Common use of Gain and Loss on Dissolution and Order of Distribution Clause in Contracts

Gain and Loss on Dissolution and Order of Distribution. (a) In the event of the dissolution or termination of the Partnership, unless the remaining Partners elect to continue the business of the Partnership as provided in this Agreement, the General Partners or the liquidator of the Partnership shall proceed with the winding up of the affairs and the liquidation of the Partnership. The General Partners, who shall be the liquidators of the Partnership, shall cause to be prepared a statement setting forth the assets and liabilities of the Partnership as of the date of dissolution, and such statement shall be furnished to all of the Partners (General and Limited). The assets of the Partnership, which the General Partners determine should be liquidated, then shall be liquidated as promptly as possible, but in an orderly and businesslike manner so as not to involve undue sacrifice. (b) The aggregate net profit and net loss realized by the Partnership upon the sale or other disposition of its assets shall be credited or charged to the accounts of the General Partners and Limited Partners in accordance with the provisions of Section 3.07 hereof after providing for the debts and liabilities of the Partnership. (c) The proceeds of such liquidation shall be applied and distributed in the order of priority and in the same manner as provided in Section 3.07 hereof after providing for the debts and liabilities of the Partnership. (d) All distributions under Section 9.02(c) shall be made in money arising from the sale of assets of the Partnership.

Gain and Loss on Dissolution and Order of Distribution. (a) In the event of the dissolution or termination of the Partnership, unless the remaining Partners elect to continue the business of the Partnership as provided in this Agreement, the General Partners or the liquidator of the Partnership shall proceed with to the winding up of the affairs and the liquidation of the Partnership. The General PartnersPartner, who shall be the liquidators of the Partnership, shall cause to be prepared a statement setting forth the assets and liabilities of the Partnership as of the date of dissolution, and such statement shall be furnished to all of the Partners (General and Limited). The assets of the Partnershippartnership, which the General general Partners determine should be liquidated, then shall be liquidated as promptly as possible, but in an orderly and businesslike business like manner so as not to involve undue sacrifice. (b) The aggregate net profit Net Profit and net loss Net Loss realized by the Partnership upon the sale or other disposition of its assets shall be credited or charged to the accounts of the General Partners and Limited Partners in accordance with the provisions of Section section 3.07 hereof after providing for the debts and liabilities of the Partnership. (c) The proceeds of such liquidation shall be applied and distributed in the order of priority and in the same manner as provided in Section 3.07 and 3.08 hereof after providing for the debts and liabilities of the Partnership. (d) All Any distributions under Section 9.02(c) shall may, at the election of the General Partners, be made in money arising from the sale of assets of the Partnership or by a distribution of the Partnership’s assets in kind (with each Partner receiving his or her proportionate share of each asset so distributed in kind), or such distribution may, at the election of the General Partners, be partially in money and partially in kind.

Gain and Loss on Dissolution and Order of Distribution. (a) In the event of the dissolution or termination of the Partnership, unless the remaining Partners elect to continue the business of the Partnership as provided in this Agreement, the General Partners or the liquidator of the Partnership shall proceed with the winding up of the affairs and the liquidation of the Partnership. The General Partners, who shall be the liquidators of the Partnership, shall cause to be prepared a statement setting forth the assets and liabilities of the Partnership as of the date of dissolution, and such statement shall be furnished to all of the Partners (General and Limited). The assets of the Partnership, which the General Partners determine should be liquidated, then shall be liquidated as promptly as possible, but in an orderly and businesslike manner so as not to involve undue sacrifice. (b) The aggregate net profit and net loss realized by the Partnership upon the sale or other disposition of its assets shall be credited or charged to the accounts of the General Partners and Limited Partners in accordance with the provisions of Section 3.07 hereof after providing for the debts and liabilities of the Partnership. (c) The proceeds of such liquidation shall be applied and distributed in the order of priority and in the same manner as provided in Section 3.07 3.07(d) hereof after providing for the debts and liabilities of the Partnership. (d) All distributions under Section 9.02(c) shall be made in money arising from the sale of assets of the Partnership.

Gain and Loss on Dissolution and Order of Distribution. (a) In the event of the dissolution or termination of the Partnership, unless the remaining Partners elect to continue the business of the Partnership as provided in this Agreement, the General Partners or the liquidator of the Partnership shall proceed with the winding up of the affairs and the liquidation of the Partnership. The General Partners, who shall be the liquidators of the Partnership, shall cause to be prepared a statement setting forth the assets and liabilities of the Partnership as of the date of dissolution, and such statement shall be furnished to all of the Partners (General and Limited). The assets of the Partnership, which the General Partners determine should be liquidated, then shall be liquidated as promptly as possible, but in an orderly and businesslike manner so as not to involve undue sacrifice. (ba) The aggregate net profit and net loss realized by the Partnership upon the sale or other disposition of its assets shall be credited or charged to the accounts of the General Partners and Limited Partners in accordance with the provisions of Section 3.07 hereof after providing for the debts and liabilities of the Partnership. (cb) The proceeds of such liquidation shall be applied and distributed in the order of priority and in the same manner as provided in Section 3.07 hereof after providing for the debts and liabilities of the Partnership. (dc) All distributions under Section 9.02(c) shall be made in money arising from the sale of assets of the Partnership.