Common use of Liquidation and Distribution of Assets Clause in Contracts

Liquidation and Distribution of Assets. Upon a dissolution and termination of the Trust for any reason, the Board of Trustees or the Manager shall take full account of the Trust's assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining the fair value thereof, and shall apply and distribute the proceeds therefrom in the following order: (a) first, to the satisfaction to the extent permitted by law (whether by payment or reasonable provision for payment thereof) of obligations of the Trust to creditors of the Trust (other than as set forth in paragraphs (b), (c) and (d) below); (b) second, to the repayment of any outstanding loans made by the Manager or its Affiliates to the Trust; (c) third, to the payment of expenses of liquidation and the establishment of any Reserves for contingencies; and (d) fourth, to the Common Shareholders, in accordance with, and to the extent of, the positive balances in their Capital Accounts after the Net Income or Net Loss (or items thereof) from any Terminating Capital Transaction has been allocated pursuant to the provisions of Section 9.6(b) hereof.

Liquidation and Distribution of Assets. Upon a dissolution and termination of the Trust for any reason, the Board of Trustees or the Manager shall take full account of the Trust's assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining the fair value thereof, and shall apply and distribute the proceeds therefrom in the following order: (a) first, to the satisfaction to the extent permitted by law (whether by payment or reasonable provision for payment thereof) of obligations of the Trust to creditors of the Trust (other than as set forth in paragraphs (b), (c) and (d) below); (b) second, to the repayment of any outstanding loans made by the Manager or its Affiliates to the Trust; (c) third, to the payment of expenses of liquidation (including the payment of the Liquidation Fee to the Related Manager) and the establishment of any Reserves for contingencies; and (d) fourth, to the Common Shareholders, in accordance with, and to the extent of, the positive balances in their Capital Accounts capital accounts after the Net Income or Net Loss (or items thereof) from any Terminating Capital Transaction has been allocated pursuant to the provisions of Section 9.6(b) hereof.

Liquidation and Distribution of Assets. Upon a dissolution and termination of the Trust for any reason, the Board of Trustees or the Manager Manager(s) shall take full account of the Trust's ’s assets and liabilities, shall liquidate the assets as promptly as is consistent with obtaining the fair value thereof, and shall apply and distribute the proceeds therefrom in the following order: (a) first, to the satisfaction to the extent permitted by law (whether by payment or reasonable provision for payment thereof) of obligations of the Trust to creditors of the Trust (other than as set forth in paragraphs (b), (c) and (d) below); (b) second, to the repayment of any outstanding loans made by the Manager Manager(s) or its Affiliates to the Trust; (c) third, to the payment of expenses of liquidation and the establishment of any Reserves for contingencies; and (d) fourth, to the Common Shareholders, in accordance with, and to the extent of, the positive balances in their Capital Accounts after the Net Income or Net Loss (or items thereof) from any Terminating Capital Transaction has been allocated pursuant to the provisions of Section 9.6(b) hereof.