Plain English, where art thou?

There are days when I wonder whether law school is for me. Somehow I've got to get this done by tomorrow. 

Commercial Practice, Conveyancing and Drafting 2009 

Tutorial 1 - Drafting

Redraft each of the three clauses in quotation marks below using plain English. Where appropriate, you should use punctuation, short sentences, numbering, headings and clauses following the rules and examples provided to in the Manual and in the lectures.

“All benefits compositions and payments received by the Joint Venturers from or on account of the Guarantor or the Company (including any dividend upon the winding up or bankruptcy of the Guarantor or the Company) or from any other person or from the realisation of any security capable of being applied by the Joint Venturers in reduction of the indebtedness of the Guarantor under this Deed or of the Company under the Assignment Agreement shall be taken and applied by the Joint Venturers as payments in gross without any rights on the part of the Guarantor to stand in the place of the Joint Venturers in respect of or to claim the benefit of any moneys so received or any securities held by the Joint Venturers until all moneys owing under this Deed have been fully paid and satisfied and all covenants agreements and obligations on the part of the Guarantor under this Deed and the Obligations have been fully performed, observed and discharged and so that in the event of the Guarantor being wound up, made bankrupt or its estate sequestrated, the Joint Venturers shall be entitled to prove for the then total indebtedness of the Guarantor to the Joint Venturers under this Deed.”