Common use of Winding Up and Termination Clause in Contracts

Winding Up and Termination. (a) On the occurrence of a Dissolution Event, the Series A Management Committee and the Management Committee of the Series with respect to which a Dissolution Event has occurred, acting together, shall designate a Member or other Person to serve as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Series and make final distributions as provided herein and in the Act. The costs of winding-up shall be borne as a Series expense. Until final distribution, the liquidator shall continue to operate the Series properties with all of the power and authority of the Members. The steps to be accomplished by the liquidator are as follows:

Winding Up and Termination. (a) On the occurrence of a Dissolution EventEvent of the type described in Section 12.01(a)(i), Section 12.01(a)(ii) or Section 12.01(a)(iii), the Series A Management Committee and the Management Committee of the Series with respect to which Members shall act as liquidator or select a Dissolution Event has occurred, acting together, shall designate a Member or other Person to serve act as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Series Company and make final distributions as provided herein and in the Act. The costs of winding-winding up shall be borne as a Series Company expense. Until final distribution, the liquidator shall continue to operate the Series Company properties with all of the power and authority of the Members. The steps to be accomplished by the liquidator are as follows:

Winding Up and Termination. (a) On the occurrence of a Dissolution Event, the Series A Management Committee and the Management Committee of the Series with respect to which a Dissolution Event has occurredCommittee, acting together, shall designate a or such Member or other Person to serve as liquidator. The liquidator the Management Committee shall designate (the “Liquidator”) shall proceed diligently to wind up the affairs of the Series Company (and any Sub if such Sub is owned by the Company at the time) and make final distributions as provided herein and in the Act. The costs of winding-winding up shall be borne as a Series Company expense. Until final distribution, the liquidator Liquidator shall continue to operate the Series properties Company’s assets with all of the same power and authority of they had prior to the MembersDissolution Event. The steps to be accomplished by the liquidator Liquidator are as follows:

Winding Up and Termination. (a) On the occurrence of a Dissolution EventEvent of the type described in Section 12.1(a)(i), Section 12.1(a)(ii) or Section 12.1(a)(iii), the Series A Management Committee and the Management Committee of the Series with respect to which Members shall act as liquidator or select a Dissolution Event has occurred, acting together, shall designate a Member or other Person to serve act as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Series Company and make final distributions as provided herein and in the Act. The costs of winding-winding up shall be borne as a Series Company expense. Until final distribution, the liquidator shall continue to operate the Series Company properties with all of the power and authority of the Members. The steps to be accomplished by the liquidator are as follows: