Disposition of Assets on Termination. Promptly after termination under Sections 12.1 or 12.2, the Manager shall take all action necessary to wind up the activities of the Business. All costs and expenses incurred in connection with the termination of the Business shall be expenses chargeable to the Business Account.
Disposition of Assets on Termination. Promptly after termination under section 14.1, the Manager shall take all action necessary to wind up the activities of the Venture and all costs and expenses incurred in connection with the termination of the Venture shall be expenses chargeable to the Venture. Any Participant that has a negative capital account balance when the Venture is terminated for any reason shall contribute to the Assets of the Venture an amount sufficient to raise such balance to zero. The Assets shall first be paid, applied or distributed in satisfaction of all liabilities of the Venture to third parties and then to satisfy any debts, obligations, or liabilities owed to the Participants. Before distributing any funds or Assets to Participants, the Manager shall have the right to segregate amounts which in the Manager's reasonable judgment are necessary to discharge continuing obligations or to purchase for the account of Participants, bonds or other securities for the performance of such obligations. The foregoing shall not be construed to include the repayment of any Participant's capital contributions. Thereafter, any remaining cash and all other Assets shall be distributed (in undivided Interests unless otherwise agreed) to the Participants in proportion to their respective Participating Interest, first in the ratio and to the extent of their respective capital accounts and then in proportion to their respective Participating Interests, subject to any dilution, reduction or termination of such Participating Interests as may have occurred pursuant to the terms of this Agreement. No Participant shall receive a distribution of any interest in Products or proceeds from the sale thereof if such Participant's Participating Interest therein has been terminated pursuant to this Agreement.
Disposition of Assets on Termination. Promptly after termination under Section 12.1 or 12.2, the Operator shall take all action necessary to wind up the activities of the Venture, and all costs and expenses incurred in connection with the termination of the Venture shall be expenses chargeable to the Venture. The Assets shall first be paid, applied, or distributed in satisfaction of all liabilities of the Venture to third parties and then to satisfy any debts, obligations, or liabilities owed to the Participants. Before distributing any funds or Assets to Participants, the Operator shall have the right to segregate amounts which, in the Operator's reasonable judgment, are necessary to discharge continuing obligations or to purchase for the account of the Participants, bonds or other securities for the performance of such obligations. The foregoing shall not be construed to include the repayment of any Participant's capital contributions. Thereafter, any remaining cash and all other Assets shall be distributed (in undivided interests unless otherwise agreed) to the Participants, in proportion to their respective Participating Interests, subject to any dilution, reduction, or termination of such Participating Interests as may have occurred pursuant to the terms of this Agreement. No Participant shall receive a distribution of any interest in Products or proceeds from the sale thereof if such Participant's Participating Interest therein has been terminated pursuant to this Agreement.
Disposition of Assets on Termination. (a) The Operator shall take all action necessary to wind up the activities of the Joint Venture and all costs and expenses documented and reasonably incurred in connection with the termination of the Joint Venture shall be expenses chargeable to the Joint Venture Account. Any Participant that has a negative capital account balance when the Joint Venture is terminated for any reason shall contribute to the Joint Venture Account an amount sufficient to raise such balance to zero. The Joint Venture Property shall first be paid, applied or distributed in satisfaction of all Liabilities of the Joint Venture to third Persons and then to satisfy any Liabilities owed to the Participants. Before distributing any funds or property to the Participants, the Operator shall have the right to segregate amounts which are necessary to discharge continuing obligations or to purchase, for the account of the Participants, bonds or other securities for the performance of such obligations in the Operator’s reasonable judgment. Thereafter, any remaining cash and all other property shall be distributed (in undivided interests unless otherwise agreed) to the Participants in proportion to their respective Participating Interests, subject to any dilution, reduction or termination of such Participating Interests as may have occurred pursuant to the terms of this Agreement.
(b) Notwithstanding Section 17.3(a) above, in the event either of the Participants to this Agreement wish to purchase all or part of the saleable assets of the Joint Venture, they shall provide written notice to the other Participant within sixty (60) days of the cessation of mining and milling activities. In the event only one Participant wishes to purchase the subject assets, it shall be obligated to purchase those assets at fair market value. In the event more than one Participant wishes to purchase the subject assets, each Participant shall be required to tender a sealed bid with respect to the purchase of the assets to an agreed depository. The said tenders shall then be opened and the Participant with the highest tender shall be obligated to purchase all of the assets.
