{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "shareholders-of-the-company", "type": "clause", "offset": [20, 47]}, {"key": "liquidation-of-the-company", "type": "clause", "offset": [62, 88]}, {"key": "agreement-or", "type": "definition", "offset": [95, 107]}, {"key": "sale-or-disposition", "type": "definition", "offset": [137, 156]}, {"key": "by-the-company", "type": "clause", "offset": [157, 171]}, {"key": "all-or-substantially-all", "type": "clause", "offset": [175, 199]}, {"key": "current-receivables", "type": "definition", "offset": [260, 279]}, {"key": "not-required", "type": "definition", "offset": [320, 332]}, {"key": "decision-by-the-board", "type": "clause", "offset": [338, 359]}, {"key": "one-transaction", "type": "clause", "offset": [420, 435]}, {"key": "related-transactions", "type": "clause", "offset": [451, 471]}], "size": 5832, "samples": [{"hash": "9YiMgTOlbTs", "uri": "/contracts/9YiMgTOlbTs#liquidation", "label": "Indemnification Agreement (Jones Ventures INTL Acquisition1 Corp)", "score": 37.3668720055, "published": true}, {"hash": "dSdFd0MtVIb", "uri": "/contracts/dSdFd0MtVIb#liquidation", "label": "Indemnification Agreement (Research Alliance Corp III)", "score": 37.3613967896, "published": true}, {"hash": "81y6QMUCMb0", "uri": "/contracts/81y6QMUCMb0#liquidation", "label": "Indemnification Agreement (GSR v Acquisition Corp.)", "score": 37.3586578369, "published": true}], "snippet": "The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements for the sale or disposition by the Company of all or substantially all of the Company\u2019s assets, other than factoring the Company\u2019s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or", "hash": "866513c2fb307b61effe99259a7b77d7", "id": 1}, {"snippet_links": [{"key": "early-termination-event", "type": "clause", "offset": [10, 33]}, {"key": "expiration-date", "type": "definition", "offset": [93, 108]}, {"key": "property-trustee", "type": "clause", "offset": [147, 163]}, {"key": "trustee-shall", "type": "definition", "offset": [197, 210]}, {"key": "satisfaction-of-liabilities", "type": "clause", "offset": [259, 286]}, {"key": "to-creditors", "type": "clause", "offset": [287, 299]}, {"key": "applicable-law", "type": "definition", "offset": [328, 342]}, {"key": "holder-a", "type": "definition", "offset": [352, 360]}, {"key": "amount-of-notes", "type": "clause", "offset": [366, 381]}, {"key": "section-94", "type": "clause", "offset": [394, 405]}, {"key": "notice-of-liquidation", "type": "clause", "offset": [410, 431]}, {"key": "trustee-not", "type": "clause", "offset": [463, 474]}, {"key": "prior-to-the", "type": "clause", "offset": [527, 539]}, {"key": "trust-securities", "type": "definition", "offset": [575, 591]}, {"key": "securities-register", "type": "definition", "offset": [634, 653]}, {"key": "after-the-liquidation-date", "type": "clause", "offset": [751, 777]}, {"key": "certificates-not-surrendered", "type": "clause", "offset": [890, 918]}, {"key": "such-information", "type": "definition", "offset": [1002, 1018]}, {"key": "with-respect-to", "type": "clause", "offset": [1019, 1034]}, {"key": "exchange-securities", "type": "definition", "offset": [1070, 1089]}, {"key": "certificates-for-notes", "type": "clause", "offset": [1090, 1112]}, {"key": "in-order-to", "type": "clause", "offset": [1279, 1290]}, {"key": "liquidation-of-the-trust", "type": "clause", "offset": [1302, 1326]}, {"key": "distribution-of", "type": "clause", "offset": [1331, 1346]}, {"key": "the-notes", "type": "clause", "offset": [1347, 1356]}, {"key": "a-separate", "type": "definition", "offset": [1460, 1470]}, {"key": "record-date", "type": "definition", "offset": [1505, 1516]}, {"key": "the-holders", "type": "clause", "offset": [1690, 1701]}, {"key": "the-distribution", "type": "clause", "offset": [1772, 1788]}, {"key": "in-exchange", "type": "clause", "offset": [1798, 1809]}, {"key": "outstanding-securities", "type": "clause", "offset": [1818, 1840]}, {"key": "issued-to", "type": "definition", "offset": [2065, 2074]}, {"key": "holders-of-securities", "type": "definition", "offset": [2075, 2096]}, {"key": "the-exchange-agent", "type": "clause", "offset": [2150, 2168]}, {"key": "the-depositor", "type": "definition", "offset": [2189, 2202]}, {"key": "best-efforts", "type": "definition", "offset": [2217, 2229]}, {"key": "the-new-york-stock-exchange", "type": "clause", "offset": [2258, 2285]}, {"key": "other-exchange", "type": "definition", "offset": [2297, 2311]}, {"key": "interdealer-quotation-system", "type": "definition", "offset": [2313, 2341]}, {"key": "the-preferred-securities", "type": "clause", "offset": [2383, 2407]}, {"key": "accrued-and-unpaid-interest", "type": "definition", "offset": [2553, 2580]}, {"key": "equal-to", "type": "definition", "offset": [2594, 2602]}, {"key": "unpaid-distributions", "type": "definition", "offset": [2623, 2643]}, {"key": "interest-or-principal", "type": "clause", "offset": [2783, 2804]}, {"key": "rights-of-holders", "type": "clause", "offset": [2896, 2913]}, {"key": "holding-trust", "type": "definition", "offset": [2914, 2927]}, {"key": "right-of", "type": "definition", "offset": [2962, 2970]}, {"key": "to-receive", "type": "definition", "offset": [2984, 2994]}, {"key": "surrender-of-securities", "type": "clause", "offset": [3006, 3029]}, {"key": "notwithstanding-the", "type": "definition", "offset": [3048, 