Changes in Participating Interests. A Participant’s Participating Interest shall only be changed as follows: 6.1.2.1 upon an election or deemed election by a Participant pursuant to Section 9.4 not to contribute to an adopted Program and Budget in accordance with the percentage reflected by its Participating Interest; 6.1.2.2 as provided in Section 6.4; 6.1.2.3 in the event of default by a Participant in making its agreed upon contribution to an adopted Program and Budget or upon UMS’s default in making payments for the Initial Contribution to expand the mill pursuant to Subsection 5.2, followed by an election by the other Participant to invoke Section 6.3; 6.1.2.4 upon withdrawal, pursuant to Article 11; 6.1.2.5 pursuant to a transfer by a Participant of all or a portion of its Participating Interest in accordance with Article 13; or 6.1.2.6 upon acquisition by either Participant of part or all of the Participating Interest of the other Participant, however arising.
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Sources: Venture Agreement (New Jersey Mining Co), Mill Venture Agreement (New Jersey Mining Co)
Changes in Participating Interests. A Participant’s Participating Interest shall only be changed as follows:
6.1.2.1 as provided in Subsection 5.2.3 ;
6.1.2.2 upon an election or deemed election by a Participant pursuant to Section 9.4 not to contribute or to contribute less to an adopted Program and Budget in accordance with than the percentage reflected by its Participating Interest;
6.1.2.2 6.1.2.3 as provided in Section 6.46.4 ;
6.1.2.3 6.1.2.4 in the event of default by a Participant in making its agreed upon contribution to an adopted Program and Budget or upon UMS’s default in making payments for the Initial Contribution to expand the mill pursuant to Subsection 5.2Budget, followed by an election by the other Participant to invoke Section 6.3Subsection 6.3.2 ;
6.1.2.4 6.1.2.5 upon withdrawal, pursuant to Article 11;
6.1.2.5 6.1.2.6 pursuant to a transfer by a Participant of all or a portion of its Participating Interest in accordance with Article 13; or
6.1.2.6 6.1.2.7 upon acquisition by either Participant of part or all of the Participating Interest of the other Participant, however arising.
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