Term of Venture Clause Samples

Term of Venture. The term of the Venture commenced as of the date of filing the Certificate and shall continue until the Venture shall be dissolved, liquidated and terminated pursuant to the provisions of Article 8.

Term of Venture. A. The term of the Venture (the "Term") shall commence as of the date hereof and continue thereafter until the expiration of the Lease. subject to earlier termination as provided herein. Without limiting the foregoing the Term shall terminate (I) upon the terms described in Section 4.D., (ii) upon consummation of the purchase option described in Section 16.A; and(iii) upon any of the events described in Section 8.B. B. Despite the provisions of Section 8.A., the Term of the Venture will cease upon the occurrence of any of the following additional events or conditions: (a) the adjudication of a Member as a bankrupt; (b) the making of an assignment by a Member for the benefit of its creditors; c the institution of any voluntary or involuntary proceedings resulting in the appointment of a receiver for a Member or for any substantial portion of the assets of a Member; or (d) the institution of any voluntary or involuntary proceedings by or against a Member, under any state or federal law(s) providing for the relief of debtors., or re-adjustment of debts resulting in an adjudication of bankruptcy or insolvency. C. Automatically upon the happening of any event described in Section 8.B., the Member to whom the event occurs shall be deemed to have sold its interest in the Venture to the Venture as of the time of the filing of any aforesaid petition or institution of any of said proceedings or procedures. The purchase price of the Interest of such Member shall be the book value of its capital ac count (but not less than zero) at the end of the month prior to the month in which such event condition or proceeding occurs, as such book value is determined for income tax purposes by an independent Certified Public Accountant. Upon any such purchase of Redneck's interest, it is understood that the sublicenses and licenses set forth in Section 4.A. and 4.B. shall terminate and be of no further force of effect. Payment of said price for the interest of such Member shall be made only out of the percentage of profit of the Venture which would have been distributed to such Member had not its interest in the Venture been purchased. In the event any Member whose interest is thus acquired has a negative capital account at such time, the purchase price of his interest shall be $l.00. The terms of this paragraph shall not be construed to create an executory option in future but shall automatically effect a sale, as aforesaid, immediately upon the occurrence of any event or conditi...

Term of Venture.  The usual events of termination include by agreement, appointment of a receiver or liquidator.  However depending on the circumstances they may also include: (a) an investor’s equity ownership falling below a certain threshold, listing on a stock exchange, completion of the specific project or a specified date.

Term of Venture