Common use of Priority on Liquidation Clause in Contracts

Priority on Liquidation. The Liquidating Agent shall, to the extent feasible, liquidate the assets of the Company as promptly as practicable. The proceeds of such liquidation shall be applied in the following order of priority: (a) First, to the payment of matured debts and liabilities of the Company and the costs and expenses of the dissolution and liquidation; (b) Second, to the setting up of any reserves which the Liquidating Agent may deem reasonably necessary for any contingent or unforeseen liabilities of the Company; and (c) Third, to the Member or his successor-in-interest.

Priority on Liquidation. The Liquidating Agent shall, to the extent feasible, liquidate the assets of the Company as promptly as shall be practicable. The proceeds of such liquidation shall be applied in the following order of priority: (a) First, to To the payment of matured debts and liabilities of the Company and the costs and expenses of the dissolution and liquidation;; then (b) Second, to To the setting up of any reserves which the Liquidating Agent may deem reasonably necessary for any contingent or unforeseen liabilities of the Company; andthen (c) ThirdAny balance, to the Member or his its successor-in-interest.

Priority on Liquidation. The Liquidating Agent shall, to the extent feasible, liquidate the assets of the Company as promptly as practicable. The proceeds of such liquidation shall be applied in the following order of priority: (a) First, to To the payment of matured debts and liabilities of the Company and the costs and expenses of the dissolution and liquidation; (b) Second, to To the setting up of any reserves which that the Liquidating Agent may deem reasonably necessary for any contingent or unforeseen liabilities of the Company; and (c) ThirdAny balance, to the Member Members or his successortheir respective successors-in-interest.