Common use of Final Allocation and Distribution Clause in Contracts

Final Allocation and Distribution. Upon dissolution of the Company (whether or not an early dissolution), a final allocation of all items of income, gain, loss and deduction shall be made in accordance with Article 5, and all of the Company’s assets, or the proceeds therefrom, shall be distributed or used as follows and in the following order of priority (which order shall be without prejudice to the liability of the Company to its creditors under the Act in the event of the insolvency of the Company): (i) for the payment of the Company’s liabilities and obligations to its creditors and the expenses of liquidation; (ii) to the setting up of any reserves that the Liquidator may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company; and (iii) to the Members in accordance with the positive balances in their respective Capital Accounts (after adjustments under Articles 3 and 5 have been made to such Capital Accounts).

Final Allocation and Distribution. Upon dissolution of the Company (whether or not an early dissolution), a final allocation of all items of income, gain, loss and deduction shall be made in accordance with Article 5, and all of the Company’s assets, or the proceeds therefrom, shall be distributed or used as follows and in the following order of priority (which order shall be without prejudice to the liability of the Company to its creditors under the Act in the event of the insolvency of the Company): (i) for the payment of the Company’s liabilities and obligations to its creditors and the expenses of liquidation; (ii) to the setting up of any reserves that the Liquidator may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company; and (iii) to the Members in accordance with the positive balances in their respective Capital Accounts (after adjustments under Articles 3 and 5 5.1 have been made to such Capital Accounts).

Final Allocation and Distribution. Upon dissolution of the Company (whether or not an early dissolution), a final allocation of all items of income, gain, loss and deduction shall be made in accordance with Article 5, 5 and all of the Company’s 's assets, or the proceeds therefrom, shall be distributed or used as follows and in the following order of priority (which order shall be without prejudice to the liability of the Company to its creditors under the LLC Act in the event of the insolvency of the Company): (i) for the payment of the Company’s 's liabilities and obligations to its creditors and the expenses of liquidation; (ii) to the setting up of any reserves that the Liquidator may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company; and (iii) to the Members in accordance with the positive balances in their respective Capital Accounts (after adjustments under Articles 3 and 5 have been made to such Capital Accounts).