Voluntary Reduction in Participation. A Participant may elect, as provided in Section 9.5, to limit its contributions to an adopted Program and Budget as follows:
Voluntary Reduction in Participation. Except with respect to a Participant's obligation to make its Initial Contribution, as to which no election is permitted, a Participant may elect, as provided in Section 9.5, to limit its contributions to an adopted Program and Budget as follows:
Voluntary Reduction in Participation. (a) A Participant may elect, as provided in Section 7.06, to contribute to an adopted Program and Budget in some lesser amount than its Participating Interest, or not to contribute at all. Each Participant shall have the right to elect to participate or not to participate without regard to its vote on adoption of the Program and Budget. The Participating Interest of such Diluting Participant will be reduced effective as of the date the adopted Program and Budget is commenced (the "Diluting Date").
Voluntary Reduction in Participation. A Participant may elect, as provided in section 11.4, to limit its contributions to the Venture's Capital Expenditures which are a part of an approved Program and Budget as follows: to some lesser amount than its Participating Interest; or not at all. In such event the Participating Interest of the Participant shall be recalculated at the time of election by reducing such Participating Interest by 1% for each $166,666 not contributed by such Participant in respect of its Participating Interest provided always that such amount is contributed by the other Participant. The Participating Interest of the other Participant shall thereupon become the difference between 100% and the recalculated Participating Interest.
Voluntary Reduction in Participation. Except with respect to a Participant's obligation to make contributions toward the Venture's operating cost requirements under the most recent approved Program and Budget (as to which no election is permitted), a Participant may elect to limit its contributions toward the Venture's Capital Expenditures which are a part of an approved Program and Budget as follows:
Voluntary Reduction in Participation. During the Period of Joint Operations, a Participant may elect, as provided in Section 9.5, to contribute to an adopted Program and Budget in some lesser amount than its Participating Interest, or not to contribute at all. Each Participant shall have the right to elect to participate or not to participate without regard to its vote on adoption of the Program and Budget. The Participating Interest of such Diluting Participant will be reduced effective as of the date the adopted Program and Budget is commenced (the "Diluting Date").
Voluntary Reduction in Participation. After the completion of the Initial Contribution Period, a Member may elect to limit its contributions to an approved Program and Budget as follows:
Voluntary Reduction in Participation. A Participant may elect not to contribute to an approved Program and Budget or to limit its contributions toward Expenditures which are a part of an approved Program and Budget to some amount less than its respective Participating Interest (other than in respect of the then current Program and Budget to the extent to which such Participant has previously elected to contribute). If a Participant elects not to contribute to an approved Program and Budget or elects to contribute to an approved Program and Budget some amount toward Expenditures less than its Participating Interest, the Participating Interest of that Participant shall be recalculated at the time of such election by dividing the sum of, (i) such Participant's Initial Contribution set forth in section 7.1, (ii) the total of all of such Participant's contributions toward the Venture's Expenditures to the date of such election, and (iii) the amount, if any, that such Participant elects to contribute toward the Venture's Expenditures in the approved Program and Budget, by the sum of (i), (ii) and (iii) above for both Participants; and then multiplying the result by 100. The Participating Interest of the other Participant shall thereupon become the difference between 100% and the recalculated Participating Interest of the Participant that made such election pursuant to this section 7.7.
Voluntary Reduction in Participation. (a) Except with respect to a Participant's obligation to make its Initial Contribution, as to which no election is permitted, and with respect to Nova's obligation to fund its proportionate share of costs through the completion of the Feasibility Study, which shall be governed by the provisions of Section 5.4, a Participant may elect, as provided in Section 9.5, to participate in an Adopted Program and Budget as follows:
Voluntary Reduction in Participation. (a) Pursuant to Section 9.6, a Participant may elect to limit its contributions to an adopted Program and Budget to some lesser amount than its Participating Interest share of program expenditures in the affected Exploration or Production Area, or (2) elect to make no contribution.
