N.Y. Partnership Law § 121-504

§ 121-504. Sharing of distributions. Distributions of cash or other\nassets of a limited partnership shall be allocated among the partners,\nand among classes of partners, in the manner provided in the partnership\nagreement which may, among other things, establish record dates for\ndistributions. If the partnership agreement does not so provide,\ndistributions shall be allocated on the basis of the value, as stated in\nthe records of the limited partnership, if so stated, of the\ncontributions, but not including defaulted obligations to make\ncontributions, of each partner to the extent they have been received by\nor promised to the limited partnership and have not been returned.\n