Common use of Final Statements Clause in Contracts

Final Statements. Upon dissolution, a statement listing the assets and liabilities of the Company and the intent of the Members or the Board as to the conduct of the winding-up process shall be distributed to the Members and, upon completion of the winding-up process, a statement describing the disposition of Company assets, the provisions made for payment of contingent liabilities, and the application of the winding-up proceeds shall be distributed to the Members.