Common use of Liquidation Value Clause in Contracts

Liquidation Value. Stanxxx xxxiewed the liquidation value calculation prepared for each partnership by Pioneer USA. Such liquidation value was based upon sale of the reserves at the reserve value, less additional merger expenses estimated at 3% of reserve value. Stanxxx xxxerved that such merger expenses are intended to reflect Pioneer USA's estimate of the cost associated with brokers commissions on asset sales and the additional wind-down costs of the partnership. Stanxxx xxxerved that the liquidation value for each partnership ranged from % to % less than the merger values.