Common use of Dissolution and Liquidation of Partnership Clause in Contracts

Dissolution and Liquidation of Partnership. (a) Upon dissolution of the Partnership in accordance with the Act, the General Partner shall liquidate the business and administrative affairs of the Partnership, except that, if the General Partner is unable to perform this function, a liquidator may be elected by a majority in interest (determined by Points) of Limited Partners and upon such election such liquidator shall liquidate the Partnership. FC Profit and FC Loss, Operating Profit and Operating Loss during the Fiscal Years that include the period of liquidation shall be allocated pursuant to Section

Appears in 5 contracts

Samples: Limited Partnership Agreement (Apollo Global Management LLC), Limited Partnership Agreement (Apollo Global Management LLC), Limited Partnership Agreement (Apollo Global Management LLC)

AutoNDA by SimpleDocs

Dissolution and Liquidation of Partnership. (a) Upon dissolution of the Partnership in accordance with the Act, the General Partner shall liquidate the business and administrative affairs of the Partnership, except that, if the General Partner is unable to perform this function, a liquidator may be elected by a majority in interest (determined by Points) of Limited Partners and upon such election such liquidator shall liquidate the Partnership. FC Profit and FC Loss, Operating Profit and Operating Loss during the Fiscal Years that include the period of liquidation shall be allocated pursuant to Section

Appears in 3 contracts

Samples: Limited Partnership Agreement (Apollo Global Management LLC), Limited Partnership Agreement (Apollo Global Management LLC), Limited Partnership Agreement (Apollo Global Management LLC)

AutoNDA by SimpleDocs

Dissolution and Liquidation of Partnership. (a) Upon dissolution of the Partnership in accordance with the Act, the General Partner shall liquidate the business and administrative affairs of the Partnership, except that, if the General Partner is unable to perform this function, a liquidator may be elected by a majority in interest (determined by Points) of Limited Partners and upon such election such liquidator shall liquidate the Partnership. FC Capital Profit and FC Capital Loss, Operating Profit and Operating Loss during the Fiscal Years that include the period of liquidation shall be allocated pursuant to SectionSection 3.4. The proceeds from liquidation shall be distributed in the following manner:

Appears in 1 contract

Samples: Limited Partnership Agreement (Apollo Global Management LLC)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!