Order of Dissolution. Any order is entered in any proceedings against the Borrower or Guarantor decreeing the dissolution or split-up of the Borrower or Guarantor, and such order remains in effect for more than sixty (60) days; or
Order of Dissolution. The issuance of a decree by any court of competent jurisdiction that the Operating Company be dissolved and liquidated.
Order of Dissolution. In settling accounts after dissolution, the assets of the Partnership shall be distributed as expeditiously as possible in the following order not later than the end of the taxable year of the liquidation (i.e., the date upon which the Partnership ceases to be a going concern as provided in section 1.704- 1(b)(2)(ii)(g) of the Income Tax Regulations), or if later, within ninety (90) days after the date of such liquidation:
(a) To creditors, including the Partners to the extent of any unpaid expenses or any outstanding loan or advance;
(b) To the payment of the costs of winding up the affairs of, liquidating and dissolving the Partnership including, without limitation, expenses of selling assets of the Partnership, discharging the liabilities of the Partnership, distributing the assets of the Partnership and terminating the Partnership in accordance with Section 7.3 hereof;
(c) To the establishment of reasonable reserves to provide for obligations to creditors;
(d) To the Partners with respect to which any other debts of the Partnership are owing, other than debts arising out of the expulsion of a Partner;
(e) Thereafter, to the Partners in the proportion of their respective Capital Accounts or as those accounts are determined after all adjustments to such accounts for the taxable year of the Partnership during which the liquidation occurs as are required by this Agreement by section 1.704-1(b) of the Income Tax Regulations, such adjustments to be made within the time specified in such Regulations.
Order of Dissolution. In settling accounts after dissolution, the assets of the Partnership shall be distributed as expeditiously as possible in the following order not later than the end of the taxable year of the liquidation (i.e., the date upon which the Partnership ceases to be a going concern as provided in section 1.704-1(b)(2)(ii)(g) of the Regulations), or if later, within ninety (90) days following the date of such liquidation:
(a) To creditors, including the Partners to the extent of any unpaid expenses or any outstanding loan or advance made in accordance with this Agreement;
(b) To the payment of the costs of winding up the affairs of, liquidating and dissolving the Partnership including, without limitation, expenses of selling assets of the Partnership, discharging the liabilities of the Partnership, distributing the assets of the Partnership and terminating the Partnership in accordance with Section 10.2;
(c) To the establishment of reasonable reserves to provide for obligations to creditors;
(d) Thereafter, to the Partners in proportion to, and in return of, their respective Capital Accounts determined after having reflected in such Capital Accounts all adjustments, including adjustments for the taxable year of the Partnership during which the liquidation occurs, as are required by this Agreement and by section 1.704-1(b) of the Regulations, such adjustments to be made within the time specified in such Regulations.
Order of Dissolution. 16 7.5 Termination . . . . . . . . . . . . . . . . . . . . . . . . 17 7.6 Orderly Methods of Liquidating Payments . . . . . . . . . . 17
Order of Dissolution. In settling accounts upon winding up and liquidation of the Partnership, the assets of the Partnership shall be applied and distributed as expeditiously as possible in the following order not later than the end of the taxable year of the liquidation (i.e., the date upon which the Partnership ceases to be a going concern as provided in Income Tax Regulation section 1.704-1(b)(2)(ii)(g) or if later, within 90 days after the date of such liquidation):
(a) to pay (or make reasonable provision for the payment of) all creditors of the Partnership, including to the extent permitted by law Partners or their Affiliates who are creditors, in satisfaction of liabilities of the Partnership in the order of priority provided by law, including expenses relating to the dissolution and winding up of the affairs of the Partnership (including, without limitation, expenses of selling assets of the Partnership, discharging the liabilities of the Partnership, distributing the assets of the Partnership and terminating the Partnership as a limited partnership in accordance with this Agreement and the Act); and
(b) to the Partners in proportion to their respective positive Capital Account balances, as those balances are determined after all adjustments to such Capital Accounts as required by this Agreement for all periods immediately prior to such distribution.
Order of Dissolution. In settling accounts after dissolution, the assets of the Partnership shall be applied and distributed as expeditiously as possible in the following order of priority:
(a) to the payment of the costs of winding up the affairs of, liquidating and dissolving the Partnership, including, without limitation, expenses of selling assets of the Partnership, discharging the liabilities of the Partnership, distributing the assets of the Partnership and terminating the Partnership as a partnership in accordance with Section 9.1 hereof;
(b) to creditors, including a Partner to the extent of any outstanding loan or advance;
(c) to the establishment of reasonable reserves to provide for any contingent or unforeseen liabilities or obligations to creditors; and
(d) to those Partners with positive Capital Account balances (in proportion to such Capital Account balances).
Order of Dissolution. 28 (f) Reports and Certificates. ........................28 (g) Judgments. .......................................28 (h) Liens Imposed by Law. ............................28 (i) Corporate Existence. .............................28 Section 8.2. Rights and Remedies Cumulative....................29 Section 8.3. Rights and Remedies Not Waived....................29 Section 8.4.
