Common use of Liquidation or Dissolution A Clause in Contracts

Liquidation or Dissolution A. If the Fund is liquidated or dissolved, the net proceeds from such liquidation, as provided in Article VIII, shall be distributed first to creditors, including Partners who are creditors, to the extent otherwise permitted by law (whether by payment or by establishment of reserves), other than liabilities for distributions to Partners and Investors, and any remaining net proceeds shall be distributed in proportion to the Capital Accounts of the Partners and Investors, determined after the allocations in Sections 4.1 A and 4.1 B, unless applicable law shall otherwise require, in which event the allocations set forth in Sections 4.1A and 4.1B shall be modified to the extent necessary, but only to the extent necessary, to comply with such applicable law. B. All distributions under this Section 4.4 shall be made by the end of the taxable year of liquidation of the Fund or, within 90 days of the date of liquidation, whichever is later.