Common use of Liquidating Committee Clause in Contracts

Liquidating Committee. In the event of the dissolution of the Partnership for any reason, the General Partner shall commence to wind up the affairs of the Partnership and to liquidate its investments. Subject to the provisions of Articles V and VI, the Partners shall continue to share profits, losses and cash distributions during the period of liquidation in the same proportion as before dissolution. The General Partner (or such liquidator or liquidating committee selected by the Partners) shall have full right and unlimited discretion to determine the time, manner and terms of any sale or sales of Partnership property pursuant to such liquidation having due regard to the activity and condition of the relevant market and general financial and economic conditions. Any such liquidator or liquidating committee may execute and file such documents as are necessary or appropriate to accord it the status of a “Liquidating Trustee” under the Act.

Liquidating Committee. In the event of the dissolution of the Partnership for any reason, the General Partner shall commence to wind up the affairs of the Partnership and to liquidate its investments. Subject to the provisions of Articles V and VI, the Partners shall continue to share profits, losses and cash distributions during the period of liquidation in the same proportion as before dissolution. The General Partner (or such liquidator or liquidating committee selected by the Partners) shall have full right and unlimited discretion to determine the time, manner and terms of any sale or sales of Partnership property pursuant to such liquidation having due regard to the activity and condition of the relevant market and general financial and economic conditions. Any such liquidator or liquidating committee may execute and file such documents as are necessary or appropriate to accord it the status of a “"Liquidating Trustee” " under the Act.