Common use of Assessments When Liabilities Exceed Assets Clause in Contracts

Assessments When Liabilities Exceed Assets. The amount of any liability in excess of assets shall be assessed to the Members that are or were members of PACT within thirty (30) days after a deficiency is identified and shall be payable thereafter by the Members within ninety (90) days.

Assessments When Liabilities Exceed Assets. The amount of any liability in excess of assets shall be assessed to the Members that are or were members of the PACT within thirty (30) days after a deficiency is identified and shall be payable thereafter by the Members within ninety (90) days.