Common use of PROCEEDS AND DISTRIBUTIONS IN LIQUIDATION Clause in Contracts

PROCEEDS AND DISTRIBUTIONS IN LIQUIDATION. The proceeds received by the Partnership in connection with the liquidation and winding up of the Partnership shall be applied in the following order of priority: 4.2.1 First, to the payment of the expenses incurred in dissolution and termination; 4.2.2 Next, to the payment of creditors of the Partnership (including making the repayments of any unpaid Partner loans in the same priority as is described in Section 4.1) except secured creditors whose obligations will be assumed or otherwise transferred on a liquidation of the Partnership property or assets; and 4.2.3 The balance, if any, shall be distributed to the Partners in accordance with their respective positive Capital Account balances (determined after applying Article 3 for all periods, including the liquidation period) as provided in Section 8.6.

PROCEEDS AND DISTRIBUTIONS IN LIQUIDATION. The proceeds received by the Partnership in connection with the liquidation and winding up of the Partnership shall be applied in the following order of priority: 4.2.1 First, to the payment of the expenses incurred in dissolution and termination; 4.2.2 Next, to the payment of creditors of the Partnership (including making the repayments of any unpaid Partner loans in the same priority as is described in Section 4.1) creditors that are also Partners), except secured creditors whose obligations will be assumed or otherwise transferred on a liquidation of the Partnership property or assets; 4.2.2 Second, to the payment of expenses incurred in the dissolution and termination of the Partnership; and 4.2.3 The Third, the balance, if any, shall be distributed to the Partners in accordance with their respective the positive Capital Account Asset balances (determined after applying Article 3 for all periods, including of the liquidation period) as provided in Section 8.6Partners.

PROCEEDS AND DISTRIBUTIONS IN LIQUIDATION. The proceeds received by the Partnership in connection with the liquidation and winding up of the Partnership shall be applied in the following order of priority: 4.2.1 First, to the payment of the expenses incurred in dissolution and termination; 4.2.2 Next, to the payment of creditors of the Partnership (including making the repayments of any unpaid Partner loans in the same priority as is described in Section is 4.1) except secured creditors whose obligations will be assumed or otherwise transferred on a liquidation of the Partnership property or assets; and 4.2.3 The balance, if any, shall be distributed to the Partners in accordance with their respective positive Capital Account balances (determined after applying Article 3 for all periods, including the liquidation period) as provided in Section 8.6.