Common use of Winding Up the Partnership Clause in Contracts

Winding Up the Partnership. In the event of a sale or disposition of substantially all of the assets of the partnership, or a voluntary dissolution, or the death, incapacity, withdrawal, or bankruptcy of the General Partners without determining a Successor General Partner, or the mutual consent of all of the Partners, the Partnership shall immediately commence to wind up its affairs. The Partners shall continue to share profits or losses during liquidation in the same manner as before dissolution. The proceeds from liquidation of Partnership assets shall be applied as follows:

Winding Up the Partnership. In the event of a sale or disposition of substantially all of the assets of the partnership, or a voluntary dissolution, or the death, incapacity, withdrawal, or bankruptcy of the General Partners without determining a Successor General Partner, or the mutual consent of all of the Partners, the Partnership shall immediately commence to wind up its affairsaffairs. The Partners shall continue to share profits or losses during liquidation in the same manner as before dissolution. The proceeds from liquidation of Partnership assets shall be applied as follows:

Winding Up the Partnership. In the event of a sale or disposition of substantially all of the assets of the partnership, or a voluntary dissolution, or the death, incapacity, withdrawal, or bankruptcy of the General Partners Partner without determining a Successor General Partner, or the mutual consent of all of the Partners, the Partnership shall immediately commence to wind up its affairs. The Partners shall continue to share profits or losses during liquidation in the same manner as before dissolutionaffairs. The proceeds from liquidation of Partnership assets shall be applied as follows:in the following order.