EFFECT OF NON-PARTICIPATION Sample Clauses

EFFECT OF NON-PARTICIPATION. 10.01 If at the Completion Date, a non-contributing party (in this section called the AAssigning Party@) holds an Interest of 10 per cent or more, the Assigning Party shall be deemed to have assigned and conveyed its Interest to the Participants, if more than one then in proportion to their respective Interests. In consideration of that assignment and conveyance, the Assigning Party shall be entitled to received as its sole remuneration, by way of royalty, that percent of the Net Proceeds of Production, as and when available, which is equivalent to the Interest which it was deemed to have assigned and conveyed.
Sample 1
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EFFECT OF NON-PARTICIPATION. If a party (in this paragraph called the "Assigning Party") has its Interest reduced, at any time to less than 10 % as a result of the operation of paragraph 7.12, the Assigning Party shall be deemed to have assigned and conveyed its Interest to the Participants, if more than one then in proportion to their respective Interests and, in consideration of that assignment and conveyance, shall be entitled to receive as its sole remuneration and benefit, a royalty, as and when available, in the amount of 2% of the Net Smelter Interest. On such assignment, the Assigning Party shall cease to have any further right or Interest under this Agreement. Each Participant shall severally calculate and cause to be paid to the Assigning Party that portion of any of the Net Profits derived from the Property to which the Assigning Party is entitled in the manner provided in Schedule 1 to this agreement.
Sample 1
EFFECT OF NON-PARTICIPATION. If a party (in this subsection called the "Assigning Party") has its Interest reduced, at any time to 0% as a result of the operation of subsection 7.12, the Assigning Party shall be deemed to have assigned and conveyed its Interest to the remaining Participants, if more than one then in proportion to their respective Interests and the Assigning Party shall cease to have any further right or Interest under this Agreement.
Sample 1
EFFECT OF NON-PARTICIPATION. 20 10.1 REDUCTION OF INTEREST BELOW 10% 10.2 ENTITLEMENT TO NSR 10.3 PARTICIPANTS TO DETERMINE OPERATIONS 10.4 SALE OF NSR 21 11. MINE FINANCING 11.1 RESTRICTIONS ON ENCUMBRANCES 11.2 CONTRIBUTION OF CONSTRUCTION COSTS AND PRODUCTION COSTS 11.3 ENTITLEMENT TO PLEDGE 11.4 ENTITLEMENT TO PLEDGE SUBJECT TO OPERATOR'S LIEN 12.
Sample 1
EFFECT OF NON-PARTICIPATION. 10.1 Reduction of Interest Below 10% If, prior to the Completion Date, a party has its Interest reduced to 10% or less as a result of the operation of any one or more of Sections 8.6, 9, 16.5 or 16.6, then it will be deemed to have assigned and conveyed its Interest to the Participants (if more than one then in proportion to their respective Interests). An assignment and conveyance pursuant to this Section 10.1 will not relieve the party whose Interest is being assigned and conveyed from any obligations and liability accruing to it prior to the date of the assignment and conveyance in respect of unfunded decommissioning and shut down costs and expenses including all required environmental clean-up, reclamation and rehabilitation.
Sample 1

Related to EFFECT OF NON-PARTICIPATION

  • Continuing Effect of Agreement Except as amended by this Agreement, all provisions of the Agreement shall remain unchanged and in full force and effect. From and after the date of this Amendment, whenever the term “Agreement” appears in the Agreement, it shall mean the Agreement, as amended by this Amendment to the Agreement.

  • Effect of Notice Any notice given by the indemnifying Party to an Indemnified Party referred to in Sections 12.1(c) or 12.2(d) above of participation in or control of any action by the indemnifying Party will in no event be deemed to be an admission by the indemnifying Party of liability, culpability or responsibility, and the indemnifying Party will remain free to contest liability with respect to the claim among the Parties or otherwise.

  • Effect of Waiver or Consent A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to the Company is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to the Company. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to the Company, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations period has run.

  • Governing Law; Binding Effect; Amendment and Termination (a) This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware.

  • Effect of Vesting Upon Vesting, the Company shall cause to be delivered to the Recipient (i) a certificate for the Shares which have vested free and clear of restrictive legends and (ii) any stock powers signed hereunder by the Recipient remaining in its possession related to the vested shares. In the event that the Recipient dies before delivery of the certificate, such certificate shall be delivered to, and registered in the name of, the Recipient's beneficiary or estate, as the case may be.

  • Effect of Consent (a) After an amendment, supplement or waiver becomes effective, it will bind every Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder that has consented to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder.

  • Authorization to Effect Subordination Each Holder of Notes, by the Holder's acceptance thereof, authorizes and directs the Trustee on such Holder's behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this Article 10, and appoints the Trustee to act as such Holder's attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of debt in the form required in any proceeding referred to in Section 6.09 hereof at least 30 days before the expiration of the time to file such claim, the Representatives are hereby authorized to file an appropriate claim for and on behalf of the Holders of the Notes.

  • Effect of the Agreement Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall remain unmodified and in full force and effect. Except as expressly set forth herein, this Agreement shall not be deemed (a) to be a waiver of, or consent to, a modification or amendment of, any other term or condition of the Credit Agreement or any other Loan Document, (b) to prejudice any other right or rights which the Administrative Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to therein, as the same may be amended, restated, supplemented or otherwise modified from time to time, (c) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrower or any other Person with respect to any waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or with respect to any such documents or (d) to be a waiver of, or consent to or a modification or amendment of, any other term or condition of any other agreement by and among the Borrower, on the one hand, and the Administrative Agent or any other Lender, on the other hand. References in the Credit Agreement to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein”, and “hereof”) and in any Loan Document to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby.

  • EFFECT OF CONVEYANCE The term “

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