Changes in Participating Interests. V LQLW A Party¶s Participating Interest shall be adjusted as provided in Section 6.2, in the following circumstances: (a) pursuant to Section 6.3, upon an election made by a Party, to contribute less to an adopted Program and Budget than the percentage reflected by its Participating Interest at the time of such election; (b) pursuant to Section 6.4, upon a default by a Party in making its agreed-upon contribution to an adopted Program and Budget; or (c) pursuant to Section 6.5, upon the withdrawal or deemed withdrawal of a Party.
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Sources: Joint Venture Agreement
Changes in Participating Interests. V LQLW A Party¶s Party’s Participating Interest shall be adjusted as provided in Section 6.2, in the following circumstances:
(a) pursuant to Section 6.3, upon an election made by a Party, to contribute less to an adopted Program and Budget than the percentage reflected by its Participating Interest at the time of such election;; or
(b) pursuant to Section 6.4, upon a default default, by a Party Party, in making its agreed-upon contribution to an adopted Program and Budget; or
(c) pursuant to Section 6.5, upon the withdrawal or deemed withdrawal of a Party.
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Sources: Option and Joint Venture Agreement (Clifton Star Resources Inc.)
Changes in Participating Interests. V LQLW A Party¶s Party's Participating Interest shall be adjusted as provided in Section 6.2, in the following circumstances:
(a) pursuant to Section 6.3, upon an election made by a Party, Party to contribute less to an adopted Program and Budget than the percentage reflected by its Participating Interest at the time of such election;; or
(b) pursuant to Section 6.4, upon a default default, by a Party Party, in making its agreed-upon contribution to an adopted Program and Budget; or
(c) pursuant to Section 6.5, upon the withdrawal or deemed withdrawal of a Party.
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