Common use of Payments in Kind Clause in Contracts

Payments in Kind. In the event the Partnership is required or elects to make a payment or other distribution to or on behalf of any Partner or to the legal representative, liquidator, or receiver of any deceased, incompetent, insane or bankrupt Partner, the General Partner may (but shall not be obligated to) make such payment or distribution, either wholly or partially, in Securities or other property of the Partnership. The amount of any such payment or distribution shall be deemed to be equal to the value of such securities or other property, as determined under Article VIII, as of the effective date of their distribution to or on behalf of the Partner or the Partner's legal representatives and the decisions of the General Partner with respect to in-kind payments, including decisions with respect to selection, apportionment and valuation of Securities or other property, shall be conclusive and binding upon all Partners.

Payments in Kind. In the event the Partnership is required or elects to make a payment or other distribution to or on behalf of any Partner or to the legal representative, liquidator, or receiver of any deceased, incompetent, insane or bankrupt Partner, the General Partner may (but shall not be obligated to) make such payment or distribution, either wholly or partially, in Securities or other property of the Partnership. The amount of any such payment or distribution shall be deemed to be equal to the value of such securities or other property, as determined under Article VIII, 23 as of the effective date of their distribution to or on behalf of the Partner or the Partner's legal representatives and the decisions of the General Partner with respect to in-kind payments, including decisions with respect to selection, apportionment and valuation of Securities or other property, shall be conclusive and binding upon all Partners.