Common use of Liquidation of the Company or a Series Clause in Contracts

Liquidation of the Company or a Series. In the event of a dissolution and liquidation of the Company or a Series under this Article X, the Liquidator appointed for such purpose pursuant to Section 10.1 shall proceed to sell the Artwork of the affected Series under commercially reasonable terms and at such time as will afford the Series to obtain favorable pricing under the circumstances, and distribute the Net Sales Proceeds among the Class A and B Shares of the Series in accordance with Section 11.3. The Liquidator will thereafter attend to the liquidation of the Series and its associated SP. The Liquidator shall replace the Asset Manager as the replacement Asset Manager under the terms of the Asset Management Agreement as set forth in Section 10.2.