set forth in this SECTION 12.5.