Priority Among Partners Clause Samples
The "Priority Among Partners" clause establishes the order in which partners in a business or partnership are entitled to receive distributions, payments, or other benefits. Typically, this clause outlines whether certain partners, such as those who contributed more capital or hold preferred interests, are paid before others when profits are distributed or assets are liquidated. For example, it may specify that preferred partners receive their returns before common partners. The core function of this clause is to ensure clarity and fairness in the allocation of financial returns, reducing disputes by clearly defining the hierarchy of partner entitlements.
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Priority Among Partners. Except to the extent provided by Section 4.2, Section 4.5, Section 5.1(b), Section 6.2 or Section 6.3 hereof, or except as otherwise expressly provided in this Agreement, no Partner (Limited or General) or Assignee shall have priority over any other Partner (Limited or General) or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions.
Priority Among Partners. No Partner shall be entitled to any priority or preference over any other Partner either as to return of capital contributions or as to profits, losses or distributions, except to the extent that this Agreement may be deemed to establish such a priority or preference.
Priority Among Partners. No Partner (Limited or General) or Assignee shall have priority over any other Partner (Limited or General) or Assignee either as to the return of Capital Contributions or except as otherwise expressly provided in this Agreement, as to profits, losses or distributions.
Priority Among Partners. No Partner (Limited or General) shall have priority over any other Partner (Limited or General) either as to the return of Capital Contributions or, except to the extent provided by Sections 6.2 or 6.3 hereof, or otherwise expressly provided in this Agreement, as to profits, losses or distributions.
Priority Among Partners. Except to the extent provided by Section 4.2, Section 4.5, Section 5.1(a), Section 5.1(b), Section 5.1(c), Section 6.1(a), Section 6.1(b), Section 6.2 or Section 6.3 hereof (with respect to the respective priority of the Series A and any other Preferred Units and the Original Limited Partnership Units and the subordination of the Class B Units to the Original Limited Partners Units and Additional Units), or except as otherwise expressly provided in this Agreement, no Partner (Limited or General) or Assignee shall have priority over any other Partner (Limited or General) or Assignee either as to the return of Capital Contributions or as to profits, losses or distributions.