Common use of Distributions – General Principles Clause in Contracts

Distributions – General Principles. (a) Except as otherwise expressly provided in this Article III or in Article IX, no Partner shall have the right to withdraw capital from the Partnership or to receive any distribution or return of its Subscription. Distributions, if any, as and when declared by the General Partner in its sole discretion, shall be made only to Persons who, according to the books and records of the Partnership, were the holders of record of Units on the date determined by the General Partner as of which the Partners are entitled to any such distributions. Notwithstanding anything to the contrary contained in this Agreement, the Partnership, and the General Partner on behalf of the Partnership, shall not be required to make a distribution or redemption payment to any Partner on account of its interest in the Partnership if such distribution or redemption payment would violate the Act or other applicable law. Unless otherwise determined by the General Partner, all distributions of cash shall be made to the Partners in amounts proportionate to the aggregate Net Asset Value of the Units held by the respective Partners on the applicable record date set by the General Partner, except that the amount distributed per Unit of any class, or series of a class, may differ from the amount per Unit of another class, or series of a class, on account of differences in class- or series-specific expense allocations or for other reasons as determined by the General Partner. (b) Distributions and redemption payments made pursuant to this Agreement shall be made in cash. All cash contributions, distributions and redemptions pursuant to this Agreement shall be made in U.S. dollars (net of applicable currency conversion costs). The “functional currency” of the Partnership shall be the U.S. dollar with respect to all allocations and distributions hereunder.