HOUSE_OVERSIGHT_024563.jpg
849 KB
Extraction Summary
3
People
2
Organizations
0
Locations
2
Events
1
Relationships
2
Quotes
Document Information
Type:
Legal document (partnership agreement excerpt)
File Size:
849 KB
Summary
This document is a page from a legal agreement detailing the dissolution and liquidation process for an entity named KUE. It outlines the triggers for dissolution (agreement of General/Limited Partners, sale of assets, or law) and specifies that the General Partner is responsible for winding up affairs, paying creditors, and distributing net proceeds to Partners. It explicitly states that property will not be distributed in kind unless agreed to by the General Partner.
People (3)
| Name | Role | Context |
|---|---|---|
| General Partner | Manager/Controller |
Required to wind up affairs of KUE upon dissolution; has authority to agree to in-kind distributions.
|
| Limited Partners | Investors |
Holders of Common LP Units whose agreement (majority) can trigger dissolution.
|
| Partners | Beneficiaries |
Recipients of net proceeds after liquidation.
|
Organizations (2)
| Name | Type | Context |
|---|---|---|
| KUE |
The entity whose dissolution and liquidation terms are being described.
|
|
| House Oversight Committee |
Implied by Bates stamp 'HOUSE_OVERSIGHT'.
|
Timeline (2 events)
Relationships (1)
Agreement structure within KUE regarding dissolution and distribution of assets.
Key Quotes (2)
"If KUE is dissolved and not reconstituted and continued, the General Partner is then required to wind up the affairs of KUE and to liquidate and sell its assets in an orderly manner."Source
HOUSE_OVERSIGHT_024563.jpg
Quote #1
"KUE property will not be distributed in kind to the Partners upon the dissolution and termination of KUE unless otherwise agreed by the General Partner."Source
HOUSE_OVERSIGHT_024563.jpg
Quote #2
Full Extracted Text
Complete text extracted from the document (1,174 characters)
• The agreement of the General Partner and the holders of a majority of the Units held by the Limited Partners holding Common LP Units;
• The sale or distribution of all or substantially all of KUE's assets; or
• As otherwise provided by law.
If KUE is dissolved and not reconstituted and continued, the General Partner is then required to wind up the affairs of KUE and to liquidate and sell its assets in an orderly manner. Upon the winding up and termination of the business and affairs of KUE, its assets (other than cash) will be sold, its liabilities and obligations to creditors and all expenses incurred in its liquidation will be paid. The net proceeds from such sales (after deducting all selling costs and expenses in connection therewith) and any released reserves will then be distributed to the Partners in accordance with "– Distributions" by the later of the end of the taxable year of KUE which includes the liquidation date or the 90th day following the liquidation date. KUE property will not be distributed in kind to the Partners upon the dissolution and termination of KUE unless otherwise agreed by the General Partner.
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HOUSE_OVERSIGHT_024563
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