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. 15.1 The Partnership will continue until it reaches a consensus that its work has reached a conclusion or cannot proceed further. It will be the joint responsibility of the Partnership members to ensure a smooth transition and handover of ongoing activities which minimises any disruption to young people and those organisations involved in 11-19 learning provision.
Winding Up the Partnership. In the event of (i) a voluntary dissolution, or (ii) termination of the Partnership Agreement, the Partnership shall immediately commence to wind up its affairs. The continuing operation of the Partnership business shall be confined to those activities reasonably necessary to wind up the Partnership's affairs, discharge its obligations, sell its property, and distribute the proceeds and any remaining assets.
Winding Up the Partnership. On any voluntary dissolution, -------------------------- the Partnership shall immediately commence to wind up its affairs. The Partners shall continue to share profits and losses during the period of liquidation in the same proportions as before dissolution. The proceeds from liquidation of Partnership assets shall be applied as follows:
Winding Up the Partnership. Upon termination of the Partnership, all debts and obligations shall be paid and discharged; and for this purpose, the capital accounts of the Partners shall not be considered as debts or obligations. All assets then remaining shall be distributed to the Partners (General Partner and Limited Partners) in the ratios of their respective adjusted capital accounts. Such assets may be distributed in kind or may be converted to cash by way of sale, at the discretion of More than Fifty Percent (50%) in Interest of the Partners.
Winding Up the Partnership. In the event of a sale or disposition of substantially all of the assets of the Partnership, or a withdrawal of the sole remaining General Partner and the remaining partners do not elect to continue the Partnership pursuant to Article X, the Partnership shall immediately commence to wind up its affairs. The Partners shall continue to share profits or losses during liquidation in the same proportion as before dissolution. Nothing herein shall prohibit any partner form exercising the right of redemption in any foreclosure action on partnership assets, provided that such partner complies with the provisions of this Article XII. The proceeds from liquidation of the Partnership assets shall be applied as follows:
Winding Up the Partnership. 15. Review of this Agreement
Winding Up the Partnership. Upon dissolution of the Partnership, the General Partner shall immediately commence to wind up the affairs of the Partnership and shall engage in an orderly disposition of its assets where such can be done at a fair value (except to the extent the General Partner may determine to distribute any assets to the Partners in kind). The items comprising the Profits or Losses of the Partnership, as the case may be, as well as any specially allocated items for the Fiscal Year in which the Partnership is terminated shall continue to be allocated to the Partners or their representatives and be credited or charged to their respective Capital Accounts in accordance with Articles 6 and 7, above.
Winding Up the Partnership. Upon dissolution of the Partnership, the General Partners shall immediately commence to wind up and liquidate the Partnership business. The Partners shall continue to share profits and losses during the period of liquidation in the same proportions as before dissolution. In liquidating the Partnership business, the General Partners may either sell all or part of the Partnership assets and distribute the proceeds or may make distributions completely or partially in kind pro rata or non-pro rata as to specific assets. Such assets or proceeds therefrom, to the extent sufficient, shall be applied and distributed in the following order:
Winding Up the Partnership. (a) If an event of dissolution occurs, as described in Section 8.1 above, a reasonable time shall be allowed for the orderly liquidation of the assets of the Partnership and the discharge of liabilities to creditors so as to enable the Partners to minimize the normal losses attendant upon a liquidation.
