Liquidation Procedure. Subject to Section 7.4 hereof, upon dissolution of the Trust, the Trustees shall liquidate the assets of the Trust, apply and distribute the proceeds thereof as follows:
Liquidation Procedure. 8 Section 7.2
Liquidation Procedure. Upon dissolution of the Fund for any reason:
Liquidation Procedure. A reasonable time, as determined by the General Partner, from the date of an event of dissolution shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of its liabilities. Upon the completion of dissolution in accordance with the terms hereof, the Partnership shall terminate and the General Partner shall execute, acknowledge and cause to be filed a certificate of cancellation of the Partnership whereupon it shall cease to exist in all respects. In the event of a dissolution of the Partnership, liquidation of the assets of the Partnership and discharge of its liabilities may be carried out by a liquidation trustee or receiver, who shall be a bank or trust company or other person or firm having experience in managing, liquidating or otherwise handling property of the type then owned by the Partnership. Such liquidation trustee or receiver shall be designated by the General Partner (or in the absence of the General Partner, by the Limited Partners holding more than 50% of the Units). A liquidation trustee shall be not personally liable for the debts of the Partnership but otherwise shall have such obligations and authorities as are given the General Partner pursuant to this Agreement or as may be agreed upon between the Partners and said liquidation trustee.
Liquidation Procedure. A reasonable time shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Partnership to minimize the losses normally attendant to a liquidation.
Liquidation Procedure. In order to liquidate the Trust Estate, the Liquidator shall implement the following procedure:
Liquidation Procedure. A reasonable time, as determined by the General Partner, from the date of an event of dissolution shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of its liabilities. Upon the completion of dissolution in accordance with the terms hereof, the Partnership shall terminate and the General Partner shall execute, acknowledge and cause to be filed a certificate of cancellation of the Partnership whereupon it shall cease to exist in all respects. In the event of a dissolution of the Partnership, liquidation of the assets of the Partnership and discharge of its liabilities may be carried out by a liquidation trustee or receiver, who shall be a bank or trust company or other Person or firm having experience in managing, liquidating or otherwise handling property of the type then owned by the Partnership. Such liquidating trustee or receiver shall be designated by the General Partner. A liquidation trustee shall be not personally liable for the debts of the Partnership but otherwise shall have such obligations and authorities as are given the General Partner pursuant to this Agreement or as may be agreed upon between the Partners and said liquidation trustee.
Liquidation Procedure. Promptly following dissolution, the Liquidator shall within a reasonable period of time cause the Company's assets and properties to be liquidated for cash in an orderly and businesslike manner so as not to involve undue sacrifice (which liquidation shall not involve any material sale or disposition of assets or properties of the Company to any Member or any Affiliate of a Member unless, in any such case, such sale or disposition is on terms that are no less favorable to the Company than would be reasonably available in an arm's length transaction).
Liquidation Procedure. If for any reason the partnership is dissolved and the affairs of the partnership wound up and the assets liquidated, it is agreed the procedure for such shall be as follows: All work in progress shall be filled through the latest practical date following the notice of withdrawal or failure to purchase. All such accounts receivable shall be collected by the partnership in the course of winding up its business affairs. All client files in existence on the effective date hereof and all matters in process related to such files shall be transferred to the partner with which the file originated unless prior to dissolution, such matters (i) have completion otherwise assumed by agreement among the partners or their legal representatives or (ii) are referred to competent qualified attorneys for completion. All client files commencing after the effective date hereof, and all matters in process related to such files shall be transferred in accordance with the agreement of the partners. In absence of such agreement, such client files shall be distributed equally in accordance with the decision by an arbitrator or in accordance with the procedures set forth in Article XIX.D. Notwithstanding the foregoing, the destination of all client files shall be subject to the direction of the clients to the extent required under the Code of Professional Responsibility and/or the Integration Rules and Bylaws. The assets of the Partnership which shall consist of case on hand of the partnership and/or on deposit in a bank deposit or trust account on behalf of the partnership shall be used to meet all outstanding debts of the partnership owed to debtors other than partners. The balance of said assets or any income accruing to the benefit of the partnership shall be applied to all costs and obligations arising after dissolution, during the winding up and liquidation of the partnership assets. Any and all real estate and tangible personal property owned by the partnership shall be appraised at a value determined in accordance with the following: it is agreed negotiations shall be undertaken between the partners to establish the value of the partnership property on liquidation. In the negotiations, the parties shall determine separately the value of the partnership's case; receivables, if any; inventory, items, if any; goodwill, if any; real property and depreciable property and leasehold interest therein, if any, and all other property of the partnership, as the same exists at the end ...
Liquidation Procedure. The steps to be accomplished by the Liquidating Person are as follows:
