Common use of Certified Liquidation Statement Clause in Contracts

Certified Liquidation Statement. The Partners, in the event of a liquidation of the Joint Venture following dissolution pursuant to Section 8.1, or the Non-Defaulting Partner, in the event of a liquidation of the Joint Venture following dissolution pursuant to Section 8.2, shall cause the independent auditors of the Joint Venture to prepare a certified liquidation statement of the Joint Venture which shall contain: (i) a summarized statement of receipts and disbursements; (ii) a statement of the debts and liabilities of the Joint Venture owing to each Partner; (iii) a determination of the Capital Account of each Partner; (iv) an allocation between the Partners of all gains or losses realized on the liquidation of the property and assets of the Joint Venture; and (v) an allocation of any tax benefits between the Partners. Each Partner agrees to prepare its financial statements and to prepare and file all tax returns required to be filed by it in accordance with the liquidation statement prepared by the independent auditors of the Joint Venture.

Certified Liquidation Statement. The PartnersMembers, in the event of a liquidation of the Joint Venture following dissolution pursuant to Section Article 8.1, or the Non-Defaulting PartnerMember, in the event of a liquidation of the Joint Venture following dissolution pursuant to Section Article 8.2, shall cause the independent auditors of the Joint Venture to prepare a certified liquidation statement of the Joint Venture which shall contain: (i) a summarized statement of receipts and disbursements; (ii) a statement of the debts and liabilities of the Joint Venture owing to each PartnerMember; (iii) a determination of the Capital Account of each PartnerMember; (iv) an allocation between the Partners Members of all gains or losses realized on the liquidation of the property and assets of the Joint Venture; and (v) an allocation of any tax benefits between the PartnersMembers. Each Partner Member agrees to prepare its financial statements and to prepare and file all tax returns required to be filed by it in accordance with the liquidation statement prepared by the independent auditors of the Joint Venture.

Certified Liquidation Statement. The PartnersMembers, in the event of a liquidation of the Joint Venture following dissolution pursuant to Section Article 8.1, or the Non-Defaulting PartnerMembers, in the event of a liquidation of the Joint Venture following dissolution pursuant to Section Article 8.2, shall cause the independent auditors of the Joint Venture to prepare a certified liquidation statement of the Joint Venture which shall contain: (i) a summarized statement of receipts and disbursements; (ii) a statement of the debts and liabilities of the Joint Venture owing to each PartnerMember; (iii) a determination of the Capital Account of each PartnerMember; (iv) an allocation between among the Partners Members of all gains or losses realized on the liquidation of the property and assets of the Joint Venture; and (v) an allocation of any tax benefits between among the PartnersMembers. Each Partner Member agrees to prepare its financial statements and to prepare and file all tax returns required to be filed by it in accordance with the liquidation statement prepared by the independent auditors of the Joint Venture.