Participation Units Sample Clauses

Participation Units. There are 4 equal units of participation in the drilling program. Operator intends to retain 1 unit and 3 units are available for participation by other parties. Each unit represents an undivided 25.0% working interest in and to the well(s) and the well spacing unit(s), subject to Operator’s carried interest hereinafter described. Such working interest units shall be entitled to their proportionate share of the proceeds of working interest production from the well(s) drilled pursuant to the drilling program, and be subject to its proportionate burdens for payment of the lessor’s royalty and other obligations of lessee under the lease, as well as expenses of operating the xxxxx after completion thereof. The total working interest will have a net revenue interest (NRI) of not less than 80% of the 8/8 production from the well(s); and each unit of working interest will have a net revenue interest (NRI after payment of royalties and all other non-operating burdens payable out of production) of not less than 20% of the total 8/8 production from the well(s), subject to reduction at pay-out by reason of the Operator’s carried working interest as provided below.
Sample 1
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Participation Units. There are 4 equal units of participation in the drilling program. Each unit represents an undivided 25.0% working interest in and to the well(s) and the well spacing unit(s), subject to Operator’s carried interest hereinafter described. Such working interest units shall be entitled to their proportionate share of the proceeds of working interest production from the well(s) drilled pursuant to the drilling program, and be subject to its proportionate burdens for payment of the lessor’s royalty and other obligations of lessee under the lease, as well as expenses of operating the xxxxx after completion thereof. The total working interest will have a net revenue interest (NRI) of not less than 80% of the 8/8 production from the well(s); and each unit of working interest will have a net revenue interest (NRI after payment of royalties and all other non-operating burdens payable out of production) of not less than 20% of the total 8/8 production from the well(s), subject to reduction at pay-out by reason of the Operator’s carried working interest as provided below.
Sample 1
Participation Units. A Participation Unit is an undivided fractional interest in Securities. The only written evidence you will receive of your ownership of a Participation Unit or your ownership interest in Securities will be our written confirmation of each Purchase, which will specifically describe the Security in which the Participation Unit is sold and your fractional interest in that Security. Participation Units are NON-NEGOTIABLE and you MAY NOT sell, assign, pledge or transfer them. You are unconditionally obligated to resell Participation Units to us and will have no further interest in a Participation Unit or its Securities after its Repurchase. FOR FURTHER INFORMATION PLEASE SEE:
Sample 1
Participation Units. Participation in the Trust shall always have uniform rights or privileges as any other participant. The beneficial interest of each participant shall be determined under the net asset value (NAV) valuation methodology defined herein. The admission or redemption of NAV participation in the Trust can be made only using the basis of such valuation and in such frequency as indicated in Appendix I hereto and/or in the series schedules for the Trust.
Sample 1

Related to Participation Units

  • Sub-participation A Lender may sub-participate all or any part of its rights and/or obligations under the Security Documents at its own expense without the consent of, consultation with or notice to, the Borrowers.

  • Equity Participation This Warrant is issued in connection with the Loan Agreement. It is intended that this Warrant constitute an equity participation under and pursuant to T.C.A. ss.47-24-101, et seq. and that such equity participation be perxxxxxx xxder said statutes and not constitute interest on the Note. If under any circumstances whatsoever, fulfillment of any obligation of this Warrant, the Loan Agreement, or any other agreement or document executed in connection with the Loan Agreement, shall violate the lawful limit of any applicable usury statute or any other applicable law with regard to obligations of like character and amount, then the obligation to be fulfilled shall be reduced to such lawful limit, such that in no event shall there occur, under this Warrant, the Loan Agreement, or any other document or instrument executed in connection with the Loan Agreement, any violation of such lawful limit, but such obligation shall be fulfilled to the lawful limit. If any sum is collected in excess of the lawful limit, such excess shall be applied to reduce the principal amount of the Note.

