N.Y. Partnership Law § 121-504: Sharing of distributions

§ 121-504. Sharing of distributions. Distributions of cash or other

assets of a limited partnership shall be allocated among the partners,

and among classes of partners, in the manner provided in the partnership

agreement which may, among other things, establish record dates for

distributions. If the partnership agreement does not so provide,

distributions shall be allocated on the basis of the value, as stated in

the records of the limited partnership, if so stated, of the

contributions, but not including defaulted obligations to make

contributions, of each partner to the extent they have been received by

or promised to the limited partnership and have not been returned.