Rights, obligations and entitlements of Participants Sample Clauses

Rights, obligations and entitlements of Participants. (a) Except where this agreement provides otherwise, the Participating Interest of a Participant determines that Participant’s: (i) undivided ownership interest in Project Assets; (ii) several liability for the risks of, and the costs and expenses of conducting, the Joint Venture and carrying out the Project; (iii) entitlement to share in any surplus in the Project Bank Account; and (iv) entitlement to vote on all matters to be determined by the Participants or by the Operating Committee. (b) The Participants own the Project Assets as tenants-in-common in their Participating Interests. (c) Each Participant is liable to meet a proportion of Project Costs according to its Participating Interest at the time of payment.