3067]}, {"key": "provisions-of-this-section", "type": "clause", "offset": [3074, 3100]}, {"key": "the-trust-property", "type": "clause", "offset": [3237, 3255]}, {"key": "assets-of-the-trust", "type": "clause", "offset": [3446, 3465]}, {"key": "distribution-to-holders", "type": "clause", "offset": [3480, 3503]}, {"key": "trust-security", "type": "definition", "offset": [3642, 3656]}, {"key": "date-of-payment", "type": "clause", "offset": [3714, 3729]}, {"key": "winding-up", "type": "clause", "offset": [3800, 3810]}, {"key": "insufficient-assets", "type": "clause", "offset": [3887, 3906]}, {"key": "pay-in-full", "type": "definition", "offset": [3920, 3931]}, {"key": "subject-to-the", "type": "clause", "offset": [3978, 3992]}, {"key": "amounts-payable", "type": "definition", "offset": [4023, 4038]}, {"key": "by-the-trust", "type": "clause", "offset": [4039, 4051]}, {"key": "pro-rata-basis", "type": "definition", "offset": [4095, 4109]}, {"key": "liquidation-amounts", "type": "definition", "offset": [4122, 4141]}, {"key": "common-securities", "type": "clause", "offset": [4162, 4179]}, {"key": "distributions-upon", "type": "clause", "offset": [4220, 4238]}, {"key": "an-event-of-default", "type": "definition", "offset": [4355, 4374]}, {"key": "section-43", "type": "clause", "offset": [4496, 4507]}], "size": 195, "samples": [{"hash": "euQ87HxUEx0", "uri": "/contracts/euQ87HxUEx0#liquidation", "label": "Trust Agreement (Paragon Commercial CORP)", "score": 27.4394245148, "published": true}, {"hash": "eays5TDGCxM", "uri": "/contracts/eays5TDGCxM#liquidation", "label": "Trust Agreement (Entegra Financial Corp.)", "score": 25.2080764771, "published": true}, {"hash": "gAmYu7XVykU", "uri": "/contracts/gAmYu7XVykU#liquidation", "label": "Trust Agreement (Wilshire Bancorp Inc)", "score": 25.1971244812, "published": true}], "snippet": "(a) If an Early Termination Event specified in Section 9.2(a), (b) or (d) occurs or upon the Expiration Date, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee shall determine to be possible by distributing, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, to each Holder a Like Amount of Notes, subject to Section 9.4(d). Notice of liquidation shall be given by the Property Trustee not less than thirty (30) nor more than sixty (60) days prior to the Liquidation Date to each Holder of Trust Securities at such Holder\u2019s address appearing in the Securities Register. All such notices of liquidation shall:\n(i) state the Liquidation Date;\n(ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and (subject to Section 9.4(d)) any Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Notes; and\n(iii) provide such information with respect to the mechanics by which Holders may exchange Securities Certificates for Notes, or if Section 9.4(d) applies, receive a Liquidation Distribution, as the Property Trustee shall deem appropriate.\n(b) Except where Section 9.2(c) or 9.4(d) applies, in order to effect the liquidation of the Trust and distribution of the Notes to Holders, the Property Trustee, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish a record date for such distribution (which shall not be more than forty-five (45) days prior to the Liquidation Date nor prior to the date on which notice of such liquidation is given to the Holders) and establish such procedures as it shall deem appropriate to effect the distribution of Notes in exchange for the Outstanding Securities Certificates.\n(c) Except where Section 9.2(c) or 9.4(d) applies, after the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Notes will be issued to Holders of Securities Certificates, upon surrender of such Certificates to the exchange agent for exchange, (iii) the Depositor shall use its best efforts to have the Notes listed on the New York Stock Exchange or on such other exchange, interdealer quotation system or self-regulatory organization on which the Preferred Securities are then listed, if any, (iv) Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Notes bearing accrued and unpaid interest in an amount equal to the accumulated and unpaid Distributions on such Securities Certificates until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of Securities Certificates with respect to such Notes) and (v) all rights of Holders holding Trust Securities will cease, except the right of such Holders to receive Notes upon surrender of Securities Certificates.\n(d) Notwithstanding the other provisions of this Section 9.4, if distribution of the Notes in the manner provided herein is determined by the Property Trustee not to be permitted or practical, the Trust Property shall be liquidated, and the Trust shall be wound up by the Property Trustee in such manner as the Property Trustee determines. In such event, Holders will be entitled to receive out of the assets of the Trust available for distribution to Holders, after satisfaction of liabilities to creditors of the Trust as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the \u201cLiquidation Distribution\u201d). If, upon any such winding up the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of the Common Securities will be entitled to receive Liquidation Distributions upon any such winding up pro rata (based upon Liquidation Amounts) with Holders of all Trust Securities, except that, if an Event of Default has occurred and is continuing, the Preferred Securities