HomeMy WebLinkAbout0946 in the following manner:
1. First, to make reasonable provision for the payn~nt j
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of the liabilities of the Limited Partnership.
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2. Second, to pay any and all liabilities to Piembers.
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rlothing contained herein shall, however, be ~eemed to sub- ~
ordinate such liabilities to I~embers to other current lia- ~
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bilities of the Limited Partnership. t
Section 11. Distributions
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The Funds Available for Distri.but3on shalZ be distributed
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to each Member, or his assignee, at times and to the extent
determined in the discretion of the General Partner, in the
ratio that each Member's or assignee's number of Units
owned bears to the aggregate total number of Units owned.
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Section 12. Financi2l Records ~ -
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A. The fiscal year of the Limited Partnership shall end !
on December 3zst: The books of account shall be kept on the
basis or zn ?ccounting period consisting o£ a calendar year.
B. At a?1 times until the completion of liquidation
or' tY:e ass~*~ of the Limited Partnership, the General Partner
sh211 keep ar cause to be kept true and full books of account
on ~he ~ccrual method, in which shall be entered fully and
accurately tne.transactions of the Limited Partnership;
all of said books shall a~ all times be maintained at the
principal office of the Limited Partnership and shall be j
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~ open to the inspection and examination of any Member or his €
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representative at reasonable times. The General Partner . ~
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agrees to deliver to the Limited Partners, and their assignees, ~
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; a copy of the United States Partnership Return of Income as ~
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filed for the Limited Partnership, and any other tax reportin~
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iniormation.
C. The net income shall be credited to each i~iemb~r's ~
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capital account in the ratio that each Iylember's nur:~ber of
Units owned bears to the aggregate total of Units then o~ned.
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? D. Net losses shall hs dabited first to an~ inco~e
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attributable to eaci? ~?~~~a~^, }::~n to the capital 2ccount ~
of each 1~?e^~er in ~^e »e.~.o :~^i~^ 4ach :~Iember's nur.:be: ~f
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