Common use of Liquidation Value Clause in Contracts

Liquidation Value. Stan▇▇▇ ▇▇▇iewed 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. Stan▇▇▇ ▇▇▇erved 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. Stan▇▇▇ ▇▇▇erved that the liquidation value for each partnership ranged from % to % less than the merger values.