Common use of USE OF BUSINESS OR SHIP BROKER Clause in Contracts

USE OF BUSINESS OR SHIP BROKER. If the Business of the Joint Venture is in operation, the parties shall consider retaining a business or ship broker, and the Business of the Joint Venture shall be listed for sale as a going concern. If an offer acceptable to the Partners or the Non-Defaulting Partner, as the case may be, acting reasonably, has not been received within 120 days of listing the business for sale, then the assets of the Joint Venture shall be sold and the Vessel subchartered in a piecemeal manner. The liquidation of assets and the discharge of liabilities of the Joint Venture shall occur over a reasonable time to attempt to minimize the losses which may otherwise be attendant upon an immediate liquidation.

USE OF BUSINESS OR SHIP BROKER. If the Business of the Joint Venture is in operation, the parties shall consider retaining a business or ship broker, and the Business of the Joint Venture shall be listed for sale as a going concern. If an offer acceptable to the Partners Members or the Non-Defaulting PartnerMember, as the case may be, acting reasonably, has not been received within 120 days of listing the business for sale, then the assets of the Joint Venture shall be sold and the Vessel subchartered in a piecemeal manner. The liquidation of assets and the discharge of liabilities of the Joint Venture shall occur over a reasonable time to attempt to minimize the losses which may otherwise be attendant upon an immediate liquidation.

USE OF BUSINESS OR SHIP BROKER. If the Business of the Joint Venture is in operation, the parties shall consider retaining a business or ship broker, and the Business of the Joint Venture shall be listed for sale as a going concern. If an offer acceptable to the Partners Members or the Non-Defaulting PartnerMember, as the case may be, acting reasonably, has not been received within 120 days of listing the business for sale, then the assets of the Joint Venture shall be sold and the Vessel subchartered in a piecemeal manner. The liquidation of assets and the discharge of liabilities of the Joint Venture shall occur over a reasonable time to attempt so as to minimize the losses which may otherwise be attendant upon an immediate liquidation.