Liquidation or Dissolution A. If the Partnership 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
Appears in 2 contracts
Samples: Limited Partnership Agreement (Realty Parking Properties Lp), Limited Partnership Agreement (Realty Parking Properties Lp)
Liquidation or Dissolution A. If the Partnership 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 bebe distributed in proportion to the Capital Accounts of the Partners and Investors, determined after the allocations in Sections 4.IA and 4.IB.
Appears in 2 contracts
Samples: Limited Partnership Agreement (Realty Parking Properties Ii Lp), Limited Partnership Agreement (Realty Parking Properties Ii Lp)
Liquidation or Dissolution A. If the Partnership 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 bebe distributed in proportion to the Capital Accounts of the Partners and Investors, determined after the allocations in Sections 0.xX, 0.xX and 4.5.
Appears in 1 contract
Samples: Agreement of Limited Partnership (Redwood Equipment Leasing Income Fund Lp)
Liquidation or Dissolution A. If the Partnership 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 bebe distributed in proportion to the Capital Accounts of the Partners and Investors, determined after the allocations in Sections 4.lA, 4.xX anx 0.5.
Appears in 1 contract
Samples: Agreement of Limited Partnership (Redwood Equipment Leasing Income Fund Lp)