Common use of Settling of Accounts Clause in Contracts

Settling of Accounts. Subject to section 18-804 of the Act, upon the dissolution and liquidation of the Joint Venture, the proceeds of liquidation shall be applied as follows: (a) first, to pay all expenses of liquidation and winding up; (b) second, to pay all debts, obligations and liabilities of the Joint Venture, in the order of priority as provided by law, other than debts owing to the Partners or on account of Partners' contributions; (c) third, to pay all debts of the Joint Venture owing to a Partner; and (d) to establish reasonable reserves for any remaining contingent or unforeseen liabilities of the Joint Venture not otherwise provided for, which reserves shall be maintained by the liquidator on behalf of the Joint Venture in a regular interest-bearing trust account for a reasonable period of time as determined by the liquidator. If any excess funds remain in such reserves at the end of such reasonable time, then such remaining funds shall be distributed by the Joint Venture to the Partners pursuant to Section 8.7 hereof.

Settling of Accounts. Subject to section Section 18-804 of the Act, upon the dissolution and liquidation of the Joint Venture, the proceeds of liquidation shall be applied as follows: (a) first, to pay all expenses of liquidation and winding up; (b) second, to pay all debts, obligations and liabilities of the Joint Venture, in the order of priority as provided by law, other than debts owing to the Partners or on account of Partners' contributions; (c) third, to pay all debts of the Joint Venture owing to a Partner; and (d) to establish reasonable reserves for any remaining contingent or unforeseen liabilities of the Joint Venture not otherwise provided for, which reserves shall be maintained by the liquidator on behalf of the Joint Venture in a regular interest-bearing trust account for a reasonable period of time as determined by the liquidator. If any excess funds remain in such reserves at the end of such reasonable time, then such remaining funds shall be distributed by the Joint Venture to the Partners pursuant to Section 8.7 hereof.

Settling of Accounts. Subject to section 18-804 801 of the Act, upon the dissolution and liquidation of the Joint Venture, the proceeds of liquidation shall be applied as follows: (a) first, to pay all expenses of liquidation and winding up; (b) second, to pay all debts, obligations and liabilities of the Joint Venture, in the order of priority as provided by law, other than debts owing to the Partners Members or on account of PartnersMembers' contributions; (c) third, to pay all debts of the Joint Venture owing to a PartnerMember; and (d) to establish reasonable reserves for any remaining contingent or unforeseen liabilities of the Joint Venture not otherwise provided for, which reserves shall be maintained by the liquidator on behalf of the Joint Venture in a regular interest-bearing trust account for a reasonable period of time as determined by the liquidator. If any excess funds remain in such reserves at the end of such reasonable time, then such remaining funds shall be distributed by the Joint Venture to the Partners Members pursuant to Section Article 8.7 hereof.

Settling of Accounts. Subject to section Section 18-804 801 of the Act, upon the dissolution and liquidation of the Joint Venture, the proceeds of liquidation shall be applied as follows: (a) first, to pay all expenses of liquidation and winding up; (b) second, to pay all debts, obligations and liabilities of the Joint Venture, in the order of priority as provided by law, other than debts owing to the Partners Members or on account of PartnersMembers' contributions; (c) third, to pay all debts of the Joint Venture owing to a PartnerMember; and (d) to establish reasonable reserves for any remaining contingent or unforeseen liabilities of the Joint Venture not otherwise provided for, which reserves shall be maintained by the liquidator on behalf of the Joint Venture in a regular interest-bearing trust account for a reasonable period of time as determined by the liquidator. If any excess funds remain in such reserves at the end of such reasonable time, then such remaining funds shall be distributed by the Joint Venture to the Partners Members pursuant to Section Article 8.7 hereof.