shall have a priority over the Common Securities as provided in Section 4.3.", "hash": "15881ad2425a31d1c3f66d3b08ab7152", "id": 7}, {"snippet_links": [{"key": "early-termination-event", "type": "clause", "offset": [11, 34]}, {"key": "in-clause", "type": "clause", "offset": [45, 54]}, {"key": "trustee-shall", "type": "definition", "offset": [131, 144]}, {"key": "distribute-the", "type": "clause", "offset": [145, 159]}, {"key": "junior-subordinated-notes", "type": "clause", "offset": [160, 185]}, {"key": "in-connection-with", "type": "clause", "offset": [247, 265]}, {"key": "distribution-of", "type": "clause", "offset": [268, 283]}, {"key": "to-receive", "type": "definition", "offset": [365, 375]}, {"key": "satisfaction-of-liabilities", "type": "clause", "offset": [387, 414]}, {"key": "to-creditors", "type": "clause", "offset": [415, 427]}, {"key": "certificate-of", "type": "definition", "offset": [460, 474]}, {"key": "administrative-trustees", "type": "definition", "offset": [479, 502]}, {"key": "like-amount", "type": "definition", "offset": [507, 518]}, {"key": "notice-of-liquidation", "type": "clause", "offset": [549, 570]}, {"key": "by-the-trustees", "type": "clause", "offset": [586, 601]}, {"key": "class-mail", "type": "clause", "offset": [611, 621]}, {"key": "prior-to-the", "type": "clause", "offset": [687, 699]}, {"key": "securities-register", "type": "definition", "offset": [794, 813]}, {"key": "all-notices", "type": "definition", "offset": [815, 826]}, {"key": "after-the-liquidation-date", "type": "clause", "offset": [906, 932]}, {"key": "certificates-not-surrendered", "type": "clause", "offset": [1023, 1051]}, {"key": "such-information", "type": "definition", "offset": [1155, 1171]}, {"key": "with-respect-to", "type": "clause", "offset": [1172, 1187]}, {"key": "exchange-trust", "type": "definition", "offset": [1223, 1237]}, {"key": "certificates-for", "type": "clause", "offset": [1249, 1265]}, {"key": "in-order-to", "type": "clause", "offset": [1375, 1386]}, {"key": "liquidation-of-the-trust", "type": "clause", "offset": [1398, 1422]}, {"key": "record-date", "type": "definition", "offset": [1532, 1543]}, {"key": "exchange-agent", "type": "clause", "offset": [1664, 1678]}, {"key": "a-separate", "type": "definition", "offset": [1709, 1719]}, {"key": "the-distribution", "type": "clause", "offset": [1807, 1823]}, {"key": "in-exchange", "type": "clause", "offset": [1853, 1864]}, {"key": "holders-of", "type": "clause", "offset": [2109, 2119]}, {"key": "the-rate", "type": "definition", "offset": [2412, 2420]}, {"key": "distribution-date", "type": "clause", "offset": [2481, 2498]}, {"key": "trust-certificates", "type": "definition", "offset": [2540, 2558]}, {"key": "interest-or-principal", "type": "clause", "offset": [2666, 2687]}, {"key": "rights-of-securityholders", "type": "clause", "offset": [2806, 2831]}, {"key": "holding-trust", "type": "definition", "offset": [2832, 2845]}, {"key": "right-of", "type": "definition", "offset": [2880, 2888]}, {"key": "the-depositor", "type": "definition", "offset": [3000, 3013]}, {"key": "best-efforts", "type": "definition", "offset": [3027, 3039]}, {"key": "the-preferred-securities", "type": "clause", "offset": [3115, 3139]}, {"key": "securities-exchange", "type": "clause", "offset": [3161, 3180]}, {"key": "issued-in", "type": "definition", "offset": [3288, 3297]}, {"key": "entry-form", "type": "definition", "offset": [3303, 3313]}, {"key": "clearing-agency", "type": "definition", "offset": [3321, 3336]}], "size": 217, "samples": [{"hash": "uN7FIqrlbf", "uri": "/contracts/uN7FIqrlbf#liquidation", "label": "Trust Agreement (Georgia Power Capital Trust Vi)", "score": 18.0, "published": true}, {"hash": "kTWUNEWV8eJ", "uri": "/contracts/kTWUNEWV8eJ#liquidation", "label": "Trust Agreement (Southern Co Capital Trust Vii)", "score": 18.0, "published": true}, {"hash": "k1ODUAJmZr3", "uri": "/contracts/k1ODUAJmZr3#liquidation", "label": "Trust Agreement (Mississippi Power Capital Trust Iii)", "score": 18.0, "published": true}], "snippet": "(a) If any Early Termination Event specified in clause (ii) of Section 9.02 occurs, the Trust shall be liquidated and the Property Trustee shall distribute the Junior Subordinated Notes to the Securityholders as provided in this Section 9.04.\n(b) In connection with a distribution of the Junior Subordinated Notes, each Holder of Trust Securities shall be entitled to receive, after the satisfaction of liabilities to creditors of the Trust (as evidenced by a certificate of the Administrative Trustees), a Like Amount of Junior Subordinated Notes. Notice of liquidation shall be given by the Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall:\n(i) state the Liquidation Date;\n(ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Notes; and\n(iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Junior Subordinated Notes as the Administrative Trustees or the Property Trustee shall deem appropriate.\n(c) In order to effect the liquidation of the Trust and distribution of the Junior Subordinated Notes to Securityholders, the Property Trustee shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Junior Subordinated Notes in exchange for the Outstanding Trust Securities Certificates.