General and Special Rules A Sample Clauses

The "General and Special Rules" clause establishes the framework for how rules are applied within the agreement, distinguishing between provisions that apply broadly (general rules) and those that address specific situations or exceptions (special rules). In practice, this clause clarifies that general rules govern most circumstances, but when a special rule is present, it takes precedence for the particular case it addresses. This structure ensures that the agreement is both comprehensive and adaptable, resolving potential conflicts between broad and narrow provisions and providing clear guidance on which rules to follow in specific scenarios.
General and Special Rules A. Except as otherwise provided herein, the timing and amount of all distributions shall be determined by the General Partners. No Partner shall have the right to demand and receive any distribution of property other than cash. Notwithstanding any other provision of this Agreement, the General Partners shall have authority to make the following distributions to certain of the Unitholders: First, if the Partnership has realized a savings on Selling Commissions payable by the Partnership with respect to the purchase of Units by a Unitholder of 4,000 or more Units (as more fully set forth in the Prospectus), the General Partners shall make a distribution to such Unitholder equal to the amount of such savings realized by the Partnership. Second, if any interest is earned on a Unitholder's Capital Contribution while it is held in escrow pending recognition as a Unitholder under Article VII, such interest shall be paid by the Partnership to such Unitholder and Profit attributable to such interest shall be allocated in the same manner. B. Subject to all of the special rules of this Section 4.5, if any Partnership property is distributed to the Partners in kind, such Partnership Property first shall be valued on the basis of the fair market value thereof to determine the Profit or Loss that would have resulted if such Partnership property had been sold, and then such Profit or Loss shall be allocated as provided in Section 4.1A, and shall be properly credited or charged to the Capital Accounts of the Partners in accordance with Treas. Reg. ss.1.704-1(b)(2)(iv)(e) or any successor provision thereto. Any Partner entitled to any interest in such assets shall receive such interest as a tenant-in-common with all other Partners so entitled. The fair market value of such assets shall be determined by an independent appraiser who shall be selected by the General Partners.
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General and Special Rules A. Except as otherwise provided herein, the timing and amount of all distributions shall be determined by the General Partners. No Partner shall have the right to demand and receive any distribution of property other than cash. Notwithstanding any other provision of this Agreement, the General Partners shall have authority to make the following distributions to certain of the Investors: First, if the Fund has realized a savings on Selling Commissions payable by the Fund with respect to the purchase of Units (as more fully set forth in the Prospectus), the General Partners shall make a distribution to such Investor equal to the amount of such savings realized by the Fund. Second, if any interest is earned on an Investors Capital Contribution while it is held in escrow pending recognition as an Investor under Article VII, such interest shall be paid by the Fund to such Investor and Profit attributable to such interest shall be allocated in the same manner. A-14
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General and Special Rules A. Except as otherwise provided herein, the timing and amount of all distributions shall be determined by the General Partners. No Partner shall have the right to demand and receive any distribution of property other than cash. Notwithstanding any other provision of this Agreement, the General Partners shall have authority to make the following distributions to certain of the Unitholders: First, if the Partnership has realized a savings on Selling Commissions payable by the Partnership with respect to the purchase of Units by a Unitholder of 4,000 or more Units (as more fully set forth in the Prospectus), the General Partners shall make a distribution to such Unitholder equal to the amount of such savings realized by the Partnership. Second, if any interest is earned on a Unitholder's Capital Contribution while it is held in escrow pending recognition as a Unitholder under Article VII, such interest shall be paid by the Partnership to such Unitholder and Profit attributable to such interest shall be allocated in the same manner.
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General and Special Rules A. Except as otherwise provided herein, the timing and amount of all distributions shall be determined by the General Partner. Notwithstanding any other provision of this Agreement, the General Partner shall have authority to make the following distributions to certain of the Investors: First, if the Partnership has realized a savings on Sales Commissions payable by the Partnership with respect to the purchase of Units (as more fully set forth in the Prospectus), the General Partner shall make a distribution to such Investor equal to the amount of such savings realized by the Partnership. Second, if any interest is earned on an Investor's Capital Contribution while it is held in escrow pending recognition as an Investor under Article VII, such interest shall be paid by the Partnership to such Investor and Profit attributable to such interest shall be allocated in the same manner. B. Subject to all of the special rules of this Section 4.5, if any property or assets of the Partnership are distributed to the Partners in kind, such property or assets first shall be valued on the basis of the fair market value thereof to determine the Profit or Loss that would have resulted if such property or assets had been sold, and then such Profit or Loss shall be allocated as provided Section 4.1A and Section 4.1B, and shall be properly credited or charged to the Capital Accounts in accordance with Income Tax Reg. ss.1.704-1(b)(2)(iv)(e) or any successor provision thereto. Any Partner entitled to any A-12
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