HomeMy WebLinkAbout0528 any reserves previously set aside by the Partnership for such
purposes, and (5) for repairs and maintenance, and security
deposits or other necessary escrows or deposits, and/or to
meet anticipated expenses, as the General Partners shall
deem to be reasonably necessary in the efficient conduct of
the Partnership business; plus
(B) The net proceeds of the sale or other disposition
of any part, but not all or substantially all, of the Partner-
ship Assets, to the extent not included in taxable income;
plus
(C) Any other funds (including amounts previously
set aside as reserves by the General Partners, where and to
the extent they no longer regard such reserves as reasonably
necessary in the effecient conduct of the Partnership business)
deemed available for distribution and designated as Net Cash
Flow by the General Partners.
~ 3.14 Net Losses: The excess of the deductions all-owed
the Partnershi b Cha ter 1 of the Code over the Partnershi 's
P Y P P
~ gross income.
3.15 Net Profits: The taxable income of the Partnership.
3.16 Partners: The General Partners and all Limited
Partners, where no distinction is required by the context in
which the term is used in this Agreement.
3.17 Partnership: This Partnership and the Partnership
continuing the business of this Partnership in the event of
a dissolution as. provided in Section 12.2.
~ 3.18 Partnership Accounting Year: The accounting year
of the Partnership, ending December 31, of each year unless
the General Partners otherwise determine.
3.19 Partnership Assets: At any particular time the
Partnership Property and any other assets or property (tangible
or intangible, Choate or inchoate, fixed or contingent) of
the Partnership.
3.20 Partnership Interest: As to any Partner, a Partner's
Capital Account, Units of Partnership Interest, right to
distributions under Article VIII and any other rights which
such Partner has in the Partnership.
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