Common use of Liquidation and Winding Up Clause in Contracts

Liquidation and Winding Up. 8.3.1 If the Partnership is dissolved for any reason and is not reconstituted pursuant to Section 8.4.1, the General Partner, if it is not then a Terminated Partner (or, if the General Partner is a Terminated Partner, the Limited Partner) (the Partner who is not a Terminated Partner, or any other Person empowered to liquidate the Partnership under this Section 8.3, the "Liquidator") shall commence to wind up the affairs of the Partnership and to liquidate and sell its assets as reasonably Approved by the Partners other than Terminated Partners as soon as is practicable thereafter. A third-party liquidator may be appointed as the Liquidator if Approved by the Partners other than Terminated Partners. Any Liquidator other than the Partners shall have sufficient business expertise and competence to conduct the winding up and termination of the business of the Partnership as it has theretofore been conducted or (subject to the limitations hereinafter set forth) which the Partnership may thereafter enter into. No Liquidator who is a Partner shall be paid any compensation or fee for conducting the liquidation of the Partnership.