\n(d) After the Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Junior Subordinated Notes will be issued to Holders of Trust Securities Certificates, upon surrender of such certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Junior Subordinated Notes, accruing interest at the rate provided for in the Junior Subordinated Notes from the last Distribution Date on which a Distribution was made on such Trust Certificates until such certificates are so surrendered (and until such certificates are so surrendered, no payments of interest or principal will be made to Holders of Trust Securities Certificates with respect to such Junior Subordinated Notes) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive Junior Subordinated Notes upon surrender of Trust Securities Certificates.\n(e) The Depositor will use its best efforts to have the Junior Subordinated Notes that are distributed in exchange for the Preferred Securities to be listed on such securities exchange as the Preferred Securities are then listed. The Depositor may elect to have the Junior Subordinated Notes issued in book-entry form to the Clearing Agency or its nominee.", "hash": "6651f7a84dc9578132b64f556d98a3be", "id": 5}, {"snippet_links": [{"key": "the-liquidator", "type": "clause", "offset": [0, 14]}, {"key": "dispose-of", "type": "definition", "offset": [32, 42]}, {"key": "assets-of-the-partnership", "type": "clause", "offset": [47, 72]}, {"key": "subject-to-section-17", "type": "clause", "offset": [204, 225]}, {"key": "delaware-act", "type": "definition", "offset": [237, 249]}, {"key": "disposed-of", "type": "definition", "offset": [291, 302]}, {"key": "public-or-private-sale", "type": "clause", "offset": [306, 328]}, {"key": "distribution-in-kind", "type": "definition", "offset": [335, 355]}, {"key": "partner-or-partners", "type": "definition", "offset": [421, 440]}, {"key": "the-property", "type": "clause", "offset": [514, 526]}, {"key": "for-purposes-of-section", "type": "clause", "offset": [543, 566]}, {"key": "equal-to", "type": "definition", "offset": [597, 605]}, {"key": "fair-market-value", "type": "definition", "offset": [610, 627]}, {"key": "cash-distributions", "type": "clause", "offset": [674, 692]}, {"key": "other-partners", "type": "definition", "offset": [713, 727]}, {"key": "distribution-of", "type": "clause", "offset": [769, 784]}, {"key": "reasonable-time", "type": "definition", "offset": [816, 831]}, {"key": "sale-or-distribution", "type": "definition", "offset": [867, 887]}, {"key": "loss-to", "type": "clause", "offset": [973, 980]}, {"key": "distribute-the", "type": "clause", "offset": [1014, 1028]}, {"key": "amounts-owed", "type": "definition", "offset": [1216, 1228]}, {"key": "compensation-for", "type": "clause", "offset": [1250, 1266]}, {"key": "terms-of", "type": "definition", "offset": [1308, 1316]}, {"key": "section-123", "type": "clause", "offset": [1317, 1329]}, {"key": "to-partners", "type": "clause", "offset": [1343, 1354]}, {"key": "in-respect-of", "type": "definition", "offset": [1370, 1383]}, {"key": "distribution-rights", "type": "definition", "offset": [1390, 1409]}, {"key": "article-vi", "type": "clause", "offset": [1416, 1426]}, {"key": "with-respect-to", "type": "clause", "offset": [1428, 1443]}, {"key": "due-and-payable", "type": "definition", "offset": [1527, 1542]}, {"key": "other-assets", "type": "definition", "offset": [1665, 1677]}, {"key": "provide-for", "type": "clause", "offset": [1681, 1692]}, {"key": "when-paid", "type": "clause", "offset": [1706, 1715]}, {"key": "unused-portion", "type": "definition", "offset": [1721, 1735]}, {"key": "the-reserve", "type": "clause", "offset": [1739, 1750]}, {"key": "liquidation-proceeds", "type": "clause", "offset": [1786, 1806]}, {"key": "all-property", "type": "clause", "offset": [1812, 1824]}, {"key": "discharge-liabilities", "type": "clause", "offset": [1868, 1889]}, {"key": "in-accordance-with", "type": "definition", "offset": [1958, 1976]}, {"key": "to-the-extent", "type": "clause", "offset": [1982, 1995]}, {"key": "capital-accounts", "type": "definition", "offset": [2042, 2058]}, {"key": "capital-account-adjustments", "type": "clause", "offset": [2104, 2131]}, {"key": "taxable-year", "type": "definition", "offset": [2224, 2236]}, {"key": "liquidation-of-the-partnership", "type": "clause", "offset": [2273, 2303]}, {"key": "date-of-occurrence", "type": "definition", "offset": [2322, 2340]}, {"key": "treasury-regulation", "type": "definition", "offset": [2370, 2389]}, {"key": "days-after", "type": "definition", "offset": [2514, 2524]}], "size": 662, "samples": [{"hash": "eKdo5k2uSCZ", "uri": "/contracts/eKdo5k2uSCZ#liquidation", "label": "Limited Partnership Agreement (Holly Energy Partners Lp)", "score": 28.8329906464, "published": true}, {"hash": "gqZS8giWywc", "uri": "/contracts/gqZS8giWywc#liquidation", "label": "Equity Restructuring Agreement (HollyFrontier Corp)", "score": 28.7973995209, "published": true}, {"hash": "826fZ7JGaFR", "uri": "/contracts/826fZ7JGaFR#liquidation", "label": "Equity Restructuring Agreement (Holly Energy Partners Lp)", "score": 28.7973995209, "published": true}], "snippet": "The Liquidator shall proceed to dispose of the assets of the Partnership, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as determined by the Liquidator, subject to Section 17-804 of the Delaware Act and the following:\n(a) The assets may be disposed of by public or private sale or by distribution in kind to one or more Partners on such terms as the Liquidator and such Partner or Partners may agree. If any property is distributed in kind, the Partner receiving the property shall be deemed for purposes of Section 12.4(c) to have received cash equal to its fair market value; and contemporaneously therewith, appropriate cash distributions must be made to the other Partners. The Liquidator may defer liquidation or distribution of the Partnership\u2019s assets for a reasonable time if it determines that an immediate sale or distribution of all or some of the Partnership\u2019s assets would be impractical or would cause undue loss to the Partners. The Liquidator may distribute the Partnership\u2019s assets, in whole or in part, in kind if it determines that a sale would be impractical or would cause undue loss to the Partners.