Common use of Liquidating Actions Clause in Contracts

Liquidating Actions. The Liquidator will liquidate the assets of the Company and apply and Distribute the proceeds of such liquidation, in the following order of priority, unless otherwise required by mandatory provisions of applicable law: (i) first, to the payment in full of the Company's debts and obligations to its creditors (including Members) in order of the priority provided by law; (ii) second, to the establishment of and additions to such reserves as the Board of Managers deems reasonably necessary or appropriate; and (iii) third, after first giving effect to the allocations described in Section 8.01 through Section 8.03 and Section 10.01 above, first to settle the Capital Accounts of the holders of Membership Interests. For the avoidance of doubt, the allocations and Distributions provided for in this Agreement are intended to result in the Capital Account of each Member immediately prior to the Distribution of the Company's assets pursuant to this Section 10.02(b) being equal to the amount which such Member would be entitled to in accordance with the priority of Distributions under Section 7.01(a).

Liquidating Actions. The Liquidator will liquidate the assets of the Company and apply and Distribute the proceeds of such liquidation, in the following order of priority, unless otherwise required by mandatory provisions of applicable law: (i) first, to the payment in full of the Company's ’s debts and obligations to its creditors (including Members) in order of the priority provided by law; (ii) second, to the establishment of and additions to such reserves as the Board of Managers deems reasonably necessary or appropriate; and (iii) third, after first giving effect to the allocations described in Section 8.01 through Section 8.03 and Section 10.01 above, first to settle the Capital Accounts of the holders of Membership Interests. For the avoidance of doubt, the allocations and Distributions provided for in this Agreement are intended to result in the Capital Account of each Member immediately prior to the Distribution of the Company's ’s assets pursuant to this Section 10.02(b) being equal to the amount which such Member would be entitled to in accordance with the priority of Distributions under Section 7.01(a)7.01.