Joint Party Clause Samples
The Joint Party clause defines the rights and responsibilities of two or more parties who are acting together as a single entity under an agreement. In practice, this clause clarifies how decisions are made, how obligations are shared, and how liabilities are allocated among the joint parties. For example, it may specify that all joint parties must act unanimously or that each is jointly and severally liable for the obligations under the contract. The core function of this clause is to ensure clarity and prevent disputes by outlining how the joint parties will operate collectively within the contractual relationship.
POPULAR SAMPLE Copied 4 times
Joint Party. If more t▇▇▇ ▇▇▇ entity or natural person executes this Agreement as Party A, then (i) the obligations of Party A hereunder and under each transaction shall be the joint and several obligations of each such entity or natural person, (ii) any Event of Default or Potential Event of Default occurring with respect to any such entity or natural person shall be an Event of Default or Potential Event of Default, respectively, with respect to Party A, (iii) the death, release or discharge, in whole or in part, of any such entity or natural person, or the occurrence of any bankruptcy, liquidation, dissolution or any other event described in Section 5(a)(vii) with respect to any such entity or natural person, shall not discharge or affect the liabilities of any other such entity or natural person, (iv) unless the context otherwise requires, each reference herein or in any confirmation to "Party" shall, as applied to Party A, be construed as a joint and several reference to each such entity or natural person, and (v) any person or entity receiving notices given to Party A at the address shown above shall be deemed to receive such notices on behalf of each such entity or person.
Joint Party. If more than one person or entity is executing this Pledge Agreement as Pledgor, then (i) the obligations of Pledgor hereunder shall be the joint and several obligations of each such person or entity, (ii) any event of default occurring with respect to any such person or entity shall be an event of default with respect to Pledgor, (iii) the death, release or discharge, in whole or in part, of any such person or entity, or the occurrence of any bankruptcy, liquidation, dissolution or any other event described in Section 5 (a)(vii) of the Master Agreement with respect to any such person or entity, shall not discharge or affect the liabilities of any other such person or entity, (iv) unless the context otherwise requires, each reference herein to "party" shall, as applied to Pledgor, be construed as a joint and several reference to each such person or entity, and (v) any person or entity receiving notices given to Pledgor at the address provided under the Master Options Agreement shall be deemed to receive such notices on behalf of each other such person or entity.
Joint Party. If more than one person or entity is executing this Pledge Agreement as Pledgor, then (i) the obligations of Pledgor hereunder shall be the joint and several obligations of each such person or entity, (ii) any event of default occurring with respect to any such person or entity shall be an event of default with respect to Pledgor, (iii) the death, release or discharge, in whole or in part, of any such person or entity, or the occurrence of any bankruptcy, liquidation, dissolution or any other event described in Section 5 (a)(vii) of the Master Agreement with respect to any such person or entity, shall not discharge or affect the liabilities of any other such person or entity, (iv) unless the context otherwise requires, each reference herein to "party" shall, as applied to Pledgor, be construed as a joint and several reference to each such person or entity, and (v) any person or entity receiving notices given to Pledgor at the address provided under the Master Options Agreement shall be deemed to receive such notices on behalf of each other such person or entity.