\n(b) Liabilities of the Partnership include amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section 12.3) and amounts to Partners otherwise than in respect of their distribution rights under Article VI. With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide for its payment. When paid, any unused portion of the reserve shall be distributed as additional liquidation proceeds.\n(c) All property and all cash in excess of that required to discharge liabilities as provided in Section 12.4(b) shall be distributed to the Partners in accordance with, and to the extent of, the positive balances in their respective Capital Accounts, as determined after taking into account all Capital Account adjustments (other than those made by reason of distributions pursuant to this Section 12.4(c)) for the taxable year of the Partnership during which the liquidation of the Partnership occurs (with such date of occurrence being determined pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(g)), and such distribution shall be made by the end of such taxable year (or, if later, within 90 days after said date of such occurrence).", "hash": "660ae312203334d01829da10ebde698f", "id": 2}, {"snippet_links": [{"key": "winding-up", "type": "clause", "offset": [33, 43]}, {"key": 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"kI94Q0Ixdag", "uri": "/contracts/kI94Q0Ixdag#liquidation", "label": "Operating Agreement (Ten Broeck Tampa, LLC)", "score": 26.4976043701, "published": true}, {"hash": "jTq24ec3XZN", "uri": "/contracts/jTq24ec3XZN#liquidation", "label": "Operating Agreement (Ten Broeck Tampa, LLC)", "score": 26.4976043701, "published": true}], "snippet": "Upon dissolution of the Company for any reason, the Company shall immediately commence to windup its affairs. A reasonable period of time shall be allowed for the orderly termination of the Company business, discharge of its liabilities and distribution or liquidation of the remaining assets so as to enable the Company to minimize the normal losses attendant to the liquidation process. A full accounting of the assets and liabilities of the Company shall be taken and a statement thereof shall be furnished to each Member within thirty (30) days after the dissolution. Such accounting and statements shall be prepared under the direction of the Member or, by a liquidating trustee selected by unanimous consent of the Members. The Company property and assets and/or the proceeds from the liquidation thereof shall be applied in the following order of priority:\n(a) First, payment of the debts and liabilities of the Company, in the order of priority provided by law (including any loans by the Members to the Company) and payment of the expenses of liquidation;\n(b) Second, setting up of such reserves as the Manager or liquidating trustee may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company or any obligation or liability not then due and payable; provided, however, that any such reserve shall be paid over by the Manager or liquidating trustee to an escrow agent, to be held by such escrow agent for the purpose of disbursing such reserves in payment of such liabilities, and, at the expiration of such escrow period as the Manager or liquidating trustee shall deem advisable but not to exceed one calendar year, to distribute the balance thereafter remaining in the manner hereinafter provided; and\n(c) Third, to the Members in accordance with the provisions of Section 7.01.", "hash": "fad3059ad5e9274f1c9d74e760eb39b7", "id": 9}, {"snippet_links": [{"key": "the-liquidator", "type": "clause", "offset": [0, 14]}, {"key": "dispose-of", "type": "definition", "offset": [32, 42]}, {"key": "assets-of-the-partnership", "type": "clause", "offset": [47, 72]}, {"key": "interest-of-the-partners", "type": "clause", "offset": [218, 242]}, {"key": "subject-to-section-17", "type": "clause", "offset": [244, 265]}, {"key": "delaware-act", "type": "definition", "offset": [277, 289]}], "size": 222, "samples": [{"hash": "jfDleWuyhCi", "uri": "/contracts/jfDleWuyhCi#liquidation", "label": "Limited Partnership Agreement (Energy Transfer LP)", "score": 35.6009597778, "published": true}, {"hash": "5RbVB9UcRgB", "uri": "/contracts/5RbVB9UcRgB#liquidation", "label": "Limited Partnership Agreement (Energy Transfer LP)", "score": 34.8453102112, "published": true}, {"hash": 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The Liquidator (if other than the General Partner) shall be entitled to receive such compensation for its services as may be approved by a majority of the members of the Independent Committee. If the General Partner is acting as the Liquidator, it shall not be entitled