Distributions in Connection With Dissolution. Distribution of Extraordinary Receipts generated in connection with an event of dissolution (as well as the other assets of the Venture) shall be made as follows: first, to the payment of debts and liabilities of the Venture to ----- creditors (including all mortgages, but excluding any other debts or liabilities to Venturers or affiliates of Venturers), and to the expenses of liquidation; second, to the establishment of such reserves as the Venturers may deem ------ reasonably necessary for contingent or unforeseen liabilities or obligations of the Venture, which may be held in escrow for a reasonable period of time and then distributed pursuant to the remainder of this Subsection; third, to the ----- repayment of any remaining debts and obligations of the Venture to the Venturers or affiliates of the Venturers; and fourth, to the Venturers in accordance with ------ the positive balances in their respective Capital Accounts.
Appears in 3 contracts
Samples: Joint Venture Partnership Agreement (Wells Real Estate Fund Xii Lp), Joint Venture Partnership Agreement (Wells Real Estate Investment Trust Inc), Joint Venture Agreement (Wells Real Estate Investment Trust Inc)
Distributions in Connection With Dissolution. Distribution of -------------------------------------------- Extraordinary Receipts generated in connection with an event of dissolution (as well as the other assets of the Venture) shall be made as follows: first, to ----- the payment of debts and liabilities of the Venture to ----- creditors (including all mortgages, but excluding any other debts or liabilities to Venturers or affiliates of Venturers), and to the expenses of liquidation; second, to the ------ establishment of such reserves as the Venturers may deem ------ reasonably necessary for contingent or unforeseen liabilities or obligations of the Venture, which may be held in escrow for a reasonable period of time and then distributed pursuant to the remainder of this Subsection; third, to the ----- repayment of any ----- remaining debts and obligations of the Venture to the Venturers or affiliates of the Venturers; and fourth, to the Venturers in accordance with ------ the positive ------ balances in their respective Capital Accounts.
Appears in 1 contract
Samples: Joint Venture Agreement (Wells Real Estate Fund Xi L P)