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GIS » Topics » 13.10 The Liquidator.

This excerpt taken from the GIS 10-Q filed Jan 6, 2005.

        13.10     The Liquidator.

        (a)    The “Liquidator” shall be the Managing Member or any other Person appointed by the Managing Member, unless (i) such liquidation arises as a result of (1) the Bankruptcy of the Company or the Managing Member, (2) a Liquidating Event described in clauses 13.1(a)(iv) or (vi) or (3) a Class A Notice Event described in clause (c), (d), or (f) of Section 14.1 occurs, (ii) final liquidating distributions have not been made by the ninetieth (90th) day following the date of the Liquidating Event, or (iii) a GMI Event has occurred and is continuing, in which case, the holder or holders of more than 50% of the Class A Limited Membership Interests may appoint the Liquidator.

        (b)    The Company is authorized to pay such reasonable compensation to the Liquidator for its services performed pursuant to this Section 13 as shall be agreed upon by the Liquidator and the Limited Members and to reimburse the Liquidator for its reasonable costs and Expenses incurred in performing those services.

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