LLC.1.7.040 Distribution of Assets

Upon the winding up of an LLC, the assets shall be distributed in the following order:

(a) To creditors, including to the extent permitted by law, Owners, and former Owners in satisfaction of liabilities of the LLC.

(b) Unless otherwise provided in the Operating Agreement, to Owners and former Owners in satisfaction of liabilities for distributions under Section LLC.1.5.020, Section LLC.1.5.030 and Section LLC.1.5.040.

(c) Unless otherwise provided in the Operating Agreement, to Owners and former Owners first for the return of their contributions in proportion to their respective values and, thereafter, in proportion to their respective rights to share in distributions from the LLC before dissolution.