to receive any additional compensation for acting in such capacity. The Liquidator shall agree not to resign at any time without 15 days\u2019 prior notice and (if other than the General Partner) may be removed at any time, with or without cause, by notice of removal approved by a majority of the members of the Independent Committee. Upon dissolution, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days thereafter be approved by a majority of the members of the Independent Committee. The right to approve a successor or substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this Section 13.3, the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the General Partner under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers) to the extent necessary or desirable in the good faith judgment of the Liquidator to carry out the duties and functions of the Liquidator hereunder for and during such period of time as shall be reasonably required in the good faith judgment of the Liquidator to complete the winding-up and liquidation of the Partnership as provided for herein. The Liquidator shall proceed to dispose of the Assets, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as the Liquidator determines to be in the best interest of the Partners, subject to applicable Laws and the following:\n13.3.1. the Assets may be disposed of by public or private sale or by distribution in kind to one or more Partners on such terms as the Liquidators and such Partners or Partners may agree; if any property is distributed in kind, the Partner receiving the property shall be deemed for purposes of Section 13.3.3 to have received cash equal to its fair market value; and contemporaneously therewith, appropriate cash distributions must be made to the other Partners; the Liquidator may distribute the Assets, in whole or in part, in kind if it determines that a sale would be impractical or would cause undue loss to the Partners; the Liquidator may defer liquidation of the Assets for a reasonable time if it determines that an immediate sale or distribution of all or some of the Assets would be impractical or would cause undue loss to the Partners;\n13.3.2. liabilities of the Partnership, including amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section 13.3) and amounts to Partners otherwise than in respect of their distribution rights under Section 4.6, shall be discharged; with respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of cash or other assets to provide for its payment; when paid, any unused portion of the reserve shall be distributed as additional liquidation proceeds; and\n13.3.3. all property and all cash in excess of that required to discharge liabilities of the Partnership pursuant to Section 13.3.2 shall be distributed to the Partners in accordance with their Percentage Interests as of the date chosen by the Liquidator. Such distribution shall be made by the end of the taxable year in which the liquidation of the Partnership occurs (or, if later, within 90 days after the date of such liquidation).", "hash": "bb984d963f8b438e2bfd7e4b2dc00f4f", "id": 10}, {"snippet_links": [{"key": "upon-dissolution", "type": "clause", "offset": [0, 16]}, {"key": "pursuant-to-section-8", "type": "clause", "offset": [17, 38]}, {"key": "business-and-assets", "type": "clause", "offset": [54, 73]}, {"key": "the-managing-member", "type": "definition", "offset": [116, 135]}, {"key": "affairs-of-the-company", "type": "clause", "offset": [191, 213]}, {"key": "the-liquidators", "type": "clause", "offset": [243, 258]}, {"key": "to-sell", "type": "clause", "offset": [274, 281]}, {"key": "otherwise-dispose-of", "type": "definition", "offset": [307, 327]}, {"key": "company-assets", "type": "definition", "offset": [328, 342]}, {"key": "in-accordance-with", "type": "definition", "offset": [343, 361]}, {"key": "the-act", "type": "clause", "offset": [362, 369]}], "size": 213, "samples": [{"hash": "grSIs0EFYg5", "uri": "/contracts/grSIs0EFYg5#liquidation", "label": "Limited Liability Company Agreement (90210 LLC)", "score": 28.716632843, "published": true}, {"hash": "e4NrSrdXbEu", "uri": "/contracts/e4NrSrdXbEu#liquidation", "label": "Limited Liability Company Agreement (90210 LLC)", "score": 28.716632843, "published": true}, {"hash": "nknDu3bWZ9", "uri": "/contracts/nknDu3bWZ9#liquidation", "label": "Limited Liability Company Agreement (DT Management LLC)", "score": 28.2375087738, "published": true}], "snippet": "Upon dissolution pursuant to Section 8, the Company\u2019s business and assets shall be liquidated in an orderly manner. The Managing Member or its designee shall be the liquidator to wind up the affairs of the Company. In performing their duties, the liquidators are authorized to sell, distribute, exchange or otherwise dispose of Company assets in accordance with the Act in any manner that the liquidators shall determine.", "hash": "5172c1b03d78889bdcf8d57847c03a12", "id": 6}, {"snippet_links": [{"key": "expiration-date", "type": "definition", "offset": [13, 28]}, {"key": "early-termination-event", "type": "clause", "offset": [38, 61]}, {"key": "in-clause", "type": "clause", "offset": [72, 81]}, {"key": "satisfaction-of-creditors", "type": "clause", "offset": [131, 156]}, {"key": "applicable-law", "type": "definition", "offset": [194, 208]}, {"key": "property-trustee", "type": "clause", "offset": [247, 