Common use of Methods of Liquidation Clause in Contracts

Methods of Liquidation. The Partnership may be liquidated by either: (a) Selling the Partnership assets and distributing the net proceeds therefrom in the manner provided in Section 13.04 hereof. Any net gain or loss realized by the Partnership on the sale or other disposition of Partnership assets in the process of the liquidation of the Partnership shall be allocated to the Partners in the ratios specified for allocating Profits or Losses in Article V hereof; or (b) Subject to the order of priority set forth in Section 13.04 hereof, distributing the Partnership assets proportionately to the Partners in kind with each Partner accepting an undivided interest in the Partnership assets, subject to Partnership liabilities, in satisfaction of its proportionate interests in the Partnership.