Common use of Upon dissolution Clause in Contracts

Upon dissolution. Upon its dissolution, the Partnership will terminate and immediately commence to wind up its affairs. The Partners shall continue to share in profits and losses during liquidation in the same manner and proportions as they did before dissolution. The partnership’s assets may be sold, if a price deemed reasonable by the General Partner may be obtained. The proceeds from liquidation of Partnership assets shall be applied as follows: A. First, to the Partnership’s debts and liabilities to persons other than Partners, which shall be paid and discharged in the order of priority as provided by law; B. Second, to debts and liabilities, including the balance of unpaid guaranteed payments, if any, to Partners, which shall be paid and discharged in the order of priority as provided by law; and C. Third, the remaining assets shall be distributed proportionately first, to the Limited Partner, second, to the General Partner, in the proportion in which net profits and net losses are allocated under Paragraph 6.01 above.

Upon dissolution. Upon its dissolution, the Partnership will terminate and immediately commence to wind up its affairs. The Partners shall continue to share in profits and losses during liquidation in the same manner and proportions as they did before dissolution. The partnershipPartnership’s assets may be sold, if a price deemed reasonable by the General Partner may be obtained. The proceeds from liquidation of Partnership assets shall be applied as follows: A. First, to the Partnership’s debts and liabilities to persons other than Partners, which shall be paid and discharged in the order of priority as provided by law; B. Second, to debts and liabilities, including the balance of unpaid guaranteed payments, if any, to Partners, which shall be paid and discharged in the order of priority as provided by law; and C. Third, the remaining assets shall be distributed proportionately first, to the Limited Partner, second, to the General Partner, in the proportion in which net profits and net losses are allocated under Paragraph 6.01 above.

Upon dissolution. Upon its dissolution, the Partnership will terminate and immediately commence to wind up its affairs. The Partners shall continue to share in profits and losses during liquidation in the same manner and proportions as they did before dissolution. The partnershipPartnership’s assets may be sold, if a price deemed reasonable by the General Partner may be obtained. The proceeds from liquidation of Partnership assets shall be applied as follows: A. (a) First, to all of the Partnership’s debts and liabilities to persons other than Partners, which Partners shall be paid and discharged in the order of priority as provided by law; B. (b) Second, to all debts and liabilities, including the balance of unpaid guaranteed payments, if any, liabilities to Partners, which Partners shall be paid and discharged in the order of priority as provided by law; and C. (c) Third, the all remaining assets shall be distributed proportionately first, to among the Limited Partner, second, to the General Partner, Partners in the proportion in which net profits and net losses are allocated under Paragraph 6.01 aboveaccordance with their positive Capital Accounts.