Common use of Liquidating Share Clause in Contracts

Liquidating Share. In the event any Limited Partner shall withdraw or be required to withdraw in accordance with the provisions of this Article IV, there shall be paid to such Limited Partner or his/her legal representative within 60 days after the last day of the fiscal year of the Partnership which constitutes the effective date of withdrawal, an amount equal to such Partner's positive Capital Account balance as of the effective date of withdrawal; provided, however, that in the event of a mandatory withdrawal under Section 4.03, such Partner shall be paid an amount equal to the lesser of (i) his/her Capital Contribution(s) less distributions paid to such Partner prior to the withdrawal date, other than distributions paid under Section 3.05(a)(ii), or (ii) his/her positive Capital Account balance.