Common use of Distributions on Liquidation Clause in Contracts

Distributions on Liquidation. Distributions on liquidation shall be made in the following order: (i) the payment of all debts and liabilities of the Partnership; (ii) the payment of all expenses of liquidation: (iii) the return to Buffet of all Buffett Memorabilia; (iv) the return to Buffett of the Buffett Intellectual Property; (v) the creation of such cash reserves as the General Partner (or liquidator or liquidating committee) may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Partnership; (vi) only to the extent that the Limited Partner's Partnership Interest has been redeemed, the distribution to the General Partner of all removable assets; (vii) distributing to the Partners, prorata based upon their respective Participating Percentages, all undistributed Distributable Cash including all funds in any reserve accounts other than the reserve accounts set up under this Section 12.2(v); and (viii) all cash shall be distributed to the Partners, which distributions shall be in accordance with the Partners' positive Capital Account balances, to the extent that there is sufficient cash available, as required by Treasury Regulation ss. 1.704-1(b)(2)(ii)(b) pursuant to the allocation and distribution provisions set forth in Section 6.4).

Distributions on Liquidation. Distributions on liquidation shall be made in the following order: (i) the payment of all debts and liabilities of the Partnership; (ii) the payment of all expenses of liquidation: (iii) the return to Buffet of all Buffett Memorabilia; (iv) the return to Buffett of the Buffett Intellectual Property; (v) the creation of such cash reserves as the General Partner (or liquidator or liquidating committee) may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Partnership; (vi) only to the extent that the Limited Partner's ’s Partnership Interest has been redeemed, the distribution to the General Partner of all removable assets; (vii) distributing to the Partners, prorata based upon their respective Participating Percentages, all undistributed Distributable Cash including all funds in any reserve accounts other than the reserve accounts set up under this Section 12.2(v); and (viii) all cash shall be distributed to the Partners, which distributions shall be in accordance with the Partners' ’ positive Capital Account balances, to the extent that there is sufficient cash available, as required by Treasury Regulation ss. 1.704-1(b)(2)(ii)(b) pursuant to the allocation and distribution provisions set forth in Section 6.4).