Common use of DISSOLUTION AND TERMINATION OF THE VENTURE Clause in Contracts

DISSOLUTION AND TERMINATION OF THE VENTURE. (a) The Venture shall be dissolved and terminate and its business wound up upon the first to occur of the following: (1) The expiration of the term referred to in Clause 2, above; (2) Mutual agreement of the Partners; (3) Operation of law; (4) Material breach of this Agreement by any Partner(s), which breach is not cured within (e.g., fifteen (15) days) after written notice thereof from the non-defaulting Partner(s); provided, however, it is understood that only the non-defaulting Partner(s) shall have the right to terminate the Venture pursuant to this Clause 15 (a)(4). Such termination shall not release the defaulting Partner(s) from any obligations or liabilities to the other Partner(s), whether pursuant to the provisions of this Agreement or at law or in equity. (b) Upon termination of the Venture, the business of the Venture shall be wound up and assets and properties of the Venture shall be liquidated. Upon the happening of any one of the events mentioned in Clause 15(a) hereof, the Venture shall engage in no further business, other than that necessary to protect the assets of the Venture, wind-up its business and distribute its assets as provided herein.

DISSOLUTION AND TERMINATION OF THE VENTURE. (a) a. The Venture shall be dissolved and terminate terminated and its business wound up upon the first to occur of the following: (1) . The expiration of the term referred to in Clause 2, above; (2) . Mutual agreement of the PartnersPartners at any time during the Term of this Agreement ; (3) . Operation of law; (4) . Material breach of this Agreement by any Partner(s)Partner, which breach is not cured within (e.g., fifteen (15) days) days after written notice thereof from the non-defaulting Partner(s)Partner; provided, however, it is understood that only the non-defaulting Partner(s) Partner shall have the right to terminate the Venture pursuant to this Clause 15 14(a) (a)(44). Such termination shall not release the defaulting Partner(s) Partner from any obligations or liabilities to the other Partner(s)Partner, whether pursuant to the provisions of this Agreement or at law or in equity. (b) b. Upon termination of the Venture, the business of the Venture shall be wound up and assets and properties of the Venture shall be liquidated. Upon the happening of any one of the events mentioned in Clause 15(a14(a) hereof, the Venture shall engage in no further business, other than that necessary to protect the assets of the Venture, wind-up its business and distribute its assets as provided herein. c. In the event of a dissolution or termination of the Venture, the Partners hereby agree that all contracts, trademarks and any underlying property rights in the First Dealership, shall be equally owned fifty percent (50%) by each Partner.