Common use of Individual Joint Venturer default Clause in Contracts

Individual Joint Venturer default. (a) If: (i) a Joint Venturer defaults in respect of the performance of a Financial Obligation of the User; (ii) the other Joint Venturers are not in default in respect of that Financial Obligation; and (iii) [where there is a single User, as agent for the Joint Venturers] the User gives a notice to DBCT Management, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, (iv) [where the Joint Venturers are all signatories in their own right ] the other Joint Venturers give a notice to DBCT Management, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, then that defaulting Joint Venturer (unless it disputes the default in writing to DBCT Management within 7 days of receiving a copy of the notice) will be solely liable, to the extent of the default, in the performance of that Financial Obligation. (b) Any notice given pursuant to clause 28.5(a)(iii) and not disputed by the defaulting Joint Venturer within the time prescribed is conclusive evidence that the defaulting Joint Venturer specified in the notice is in default to the extent stated and the notice binds all parties unless and until revoked or amended by the User. (c) If more than one (but not all) Joint Venturers default and are subject to a notice under clause 28.5(a)(iii), they will be severally liable in proportion to their respective relevant Joint Venture Percentages. (d) Nothing in this clause 28 affects DBCT Management’s rights under clauses 14.1 and 14.2 of this Agreement.

Individual Joint Venturer default. (a) If: (i) a Joint Venturer defaults in respect of the performance of a Financial Obligation of the User; (ii) the other Joint Venturers are not in default in respect of that Financial Obligation; and (iii) [where there is a single User, as agent for the Joint Venturers] the User gives a notice to DBCT Management, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, (iv) [where the Joint Venturers are all signatories in their own right ] the other Joint Venturers give a notice to DBCT Management, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, , then that defaulting Joint Venturer (unless it disputes the default in writing to DBCT Management within 7 days of receiving a copy of the notice) will be solely liable, to the extent of the default, in the performance of that Financial Obligation. (b) Any notice given pursuant to clause 28.5(a)(iii) and not disputed by the defaulting Joint Venturer within the time prescribed is conclusive evidence that the defaulting Joint Venturer specified in the notice is in default to the extent stated and the notice binds all parties unless and until revoked or amended by the User. (c) If more than one (but not all) Joint Venturers default and are subject to a notice under clause 28.5(a)(iii), they will be severally liable in proportion to their respective relevant Joint Venture Percentages. (d) Nothing in this clause 28 affects DBCT Management’s rights under clauses 14.1 and 14.2 of this Agreement.

Individual Joint Venturer default. ‌ (a) If: (i) a Joint Venturer defaults in respect of the performance of a Financial Obligation of the User; (ii) the other Joint Venturers are not in default in respect of that Financial Obligation; and (iii) [where there is a single User, as agent for the Joint Venturers] the User gives a notice to DBCT Management, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default,default,‌ (iv) [where the Joint Venturers are all signatories in their own right ] the other Joint Venturers give a notice to DBCT Management, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, then that defaulting Joint Venturer (unless it disputes the default in writing to DBCT Management within 7 days of receiving a copy of the notice) will be solely liable, to the extent of the default, in the performance of that Financial Obligation., (b) Any notice given pursuant to clause 28.5(a)(iii) and not disputed by the defaulting Joint Venturer within the time prescribed is conclusive evidence that the defaulting Joint Venturer specified in the notice is in default to the extent stated and the notice binds all parties unless and until revoked or amended by the User. (c) If more than one (but not all) Joint Venturers default and are subject to a notice under clause 28.5(a)(iii), they will be severally liable in proportion to their respective relevant Joint Venture Percentages. (d) Nothing in this clause 28 affects DBCT Management’s rights under clauses 14.1 and 14.2 of this Agreement.

Individual Joint Venturer default. ‌ (a) If: (i) a Joint Venturer defaults in respect of the performance of a Financial Obligation of the User; (ii) the other Joint Venturers are not in default in respect of that Financial Obligation; and (iii) [where there is a single User, as agent for the Joint Venturers] the User gives a notice to DBCT Management, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default,default,‌ (iv) [where the Joint Venturers are all signatories in their own right ] the other Joint Venturers give a notice to DBCT Management, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, then that defaulting Joint Venturer (unless it disputes the default in writing to DBCT Management within 7 days of receiving a copy of the notice) will be solely liable, to the extent of the default, in the performance of that Financial Obligation. (b) Any notice given pursuant to clause 28.5(a)(iii) and not disputed by the defaulting Joint Venturer within the time prescribed is conclusive evidence that the defaulting Joint Venturer specified in the notice is in default to the extent stated and the notice binds all parties unless and until revoked or amended by the User. (c) If more than one (but not all) Joint Venturers default and are subject to a notice under clause 28.5(a)(iii), they will be severally liable in proportion to their respective relevant Joint Venture Percentages. (d) Nothing in this clause 28 affects DBCT Management’s rights under clauses 14.1 and 14.2 of this Agreement.

Individual Joint Venturer default. (a) If: (i) a Joint Venturer defaults in respect of the performance of a Financial Obligation of the User; (ii) the other Joint Venturers are not in default in respect of that Financial Obligation; and (iii) [where there is a single User, as agent for the Joint Venturers] the User gives a notice to DBCT ManagementDBIM, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, (iv) [where the Joint Venturers are all signatories in their own right right] the other Joint Venturers give a notice to DBCT ManagementDBIM, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, then that defaulting Joint Venturer (unless it disputes the default in writing to DBCT Management DBIM within 7 days of receiving a copy of the notice) will be solely liable, to the extent of the default, in the performance of that Financial Obligation. (b) Any notice given pursuant to clause 28.5(a)(iii) and not disputed by the defaulting Joint Venturer within the time prescribed is conclusive evidence that the defaulting Joint Venturer specified in the notice is in default to the extent stated and the notice binds all parties unless and until revoked or amended by the User. (c) If more than one (but not all) Joint Venturers default and are subject to a notice under clause 28.5(a)(iii), they will be severally liable in proportion to their respective relevant Joint Venture Percentages. (d) Nothing in this clause 28 affects DBCT ManagementDBIM’s rights under clauses 14.1 and 14.2 of this Agreement.

Individual Joint Venturer default. (a) If: (i) a Joint Venturer defaults in respect of the performance of a Financial Obligation of the User; (ii) the other Joint Venturers are not in default in respect of that Financial Obligation; and (iii) [where there is a single User, as agent for the Joint Venturers] the User gives a notice to DBCT ManagementDBIM, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, (iv) , [where the Joint Venturers are all signatories in their own right right] the other Joint Joint (iv) Venturers give a notice to DBCT ManagementDBIM, copied to the defaulting Joint Venturer, identifying the defaulting Joint Venturer and its default, then that defaulting Joint Venturer (unless it disputes the default in writing to DBCT Management DBIM within 7 days of receiving a copy of the notice) will be solely liable, to the extent of the default, in the performance of that Financial Obligation. (b) Any notice given pursuant to clause 28.5(a)(iii) and not disputed by the defaulting Joint Venturer within the time prescribed is conclusive evidence that the defaulting Joint Venturer specified in the notice is in default to the extent stated and the notice binds all parties unless and until revoked or amended by the User. (c) If more than one (but not all) Joint Venturers default and are subject to a notice under clause 28.5(a)(iii), they will be severally liable in proportion to their respective relevant Joint Venture Percentages. (d) Nothing in this clause 28 affects DBCT ManagementDBIM’s rights under clauses 14.1 and 14.2 of this Agreement.