Liquidation of the Partnership. Upon the dissolution of the Partnership under circumstances in which the business is not continued as provided in Section 20.2, no further business shall be conducted by the Partnership, except for the taking of such action as shall be necessary for the winding up of its business and affairs, the liquidation of its assets and/or the distribution of its assets to the Partners. Unless otherwise decided by the Partnership Committee, the Operator shall be the liquidating trustee for the Partnership. The winding up and liquidation of the Partnership shall consist of the sale of the properties of the Partnership, at the conclusion of which the Partnership shall terminate.
Liquidation of the Partnership. (a) If the Partnership is dissolved by agreement pursuant to Section 9.2, the Board of Directors shall proceed with the winding up of the Partnership, and the assets of the Partnership shall be applied and distributed as provided in this Section 9.4. If the Partnership is dissolved at the election of one of the Partners pursuant to Section 9.2, the electing Partner shall control the winding up and distribution of the assets of the Partnership.
Liquidation of the Partnership. 48 11.1 General.................................................................48 11.2
Liquidation of the Partnership. Upon the Partnership’s Liquidation either pursuant to the foregoing provisions of this Agreement or by operation of law, the Partners shall wind up the Partnership’s affairs in accordance with the following procedures:
Liquidation of the Partnership. As soon as practicable following the Closing, the Partnership will distribute the proceeds of the Reorganization Note and the Exchange Shares, as described in the Registration Statement, whereupon the Partnership will be considered terminated for federal income tax purposes. The Partnership will thereafter be legally dissolved and liquidated; provided, however, that such liquidation shall be delayed if necessary until all operating licenses and permits are effectively transferred to the Corporation.
Liquidation of the Partnership. 16.1 None of the Partners shall be entitled to the return of its Capital Contribution except upon the liquidation of the Partnership.
Liquidation of the Partnership. Any repayments shall be credited first to accrued and unpaid interest, and then to reduce the principal balance of the unpaid Total Cash Distribution and Fees amount. If the total amount required to be repaid by the Successor General Partner has not been repaid upon the Successor General Partner ceasing to be general partner for any reason, including upon (i) the resignation or removal of the Successor General Partner, (ii) the merger of the Partnership into another entity, or (iii) the liquidation of the Partnership, the Successor General Partner shall be required to repay such outstanding amounts. In the case of such a merger or liquidation, the amounts owed by the Successor General Partner shall be repaid prior to the closing of the merger and prior to the final distribution of liquidation proceeds to the partners of the Partnership. ART shall guarantee the full repayment of all amounts owed by the Successor General Partner pursuant to this Section 10. The Partnership shall not be entitled to release ART from its guaranty, unless ART provides for the full satisfaction of the underlying obligation through payment.
Liquidation of the Partnership. Upon the dissolution of the Partnership, the General Partner shall (or, if there then is no General Partner, the Limited Partners or a Person appointed by the Limited Partners may) immediately commence to wind up the Partnership’s affairs; provided, however, a reasonable time shall be allowed for the orderly liquidation of the assets of the Partnership, the discharge of liabilities to creditors and the winding up of the affairs of the Partnership in an orderly manner, so as to enable the Partners to minimize the normal losses attendant upon a liquidation. The proceeds of liquidation shall be distributed, as realized in the following order and priority:
Liquidation of the Partnership. 71 10.1 Liquidation...............................................71 10.2
Liquidation of the Partnership. The Partnership Agreement provides the method of dissolving the partnership and the process for liquidating the partnership, including the preparation of final accounts and paying outstanding liabilities of the partnership.