Disposition of Assets on Termination. Promptly after termination under Section 12.1 the Manager shall take all action necessary to wind up the activities of the Joint Venture, and all costs and expenses incurred in connection with the termination of the Joint Venture shall be expenses chargeable to the Joint Venture. The Assets shall first be paid, applied, or distributed in satisfaction of all liabilities of the Joint Venture to third parties and then to satisfy any debts, obligations, or liabilities owed to the Participants. Before distributing any funds or Assets to Participants, the Manager shall have the right to segregate amounts which, in the Manager’s reasonable judgment, are necessary to discharge continuing obligations or to purchase for the account of Participants, bonds or other securities for the performance of such obligations. Thereafter, any remaining cash and all other Assets shall be distributed in undivided interests unless otherwise provided herein or otherwise agreed. No Participant shall receive a distribution of any interest in Products or proceeds from the sale thereof if such Participant’s Participating Interest therein has been terminated pursuant to this Agreement.
Disposition of Assets on Termination. 12.5 Promptly after termination under Section 12.1, the Manager shall take all action necessary to wind up the activities of the Venture Company, and all costs and expenses incurred in connection with the termination of the Venture Company shall be expenses chargeable to the Venture Company. The Assets shall first be paid, applied, or distributed in satisfaction of all liabilities of the Venture Company to third parties and then to satisfy any debts, obligations, or liabilities owed to the Participants. Before distributing any funds or Assets to Participants, the Manager shall have the right to segregate amounts which, in the Manager's reasonable judgement, are necessary to discharge continuing obligations or to purchase for the account of Participants, bonds or other securities for the performance of such obligations. Thereafter, any remaining cash and all other Assets shall be distributed (in undivided interests unless otherwise agreed) to the Participants in proportion to their respective Participating Interests, subject to any dilution, reduction, or termination of such Participating Interests as may have occurred pursuant to the terms of this Agreement. No Participant shall receive a distribution of any interest in Products or proceeds from the sale thereof if such Participant's Participating Interest therein has been terminated pursuant to this Agreement. Right to Data After Termination 12.6 After termination of this Agreement pursuant to Section 12.1, each Participant shall be entitled to copies of all information acquired hereunder before the effective date of termination not previously furnished to it. Non-Compete Covenants 12.7 A Participant that withdraws pursuant to Section 12.3, or is deemed to have withdrawn pursuant to Section 6.4 or Section 6.5, shall not directly or indirectly acquire any interest in real property within the Area of Interest for twenty-four (24) months after the effective date of withdrawal. If a withdrawing Participant, or the Affiliate of a withdrawing Participant, breaches this Section 12.7, such Participant or Affiliate shall be obligated to offer to convey to the non-withdrawing Participant, without cost, any such property or interest so acquired. Such offer shall be made in writing and can be accepted by the non-withdrawing Participant at any time within forty-five (45) days after it is received by such non-withdrawing Participant. Continuing Authority 12.8 On termination of this Agreement under Section 12.1 or the d...
Disposition of Assets on Termination. Should this Venture be terminated under Section 9.1, the Manager shall take all action necessary to wind up the activities of the Venture, and all costs and expenses incurred in connection with the termination of the Venture shall be expenses chargeable to the Venture. Upon liquidation of the Venture, the Assets shall first be paid, applied and distributed in satisfaction of all liabilities of the Venture to third parties, and then to the Participants in proportion to their respective Participating Interests.
Disposition of Assets on Termination. Promptly after termination under Section 8.1, the Manager shall take all action necessary to wind up the activities of the Business. All costs and expenses incurred in connection with the termination of the Business in excess of funds raised from Asset dispositions shall be expenses chargeable to Kazco.
Disposition of Assets on Termination. Promptly after termination under Sections 8.1 and 8.2, WG shall take all action necessary to wind up the activities of the Property. All costs and expenses incurred in connection with the termination of this Agreement and any business related to this Agreement shall be expenses chargeable to WG.
Disposition of Assets on Termination. Promptly after termination under Section 12.1 or failure to exercise the Option as described in Section 12.2, the Managing Partner shall take all action necessary to wind up the activities of the Partnership and to dispose of or distribute the Assets, and all costs and expenses incurred in connection with the termination of the Partnership shall be expenses chargeable to the Partnership. Venture Agreement RoS NV – Suriname Gold 30 Company LLC
