PROCEEDS AND DISTRIBUTIONS IN LIQUIDATION. Subject to Section 8.3.8, 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 creditors of the Partnership (other than the repayment of any unpaid Partner loans) except secured creditors whose obligations will be assumed or otherwise transferred on a liquidation of the Partnership property or assets; 4.2.2 Next, to the payment of the expenses incurred in dissolution and termination and then to the repayment of any unpaid Partner loans in the same priority as is described in Section 4.1; and 4.2.3 The balance, if any, shall be distributed to the Partners in the order of priority set forth in Sections 4.1.1 and 4.1.2.
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Sources: Limited Partnership Agreement (Mack Cali Realty L P)
PROCEEDS AND DISTRIBUTIONS IN LIQUIDATION. Subject to Section 8.3.8, 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 creditors of the Partnership (other than the repayment of any unpaid Partner loans) except secured creditors whose obligations will be assumed or otherwise transferred on a liquidation of the Partnership property or assets;
4.2.2 Next, to the payment of the expenses incurred in dissolution and termination and then to the repayment of any unpaid Partner loans in the same priority as is described in Section 4.1; and
4.2.3 The balance, if any, shall be distributed to the Partners in the order of priority set forth in Sections 4.1.1 and 4.1.2Section 4.1.
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