Common use of Gain and Loss on Dissolution and Order of Distribution Clause in Contracts

Gain and Loss on Dissolution and Order of Distribution. (a) In the event of the dissolution or termination of the Partnership, unless the remaining Partners elect to continue the business of the Partnership as provided in this Agreement, the General Partners or the liquidator of the Partnership shall proceed with the winding up of the affairs and the liquidation of the Partnership. The General Partners, who shall be the liquidators of the Partnership, shall cause to be prepared a statement setting forth the assets and liabilities of the Partnership as of the date of dissolution, and such statement shall be furnished to all of the Partners (General and Limited). The assets of the Partnership, which the General Partners determine should be liquidated, then shall be liquidated as promptly as possible, but in an orderly and businesslike manner so as not to involve undue sacrifice.

Gain and Loss on Dissolution and Order of Distribution. (a) In the event of the dissolution or termination of the Partnership, unless the remaining Partners elect to continue the business of the Partnership as provided in this Agreement, the General Partners or the liquidator of the Partnership shall proceed with to the winding up of the affairs and the liquidation of the Partnership. The General PartnersPartner, who shall be the liquidators of the Partnership, shall cause to be prepared a statement setting forth the assets and liabilities of the Partnership as of the date of dissolution, and such statement shall be furnished to all of the Partners (General and Limited). The assets of the Partnershippartnership, which the General general Partners determine should be liquidated, then shall be liquidated as promptly as possible, but in an orderly and businesslike business like manner so as not to involve undue sacrifice.

Gain and Loss on Dissolution and Order of Distribution. (a) In the event of the dissolution or termination of the Partnership, unless the remaining Partners elect to continue the business of the Partnership as provided in this Agreement, the General Partners Partner(s) or the liquidator of the Partnership shall proceed with to the winding up of the affairs and the liquidation of the Partnership. The General PartnersPartner(s), who shall be the liquidators of the Partnership, shall cause to be prepared a statement setting forth the assets and liabilities of the Partnership as of the date of dissolution, and such statement shall be furnished to all of the Partners (General and Limited). The assets of the Partnership, which the General Partners Partner(s) determine should be liquidated, then shall be liquidated as promptly as possible, but in an orderly and businesslike manner so as not to involve undue sacrifice.