Changes in Participating Interests. Subject to section 5.7, a Participant's Participating Interest shall be changed thereafter as follows:
(a) upon an election by a Participant pursuant to section 5.4 to contribute to Capital Expenditures which are a part of an approved Program and Budget less than the percentage reflected by its Participating Interest; or
(b) in the event of default by a Participant in making its agreed-upon contribution to an approved Program and Budget, followed by an election by any other Participant to invoke section 5.5(c); or
(c) acquisition of less than all of the Participating Interest of the other Participant, however arising.
Changes in Participating Interests. The Participating Interests shall be eliminated or changed as follows:
(a) Upon withdrawal or deemed withdrawal as provided in Section 6.3 and Article XII;
(b) Upon an election by either Participant pursuant to SECTION 9.5 to contribute less to an adopted Program and Budget than the percentage equal to its Participating Interest, or to contribute nothing to an adopted Program and Budget;
(c) In the event of default by either Participant in making its agreed-upon contribution to an adopted Program and Budget, followed by an election by the other Participant to invoke any of the remedies in SECTION 10.5;
(d) Upon Transfer by either Participant of part or all of its Participating Interest in accordance with ARTICLE XVI; or
(e) Upon acquisition by either Participant of part or all of the Participating Interest of the other Participant, however arising.
Changes in Participating Interests. A Participant’s Participating Interest shall be changed as follows:
(a) As provided in Section 6.3, 6.4, 6.5; or
(b) Upon an election by a Participant pursuant to Section 6.3 to contribute less to an adopted Program and Budget than the percentage reflected by its Participating Interest; or
(c) In the event of default by a Participant in making its agreed-upon contribution to an adopted Program and Budget, followed by an election by the other Participant to invoke Section 6.4(b); or
(d) Transfer by a Participant of less than all of its Participating Interest in accordance with Article XV; or
(e) Acquisition of less than all of the Participating Interest of the other Participant however arising.
Changes in Participating Interests. The Participating Interests shall be eliminated or changed as follows:
(a) upon deemed withdrawal or termination as provided in Section 5.6, and Article 13;
(b) upon an election by either Participant pursuant to Section 8.5 to contribute less to an adopted Program and Budget than the percentage equal to its Participating Interest, or to contribute nothing to an adopted Program and Budget or an election by Entrée pursuant to Section 4.6(b) of the Earn-in Agreement to sole fund the first $400,000 of costs under the first adopted Program and Budget;
(c) in the event of default by either Participant in making its agreed-upon contribution to an adopted Program and Budget, followed by an election by the other Participant to invoke any of the remedies in Section 9.5;
(d) upon Transfer by either Participant of part or all of its Participating Interest in accordance with Article 17; or
(e) upon acquisition by either Participant of part or all of the Participating Interest of the other Participant, however arising, including without limitation pursuant to Section 4.6 or Section 4.7 of the Earn-in Agreement. [If the Joint Venture was formed in the circumstances described in section 4.5(c) of the Earn-in Agreement add the following text: If the Participating Interests are changed pursuant to Subsection 5.5(b) or (c), the respective Participating Interests of each of Ivanhoe and Entrée in respect of Products extracted from the Properties pursuant to Mining carried out at depths from the surface of the Properties to 560 meters below the surface of the Properties will also be changed pro rata, by multiplying the change by a fraction (i) the denominator of which is the Reduced Participant’s Participating Interest immediately before the change and (ii) the numerator of which is the Reduced Participant’s Participating Interest immediately before the change in respect of Products extracted from the Properties pursuant to Mining carried out at depths from the surface of the Properties to 560 meters below the surface of the Properties.]
Changes in Participating Interests. A Participant’s Participating Interest shall only be changed as follows:
6.1.2.1 upon an election or deemed election by a Participant pursuant to Section 9.4 not to contribute to an adopted Program and Budget in accordance with the percentage reflected by its Participating Interest;
6.1.2.2 as provided in Section 6.4;
6.1.2.3 in the event of default by a Participant in making its agreed upon contribution to an adopted Program and Budget or upon UMS’s default in making payments for the Initial Contribution to expand the mill pursuant to Subsection 5.2, followed by an election by the other Participant to invoke Section 6.3;
6.1.2.4 upon withdrawal, pursuant to Article 11;
6.1.2.5 pursuant to a transfer by a Participant of all or a portion of its Participating Interest in accordance with Article 13; or
6.1.2.6 upon acquisition by either Participant of part or all of the Participating Interest of the other Participant, however arising.
Changes in Participating Interests. The Participants' Participating Interests shall be changed as follows:
(a) In the event of an election by a Participant pursuant to section 7.7 to not contribute to an approved Program and Budget or contribute to Expenditures which are a part of an approved Program and Budget less than the percentage reflected by its then current Participating Interest; or
(b) In the event of default by a Participant in making its agreed contribution to an approved Program and Budget; or
(c) In the event of an acquisition of less than all of the Participating Interest of any Participant however arising.
Changes in Participating Interests. 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; or
(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 deemed withdrawal of a Party.
Changes in Participating Interests. The Participating Interests shall be eliminated or changed as follows:
(a) As provided in Section 5.5;
(b) Upon withdrawal or deemed withdrawal as provided in Sections 5.2, 6.3, and Article XII;
(c) Upon an election by either Participant pursuant to Section 9.5 to contribute less to an adopted Program and Budget than the percentage equal to its Participating Interest, or to contribute nothing to an adopted Program and Budget;
(d) In the event of default by either Participant in making its agreed-upon contribution to an adopted Program and Budget, followed by an election by the other Participant to invoke any of the remedies in Section 10.5;
(e) Upon Transfer by either Participant of part or all of its Participating Interest in accordance with Article XVI; or
(f) Upon acquisition by either Participant of part or all of the Participating Interest of the other Participant, however arising.
Changes in Participating Interests. The Participating Interests shall be eliminated or changed as follows:
(a) Upon withdrawal or deemed withdrawal as provided in Article 8;
(b) Upon Transfer by either Participant of part or all of its Participating Interest in accordance with Article 10;
(c) SVB shall be entitled to acquire CB’s entire Participating Interest in respect of a Property (including any corresponding License) by undertaking the below steps. This option may be exercised at any time after a minimum of US$3,000,000 has been spent on a Property by SVB, the results of which are to be provided to both SVB and CB.
(i) SVB providing written notice to CB of SVB’s decision to acquire CB’s Participating Interest in the Property; and
(ii) within 60 days of the date of such notice making a cash payment of $1,500,000, and for the avoidance of doubt:
(iii) upon acquisition of CB’s Participating Interest in respect of a Property in accordance with subparagraphs (i) and (ii) above, 100% of the legal and beneficial interest in such Property (including any corresponding License) shall be owned by SVB and shall no longer form part of the Properties or Assets subject to this Agreement; and
(iv) the payment referred to in subparagraph (ii) shall only entitle SVB to acquire CB’s Participating Interest in one Property (and any corresponding License), and to the extent SVB wishes to acquire CB’s Participating Interest in any additional Property (including any corresponding License) that forms part of the Assets, SVB may acquire such interest by providing a notice and make such payment to CB in accordance with subparagraphs (i) and (ii) above; and
(d) SVB may not enter into a transaction to dispose of a 100% interest in the Properties for sixty (60) days following exercise of the option set out in Section 6.2(c).
Changes in Participating Interests. 18 6.3 Voluntary Reduction in Participation........................................................15 6.4 Default In Making Contributions.............................................................19 6.5