263]}, {"key": "amount-of-debentures", "type": "clause", "offset": [380, 400]}, {"key": "subject-to-section", "type": "clause", "offset": [402, 420]}, {"key": "notice-of-liquidation", "type": "clause", "offset": [430, 451]}, {"key": "administrative-trustees", "type": "definition", "offset": [474, 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[4740, 4751]}, {"key": "the-trust-property", "type": "clause", "offset": [4769, 4787]}, {"key": "assets-of-the-trust", "type": "clause", "offset": [4987, 5006]}, {"key": "available-for-distribution", "type": "definition", "offset": [5007, 5033]}, {"key": "equal-to", "type": "definition", "offset": [5164, 5172]}, {"key": "trust-security", "type": "definition", "offset": [5200, 5214]}, {"key": "unpaid-distributions", "type": "definition", "offset": [5236, 5256]}, {"key": "date-of-payment", "type": "clause", "offset": [5272, 5287]}, {"key": "winding-up", "type": "clause", "offset": [5358, 5368]}, {"key": "insufficient-assets", "type": "clause", "offset": [5446, 5465]}, {"key": "pay-in-full", "type": "definition", "offset": [5479, 5490]}, {"key": "subject-to-the", "type": "clause", "offset": [5537, 5551]}, {"key": "amounts-payable", "type": "definition", "offset": [5582, 5597]}, {"key": "liquidation-amounts", "type": "definition", "offset": [5681, 5700]}, {"key": "distributions-upon", "type": "clause", "offset": [5781, 5799]}, {"key": "debenture-event-of-default", "type": "definition", "offset": [5917, 5943]}, {"key": "lapse-of-time", "type": "clause", "offset": [5968, 5981]}, {"key": "giving-of-notice", "type": "clause", "offset": [5985, 6001]}, {"key": "an-event-of-default", "type": "definition", "offset": [6015, 6034]}], "size": 334, "samples": [{"hash": "k1gHHrMii3", "uri": "/contracts/k1gHHrMii3#liquidation", "label": "Trust Agreement (Southwestern Electric Power Co)", "score": 18.0, "published": true}, {"hash": "iwSX6mc1jfO", "uri": "/contracts/iwSX6mc1jfO#liquidation", "label": "Trust Agreement (American Electric Power Co Inc)", "score": 18.0, "published": true}, {"hash": "hCxYMFSppJU", "uri": "/contracts/hCxYMFSppJU#liquidation", "label": "Trust Agreement (Southwestern Electric Power Co)", "score": 18.0, "published": true}], "snippet": "(a) Upon the Expiration Date or if an Early Termination Event specified in clause (i), (iii) or (iv) of Section 9.02 occurs, after satisfaction of creditors of the Trust, if any, as provided by applicable law, the Trust shall be liquidated by the Property Trustee as expeditiously as the Property Trustee determines to be appropriate by distributing to each Securityholder a Like Amount of Debentures, subject to Section 9.04(e). Notice of liquidation shall be given by the Administrative Trustees by first-class mail, postage prepaid, mailed not later than 30 nor more than 60 days prior to the Liquidation Date to each Holder of Trust Securities at such Holder's address appearing in the Securities Register. All notices of liquidation shall:\n(i) state the Liquidation Date;\n(ii) state that from and after the Liquidation Date, the Trust Securities will no longer be deemed to be Outstanding and any Trust Securities Certificates not surrendered for exchange will be deemed to represent a Like Amount of Debentures; and\n(iii) provide such information with respect to the mechanics by which Holders may exchange Trust Securities Certificates for Debentures, or, if Section 9.04(e) applies, receive a Liquidation Distribution, as the Administrative Trustees or the Property Trustee shall deem appropriate.\n(b) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, in order to effect the liquidation of the Trust hereunder, and any resulting distribution of the Debentures to Securityholders, the Administrative Trustees shall establish a record date for such distribution (which shall be not more than 45 days prior to the Liquidation Date) and, either itself acting as exchange agent or through the appointment of a separate exchange agent, shall establish such procedures as it shall deem appropriate to effect the distribution of Debentures in exchange for the Outstanding Trust Securities Certificates.\n(c) Except where Sections 9.02(ii), 9.04(d) or 9.04(e) apply, after any Liquidation Date, (i) the Trust Securities will no longer be deemed to be Outstanding, (ii) certificates representing a Like Amount of Debentures will, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, be issued to Holders of Trust Securities Certificates, upon surrender of such Trust Securities Certificates to the Administrative Trustees or their agent for exchange, (iii) any Trust Securities Certificates not so surrendered for exchange will be deemed to represent a Like Amount of Debentures, accruing interest at the rate provided for in the Debentures from the last Distribution Date on which a Distribution was made on such Trust Securities Certificates until such Trust Securities Certificates are so surrendered (and until such Trust Securities Certificates are so surrendered, no payments or interest or principal will be made to Holders of Trust Securities Certificates with respect to such Debentures) and (iv) all rights of Securityholders holding Trust Securities will cease, except the right of such Securityholders to receive, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, Debentures upon surrender of Trust Securities Certificates.