Deadline for Election Clause Samples
Deadline for Election. By notice to the Management Committee within 20 days after the adoption of a Program and Budget, a Participant may elect to contribute to such Program and Budget in some lesser amount than its Participating Interest in the relevant Area, or not to contribute at all, in which cases its Participating Interest in the relevant area shall be recalculated as provided in Section 6.3. If a Participant fails to make such an election within the 20 days, the Participant shall be deemed to have elected not to contribute to such Program and Budget in proportion to its Participating Interest in the relevant Area as of the beginning of the period covered by the Program and Budget.
Deadline for Election. Any Party whose proposed Program and Budget is adopted as provided in Subsection 11.4(a) or (b) is deemed to have elected to contribute to that Program and Budget to the extent of its then Percentage Interest. By notice in writing to the Management Committee within twenty (20) days after either the final vote adopting a Program and Budget pursuant to Subsection 11.4(a) or (b) or receipt of notice pursuant to Subsection 11.4(c) or 11.4(e), whichever is applicable, the other Party may elect to contribute to such Program and Budget (i) in proportion to its then respective Participating Interest; or (ii) not at all. If the other Party fails to notify the Management Committee or the Party electing to conduct the Program within the twenty (20) days, the Party so failing shall be deemed to have elected to contribute to such Program and Budget in proportion to its then respective Participating Interest. If a Party elects to contribute nothing, the Party who elected to contribute in proportion to its then Participating Interest may within an additional twenty (20) days revise or revoke its election to contribute, provided that any such revision does not result in the proposed Program and Budget being for an amount which is less than the amount that the contributing Party's Participating Interest contribution would have been of the originally proposed Program and Budget.