Additional Provisions Concerning Dissolution of the Partnership Sample Clauses

Additional Provisions Concerning Dissolution of the Partnership. SECTION 18.1. In the event of the dissolution of the Partnership for any reason, the Corporate General Partner shall commence to wind up the affairs of the Partnership and to liquidate its investments. The Limited Partners shall continue to share profits and losses during the period of liquidation in the same proportion as before the dissolution. The Corporate General Partner shall have full right and unlimited discretion to determine the time, manner and terms of any sale or sales of Partnership property pursuant to such liquidation having due regard to the activity and condition of the relevant market and general financial and economic conditions.
Sample 1Sample 2
AutoNDA by SimpleDocs
Additional Provisions Concerning Dissolution of the Partnership. 18.1 In the event of the dissolution of the Partnership for any reason, the General Partners (or in the event that there is no remaining General Partner, the liquidator or liquidating committee selected by Limited Partners holding a majority of the Participating Percentages held by the Limited Partners) shall wind up the affairs of the Partnership. The Partners shall continue to share profits and losses during the period of liquidation in the same manner as before the dissolution. The General Partners (or such liquidator or liquidating committee) shall have full right and reasonable discretion to determine whether to sell all or any part of the Partnership's property, as well as the time, manner and terms of any sale or sales of Partnership property pursuant to such liquidation, subject, however, to Section 18.2. Any liquidator or liquidating committee appointed pursuant to this Section 18.1, upon filing of the documents required under the Act, have the status, powers, privileges and responsibilities of a liquidating trustee under the Act.
Sample 1
Additional Provisions Concerning Dissolution of the Partnership 
Sample 1Sample 2Sample 3

Related to Additional Provisions Concerning Dissolution of the Partnership

  • Dissolution of Partnership The Partnership shall be dissolved upon the expiration of its term or the earlier occurrence of any of the following events.

  • Dissolution of the Partnership The Partnership shall be dissolved upon the happening of any of the following:

  • Formation of the Partnership The Partnership was formed as a limited partnership pursuant to the provisions of the Act and the Original Agreement and continued upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and administration and termination of the Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes.

  • Dissolution of Company (a) The Company shall be dissolved, wound up and terminated as provided herein upon the first to occur of the following:

  • Capitalization of the Partnership Subject to Section 8.2, the Partnership is authorized to issue two classes of Partnership Interests. The Partnership Interests shall be designated as General Partner Interests and Limited Partner Interests, each having such rights, powers, preferences and designations as set forth in this Agreement.

  • Continuation of the Business of the Partnership After Dissolution Upon (a) dissolution of the Partnership following an Event of Withdrawal caused by the withdrawal or removal of the General Partner as provided in Section 11.1(a)(i) or (iii) and the failure of the Partners to select a successor to such Departing General Partner pursuant to Section 11.1 or Section 11.2, then, to the maximum extent permitted by law, within 90 days thereafter, or (b) dissolution of the Partnership upon an event constituting an Event of Withdrawal as defined in Section 11.1(a)(iv), (v) or (vi), then, to the maximum extent permitted by law, within 180 days thereafter, the holders of a Unit Majority may elect to continue the business of the Partnership on the same terms and conditions set forth in this Agreement by appointing as a successor General Partner a Person approved by the holders of a Unit Majority. Unless such an election is made within the applicable time period as set forth above, the Partnership shall conduct only activities necessary to wind up its affairs. If such an election is so made, then:

  • Termination of the Partnership The Partnership shall terminate when all assets of the Partnership, after payment or due provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the Partners in the manner provided for in this Article VIII, and the Certificate shall have been canceled in the manner required by the Act.

  • Termination of Partnership and Cancellation of Certificate of Limited Partnership Upon the completion of the liquidation of the Partnership’s assets, as provided in Section 13.2 hereof, the Partnership shall be terminated, a certificate of cancellation shall be filed, and all qualifications of the Partnership as a foreign limited partnership in jurisdictions other than the state of Delaware shall be canceled and such other actions as may be necessary to terminate the Partnership shall be taken.

Time is Money Join Law Insider Premium to draft better contracts faster.