Common use of Distribution on Dissolution Clause in Contracts

Distribution on Dissolution. In the event of the dissolution of the Partnership for any reason, the assets of the Partnership shall be liquidated for distribution in the following rank and order: (a) To creditors of the Partnership, including Partners who are creditors, to the extent otherwise permitted by law, in satisfaction of the liabilities of the Partnership (whether by payment or the making of reasonable provision for payment thereof); and (b) To the Partners in accordance with the positive balances in their Capital Accounts after giving effect to all contributions, distributions and allocations for all periods. Whenever the Liquidating Trustee reasonably determines that any reserves established pursuant to paragraph (a) above are in excess of the reasonable requirements of the Partnership, the amount determined to be excess shall be distributed to the Partners in accordance with the provisions of this Section 8.2.

Distribution on Dissolution. In the event of the dissolution and liquidation of the Partnership for any reason, the assets of the Partnership shall be liquidated for distribution in the following rank and order: (a) To Payment of creditors of the Partnership, including Partners creditors who are creditorsPartners or former Partners; (b) Establishment of reserves as provided by the Liquidating Trustee to provide for contingent liabilities, to the extent otherwise permitted by law, in satisfaction of the liabilities of the Partnership (whether by payment or the making of reasonable provision for payment thereof)if any; and (bc) To the Partners in accordance with the positive balances in their Capital Accounts after giving effect to all contributions, distributions and allocations for all periods. Whenever the Liquidating Trustee reasonably determines that any reserves established pursuant to paragraph (ab) above are in excess of the reasonable requirements of the Partnership, the amount determined to be excess shall be distributed to the Partners in accordance with the provisions of this Section 8.2.

Distribution on Dissolution. In the event of the dissolution and liquidation of the Partnership for any reason, the assets of the Partnership shall be liquidated for distribution in the following rank and order: (a) To Payment of creditors of the Partnership, including Partners who are creditors, to the extent otherwise permitted by law, in satisfaction of the liabilities of the Partnership (whether other than Partners) in the order of priority as provided by payment or law; (b) Establishment of reserves to provide for contingent liabilities, if any; (c) Payment of debts of the making Partnership to Partners, if any, in the order of reasonable provision for payment thereof)priority provided by law; and (bd) To the Partners manner set forth in accordance with the positive balances in their Capital Accounts after giving effect to all contributions, distributions and allocations for all periodsSection 6.1. Whenever the Liquidating Trustee reasonably determines that any reserves established pursuant to paragraph subsection (ab) above are in excess of the reasonable requirements of the Partnership, the amount determined to be excess shall be distributed to the Partners in accordance with the provisions of this Section 8.29.2.