Venture Property definition
Examples of Venture Property in a sentence
Upon dissolution, each Venturer shall look solely to the assets of the Venture for the return of its investment, and if the Venture Property remaining after payment or discharge of the debts and liabilities of the Venture, including debts and liabilities owed to one or more of the Venturers, is insufficient to return the aggregate Capital Contributions of each Venturer, such Venturers shall have no recourse against the Venture or any other Venturer.
A Joint Venturer is entitled during working hours at reasonable intervals, and the Manager must give, on reasonable notice at the Joint Venturer's expense and risk, access to, and the right to inspect any Joint Venture Property, including all books and records maintained by the Manager, provided that the Joint Venturer ensures that there is no interference with Joint Venture Activities.
Each Joint Venturer expressly waives the right to require partition of the Venture Property or any part of it.
Except as expressly provided in this Agreement, the management and control of the day-to-day operations of the Venture and the maintenance of the Venture Property shall rest exclusively with the Managing Joint Venturer.
I swear or affirm under the penalties of perjury that I have not altered, modified, changed or deleted the State's standard contract clauses (as contained in the 2021 OAG/ IDOA Professional Services Contract Manual or the 2021 SCM Template) in any way except as follows: NONE The undersigned attests, subject to the penalties for perjury, that the undersigned is the Contractor, or that the undersigned is the properly authorized representative, agent, member or officer of the Contractor.
The Operator shall have the right to dispose of normal accumulation of junk and scrap Material and Equipment from the Joint Venture Property and any such revenue shall be credited to the Joint Account.
Joint Venture Property will be owned by the Joint Venture Parties as tenants in common in proportion to their respective Percentage Interests as they may vary from time to time.
The costs of handling, investigating and settling litigation or claims, discharging of liens, payment of judgments and legal services connected with environmental regulations, reports or injuries resulting from Operations or necessary to protect or recover the Joint Venture Property.
With respect to each Joint Venture Property, and to the extent in Seller’s actual possession, Seller has made available in the Data Room (in the folder for the applicable Joint Venture Property and in the sub-folder entitled “Insurance”), certificate(s) of insurance listing the insurance types and amounts maintained by the Joint Venture Entity or Subsidiary that owns the direct interest in the Joint Venture Property (the “Insurance”).
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.