\n(d) If at any time, a Tax Event shall occur and be continuing, and either (i) in the Opinion of Counsel to the Depositor experienced in such matters, there would in all cases, after effecting the dissolution of the Trust, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, and the distribution of the Debentures to the Holders of the Preferred Trust Securities in exchange therefor, be more than an insubstantial risk that an Adverse Tax Consequence would continue to exist or (ii) the Debentures are not held by the Trust, then the Depositor shall have the right to redeem the Debentures, in whole but not in part, at any time within 90 days following the occurrence of the Tax Event. Whether or not a Tax Event has occurred, the Depositor has the right, at any time, to dissolve the Trust and, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, cause the Debentures to be distributed to the Holders of the Preferred Trust Securities and Common Trust Securities in liquidation of the Trust on a pro rata basis. [Add Provisions to substitute Treasury Securities if securities are issued in connection with Stock Purchase Units]\n(e) In the event that, notwithstanding the other provisions of this Section 9.04, whether because of an order for dissolution entered by a court of competent jurisdiction or otherwise, distribution of the Debentures in the manner provided herein is determined by the Property Trustee not to be practical, the Trust Property shall be liquidated, and the Trust shall be wound-up, by the Property Trustee in such manner as the Property Trustee determines. In such event, Securityholders will be entitled to receive out of the assets of the Trust available for distribution to Securityholders, after satisfaction of liabilities to creditors of the Trust, if any, as provided by applicable law, an amount equal to the Liquidation Amount per Trust Security plus accumulated and unpaid Distributions thereon to the date of payment (such amount being the \"Liquidation Distribution\"). If, upon any such winding up, the Liquidation Distribution can be paid only in part because the Trust has insufficient assets available to pay in full the aggregate Liquidation Distribution, then, subject to the next succeeding sentence, the amounts payable by the Trust on the Trust Securities shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder of Common Trust Securities will be entitled to receive Liquidation Distributions upon any such winding-up pro rata (determined as aforesaid) with Holders of Preferred Trust Securities, except that, if a Debenture Event of Default (or event that with the lapse of time or giving of notice would become an Event of Default) has occurred and is continuing, the Preferred Trust Securities shall have a priority over the Common Trust Securities.", "hash": "3f59757b333d66bcb2f8f38a76ffacdd", "id": 3}], "next_curs": "ClQSTmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjALEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhRsaXF1aWRhdGlvbiMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"size": 16115, "title": "Liquidation", "parents": [["definitions", "DEFINITIONS"], ["acquisition-of-stock-by-third-party", "Acquisition of Stock by Third Party"], ["acquisition-of-shares-by-third-party", "Acquisition of Shares by Third Party"], ["dissolution-and-liquidation", "Dissolution and Liquidation"], ["miscellaneous", "Miscellaneous"]], "children": [["liquidation-distributions", "Liquidation Distributions"], ["discharge-of-liabilities", "Discharge of Liabilities"], ["disposition-of-assets", "Disposition of Assets"], ["", ""], ["liquidator", "Liquidator"]], "id": "liquidation", "related": [["dissolution-liquidation", "Dissolution; Liquidation", "Dissolution; <strong>Liquidation</strong>"], ["winding-up", "Winding Up", "Winding Up"], ["dissolution-or-liquidation", "Dissolution or Liquidation", "Dissolution or <strong>Liquidation</strong>"], ["dissolution", "Dissolution", "Dissolution"], ["winding-up-and-liquidation", "Winding Up and Liquidation", "Winding Up and <strong>Liquidation</strong>"]], "related_snippets": [], "updated": "2026-05-17T05:54:11+00:00", "also_ask": ["What are the essential elements to include in a robust liquidation clause?", "How can the clause be tailored to maximize leverage in negotiations?", "What are the most common legal pitfalls or unenforceability risks with liquidation clauses?", "How do liquidation provisions differ across key jurisdictions or under different governing laws?", "What standards do courts use to determine if a liquidation clause is enforceable or constitutes a penalty?"], "drafting_tip": "Specify liquidation triggers to prevent disputes, detail asset distribution to ensure fairness, and define notice procedures to guarantee all parties are informed.", "explanation": "The Liquidation clause defines the procedures and rights of parties in the event that one party undergoes liquidation, such as bankruptcy or winding up of its business. Typically, this clause outlines how outstanding obligations, debts, or assets will be handled, and may specify the order of payments or the process for distributing remaining assets among creditors or stakeholders. Its core practical function is to provide a clear framework for managing contractual relationships and financial matters if a party becomes insolvent, thereby reducing uncertainty and protecting the interests of all involved parties."}, "json": true, "cursor": ""}}