Initial Ownership Interests. Provided that Yellowcake is not in default of obligations under Section 3.1, when Yellowcake has contributed to the Company the sum of Four Million Dollars ($4,000,000) of the Eight Million Dollars ($8,000,000) in Exploration Costs referred to in Section 3.1(b)(iii), Yellowcake shall possess a forty percent (40%) Ownership Interest in the Company. When Yellowcake has contributed to the Company, the additional Four Million Dollars ($4,000,000) in Exploration Costs referred to in Section 3.1(b)(iii), for a total of Eight Million Dollars ($8,000,000) in Exploration Costs, Yellowcake shall possess an additional forty percent (40%) Ownership Interest, for a total of an eighty percent (80%) Ownership Interest in the Company. No Ownership Interest in the Company shall vest in Yellowcake until the first Four Million Dollars ($4,000,000) of Exploration Costs have been contributed by Yellowcake. After the contribution of the Exploration Costs, the Members shall have the following Ownership Interests: Member: Ownership Interest Yellowcake 80% Strathmore 20% During the Option Period, the Manager will keep the Property in good standing, free and clear of all Encumbrances resulting from its activities.
Initial Ownership Interests. The Members shall have the following initial Ownership Interests: TSVLP - forty percent (40%) TSHI - sixty percent (60%) The Ownership Interests of the Members shall have no relationship to their Capital Accounts, which shall be determined solely as stated in the Members' Agreement and Exhibit C.
Initial Ownership Interests. The Members shall have the following initial Ownership Interests: Scorpio US – 70% GPXM – 30%
Initial Ownership Interests. The Members shall have the following Initial Ownership Interests: Owner 50% PSI 50%
Initial Ownership Interests. The Initial Ownership Interests of the Partners in the Partnership shall be as follows:
Initial Ownership Interests. The Members shall have the following Initial Ownership Interests: AIVN - 35% Electrum - 65% If Electrum performs the Additional Contribution, the Members shall have the following initial Ownership Interests: AIVN - 25% Electrum - 75%
Initial Ownership Interests. The Members shall have the following initial Ownership Interests: SFPG - 50.0000% Hecla - 50.0000%
Initial Ownership Interests. Provided that AUC is not in default of obligations under Section 3.1, when AUC has contributed to the Company the sum of Twelve Million Three Hundred Seventy-five Thousand Dollars (US$12,375,000) of the Thirty-Three Million Dollars (US$33,000,000) in Expenditure Costs referred to in Section 3.1(b)(iv), AUC shall possess a twenty-two and one half percent (22.5%) Ownership Interest in the Company. Subject to the terms of Section 6.3, when AUC has contributed to the Company, the remaining Twenty Million Six Hundred Twenty-five Thousand Dollars (US$20,625,000) in Expenditure Costs referred to in Section 3.1(b)(iv), AUC shall possess an additional thirty-seven and one half percent (37.5%) Ownership Interest, for a total of a sixty percent (60%) Ownership Interest in the Company, and the Operative Date will be deemed to have occurred. No Ownership Interest in the Company shall vest in AUC until the first Twelve Million Three Hundred and Seventy-five Thousand Dollars ($12,375) of Expenditure Costs have been contributed. After the contribution of the Expenditure Costs, the Members shall have the following Ownership Interests: Member Ownership Interest AUC 60% Strathmore 40% During the Option Period, the Manager will keep the Property in good standing, free and clear of all Encumbrances resulting from its activities.
Initial Ownership Interests. The Ownership Interest of each Member at any point in time shall be equal to the number of Units then owned by such Member divided by the total number of outstanding Units then owned by all Members. The Members shall have the following initial Ownership Interests: SMMI –
Initial Ownership Interests. As provided by EXHIBIT I, BMGE must expend $1,165,000 in order to earn a 50% interest in PGL and that before that event, its interest is not vested. After that event the Members shall have the following initial Ownership Interests: NGXS 50% BMGE 50%
