Common use of Winding Up; Liquidation Clause in Contracts

Winding Up; Liquidation. (a) Except as otherwise provided in this Agreement, upon dissolution of the Partnership, the General Partner shall liquidate the Assets of the Partnership, apply and distribute the proceeds thereof as contemplated by this Agreement and cause the cancellation of the Partnership’s Certificate. As soon as possible after the dissolution of the Partnership, a full account of the assets and liabilities of the Partnership shall be taken, and a statement shall be prepared by the independent accountants then acting for the Partnership setting forth the assets and liabilities of the Partnership. A copy of such statement shall be furnished to each of the Partners within ninety (90) days after such dissolution. Thereafter, the Assets shall be liquidated as promptly as possible and the proceeds thereof shall be applied in the following order:

Winding Up; Liquidation. (a) Except as otherwise provided in this Agreement, upon dissolution of the Partnership, the General Partner Partners shall liquidate the Assets assets of the Partnership, apply and distribute the proceeds thereof as contemplated by this Agreement and cause the cancellation of the Partnership’s Certificate's Certificate of Formation. As soon as possible after the dissolution of the Partnership, a full account of the assets and liabilities of the Partnership shall be taken, and a statement shall be prepared by the independent accountants then acting for the Partnership setting forth the assets and liabilities of the Partnership. A copy of such statement shall be furnished to each of the Partners within ninety (90) days after such dissolution. Thereafter, the Assets assets shall be liquidated as promptly as possible is consistent with obtaining the fair value thereof and as shall be necessary to make timely the distributions described below; and, the proceeds thereof from disposition of such assets shall be applied and distributed in the following order: