Common use of Reasonable Time for Winding Up Clause in Contracts

Reasonable Time for Winding Up. Subject to, and in reasonable anticipation of timely satisfaction of the obligations under, Article 15, a reasonable time shall be allowed for the orderly winding-up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2 hereof, in order to minimize any losses otherwise attendant upon such winding-up, and the provisions of this Agreement shall remain in effect between and among the Partners during the period of liquidation, it being understood and agreed that in the case of a liquidation undertaken upon the exercise of the Liquidation Right, no Partnership Property shall have to be sold prior to the Liquidation Completion Deadline.