  • No Equity Participation No document relating to the Mortgage Loan provides for any contingent or additional interest in the form of participation in the cash flow of the Mortgaged Property or a sharing in the appreciation of the value of the Mortgaged Property. The indebtedness evidenced by the Mortgage Note is not convertible to an ownership interest in the Mortgaged Property or the Mortgagor and Seller has not financed nor does it own directly or indirectly, any equity of any form in the Mortgaged Property or the Mortgagor.

  • Participation Rights No HIG Stockholder may make a Transfer of Series C Preferred Stock pursuant to clause (a)(iv) of Section 2.1 unless such HIG Stockholder complies with the provisions of this Section 2.3. The transferring HIG Stockholder (the “Transferring Stockholder”) shall deliver a written notice (the “Offer Notice”) to the Company and to each Sankaty Stockholder that holds Series C Preferred Stock. The Offer Notice will disclose in reasonable detail the proposed number of shares of Series C Preferred Stock to be transferred, the proposed price, terms and conditions of the Transfer and the identity of the transferee. Each of the Sankaty Stockholders holding Series C Preferred Stock may elect to participate in the contemplated sale by delivering written notice to the Transferring Stockholder within 10 days after receipt of the Offer Notice. If any of such Sankaty Stockholders elects to participate in such sale (the “Participating Stockholders”), each of the Transferring Stockholder and the Participating Stockholders will be entitled to sell in the contemplated sale a number of shares of Preferred Stock equal to the product of (i) the fraction, the numerator of which is the number of shares of Series C Preferred Stock held by such Person, and the denominator of which is the aggregate number of Series C Preferred Stock owned by the Transferring Stockholder and the Participating Stockholders, multiplied by (ii) the number of shares of Series C Preferred Stock to be sold by the Transferring Stockholder and the Participating Stockholders in the contemplated sale. As a condition to any Transfer by the Transferring Stockholder, the Transferring Stockholder must obtain the agreement of the prospective transferee(s) to the participation of all Participating Stockholders in any contemplated sale and will not transfer any of its Securities to the prospective transferee(s) if the prospective transferee(s) declines to allow the participation of the Participating Stockholders on the terms specified herein.

  • Participation Right From the date hereof through the two (2) year anniversary of the Closing Date, neither the Company nor any of its Subsidiaries shall, directly or indirectly, effect any Subsequent Placement unless the Company shall have first complied with this Section 4(o). The Company acknowledges and agrees that the right set forth in this Section 4(o) is a right granted by the Company, separately, to each Buyer.

  • Company Participation Subject to Section B.6, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

  • L/C Participations (a) The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue Letters of Credit hereunder, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions hereinafter stated, for such L/C Participant’s own account and risk an undivided interest equal to such L/C Participant’s Revolving Credit Commitment Percentage in the Issuing Lender’s obligations and rights under and in respect of each Letter of Credit issued hereunder and the amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant unconditionally and irrevocably agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrower through a Revolving Credit Loan or otherwise in accordance with the terms of this Agreement, such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Credit Commitment Percentage of the amount of such draft, or any part thereof, which is not so reimbursed.

  • Joint Participation The parties hereto participated jointly in the negotiation and preparation of this Release, and each party has had the opportunity to obtain the advice of legal counsel and to review and comment upon the Release. Accordingly, it is agreed that no rule of construction shall apply against any party or in favor of any party. This Release shall be construed as if the parties jointly prepared this Release, and any uncertainty or ambiguity shall not be interpreted against one party and in favor of the other.

  • Participation Fee If your account is subject to a Participation Fee, a fee will be charged when you open an account as described on the Disclosure accompanying this Agreement.

  • Lender Participations (a) Although any Lender may grant participations in its rights hereunder, such Lender shall remain a “Lender” for all purposes hereunder (and may not transfer by novation its rights and obligations or assign its rights under all or any portion of its Commitments hereunder except as provided in Sections 2.12 and 13.01) and the participant shall not constitute a “Lender” hereunder; and

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