Common use of Liquidation Procedure Clause in Contracts

Liquidation Procedure. Upon dissolution of the Fund for any reason: (a) A reasonable time shall be allowed for the orderly liquidation of the assets of the Fund and the discharge of liabilities to creditors so as to enable the Fund to minimize the losses normally attendant to a liquidation; (b) The Shareholders shall continue to receive Available Cash Flow from Operations or Available Cash From Dispositions, as the case may be, subject to the other provisions of this Agreement and to the provisions of subsection (c) hereof, and shall share Profits and Losses for all tax and other purposes during the period of liquidation; and (c) The Manager shall act as liquidating Manager and shall proceed to liquidate the Fund Properties to the extent that they have not already been reduced to cash unless the liquidating Manager elects to make distributions in kind to the extent and in the manner herein provided and such cash, if any, and property in kind, shall be applied and distributed to the Shareholders to the extent of, and in proportion to, the positive balances of their Capital Accounts and then in accordance with Article 8.

Liquidation Procedure. Upon dissolution of the Fund for any reason: (a) A reasonable time shall be allowed for the orderly liquidation of the assets of the Fund and the discharge of liabilities to creditors so as to enable the Fund to minimize the losses normally attendant to a liquidation; (b) The Shareholders shall continue to receive Available Cash Flow from Operations or Available Cash From DispositionsCapital Transactions, as the case may be, subject to the other provisions of this Agreement and to the provisions of subsection (c) hereof, and shall share Net Profits and Net Losses for all tax and other purposes during the period of liquidation; and (c) The Manager shall act as liquidating Manager and shall proceed to liquidate the Fund Properties to the extent that they have not already been reduced to cash unless the liquidating Manager elects to make distributions in kind to the extent and in the manner herein provided and such cash, if any, and property in kind, shall be applied and distributed to the Shareholders to the extent of, and in proportion to, the positive balances of their Capital Accounts and then in accordance with Article 8.

Liquidation Procedure. Upon dissolution of the Fund for any reason: (a) A reasonable time shall be allowed for the orderly liquidation of the assets of the Fund and the discharge of liabilities to creditors so as to enable the Fund to minimize the losses normally attendant to a liquidation; (b) The Shareholders shall continue to receive Available Cash Flow from Operations or Available Cash From Dispositions, as the case may be, subject to the other provisions of this Agreement and to the provisions of subsection (c) hereof, and shall share Profits and Losses for all tax and other purposes during the period of liquidation; and (c) The Manager shall act as liquidating Manager and shall proceed to liquidate the Fund Properties to the extent that they have not already been reduced to cash unless the liquidating Manager elects to make distributions in kind to the extent and in the manner herein provided and such cash, if any, and property in kind, shall be applied and distributed to the Shareholders to the extent of, and in proportion to, the positive balances of their Capital Accounts and then in accordance with Article 8.