AVAILABLE FROM DISSOLUTION. Upon dissolution and termination of the Partnership, the proceed from the sale of all or substantially all of the Partnership Property shall be distributed in the following order of priority: (1) There shall be distributed to the Partnership creditors (other than partners) funds to the extent available, sufficient to extinguish current Partnership liabilities and obligations, including costs and expenses of liquidation; (2) Any loans owed by the Partnership to the Partners shall be paid; and (3) The balance shall be distributed to the Partners in accordance with the proper Sharing Percentage as set forth in Article 4.02.
Appears in 4 contracts
Samples: Limited Partnership Agreement, Limited Partnership Agreement, Limited Partnership Agreement
