Effect of non-participation Sample Clauses

Effect of non-participation. If a party (in this subsection called the "Assigning Party") has its Interest reduced, at any time to 0% as a result of the operation of subsection 7.12, the Assigning Party shall be deemed to have assigned and conveyed its Interest to the remaining Participants, if more than one then in proportion to their respective Interests and the Assigning Party shall cease to have any further right or Interest under this Agreement.
Sample 1
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Effect of non-participation. 10.1 Reduction of Interest Below 10%
Sample 1
Effect of non-participation. 10.01 If at the Completion Date, a non-contributing party (in this section called the AAssigning Party@) holds an Interest of 10 per cent or more, the Assigning Party shall be deemed to have assigned and conveyed its Interest to the Participants, if more than one then in proportion to their respective Interests. In consideration of that assignment and conveyance, the Assigning Party shall be entitled to received as its sole remuneration, by way of royalty, that percent of the Net Proceeds of Production, as and when available, which is equivalent to the Interest which it was deemed to have assigned and conveyed. 10.02 If any time prior to the Completion Date, a party has its Interests reduced to less than 10 per cent it shall be deemed to thereupon have assigned and conveyed its Interest in consideration of a 10 per cent Net Carried Interest. 10.03 Upon the assignment and conveyance of its Interest the Assigning Party shall cease to have any further right or Interest under this Agreement. Each Participant shall severally calculate and cause to be paid to the Assigning Party that portion of any of the Net Proceeds of Production derived from the Property to which the Assigning Party is entitled in the manner provided in Appendix III to this Agreement.
Sample 1
Effect of non-participation. 12.1 If at any time a Participant has its Interest reduced to 10% percent or less as contemplated in sections 10.11 hereof and 11.6 hereof or in the Joint Venture Shareholders’ Agreement, it will be deemed to have surrendered, assigned and conveyed its Interest to the other Participant, if more than one then in proportion to their respective Interests. 12.2 Upon any assignment and conveyance pursuant to section 12.1 hereof, the Participant whose Interest is deemed to have been surrendered, assigned and conveyed (in this section called the “eliminated party”) will cease to be a party and will cease to have any further right or Interest under the Joint Venture Shareholders’ Agreement in the Company or the Joint Venture and, except as to any payment of royalty to which the eliminated party may be entitled under the Share Purchase Agreement or otherwise, all obligations or liabilities of the other Participants to the eliminated party terminate.
Sample 1
Effect of non-participation. If a party (in this paragraph called the "Assigning Party") has its Interest reduced, at any time to less than 10 % as a result of the operation of paragraph 7.12, the Assigning Party shall be deemed to have assigned and conveyed its Interest to the Participants, if more than one then in proportion to their respective Interests and, in consideration of that assignment and conveyance, shall be entitled to receive as its sole remuneration and benefit, a royalty, as and when available, in the amount of 2% of the Net Smelter Interest. On such assignment, the Assigning Party shall cease to have any further right or Interest under this Agreement. Each Participant shall severally calculate and cause to be paid to the Assigning Party that portion of any of the Net Profits derived from the Property to which the Assigning Party is entitled in the manner provided in Schedule 1 to this agreement.
Sample 1

Related to Effect of non-participation

  • Effect of Non-Compliance Failure to comply with the requirements set forth herein may result in termination of this Agreement and/or ineligibility for award of future contracts.

  • Effect of Non-Payment 51.22.1 If the billed Party does not pay all undisputed charges by the Bill Due Date, the billing Party may discontinue processing orders for services provided under this Agreement and may invoke the Default provisions of Section 6.6 on or after the tenth (10th) Day following the Bill Due Date provided the billing Party notifies the other Party in writing, via email or certified mail, at least five (5) Days prior to discontinuing the processing of orders. If the billing Party continues to accept additional orders for service(s) after the date specified in such notice, and the billed Party’s non-compliance continues, nothing contained herein shall preclude the billing Party from refusing to accept any or all additional orders for service(s) from the non-complying Party without further notice. For order processing to resume, the billed Party will be required to make full payment of all past and current undisputed charges under this Agreement. Additionally, the billing Party may require a deposit or assurance of payment

  • Continuing Effect of Agreement Except as amended by this Amendment No.1, all provisions of the Agreement shall remain unchanged and in full force and effect. From and after the date of this Amendment No.1, whenever the term "Agreement" appears in the Agreement, it shall mean the Agreement as amended by this Amendment No.1.

  • Effect of Notice Any notice given by the indemnifying Party to an Indemnified Party referred to in Sections 12.1(c) or 12.2(d) above of participation in or control of any action by the indemnifying Party will in no event be deemed to be an admission by the indemnifying Party of liability, culpability or responsibility, and the indemnifying Party will remain free to contest liability with respect to the claim among the Parties or otherwise.

  • Limitation upon Participant Rights A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender.

  • Effect of Waiver or Consent A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to the Company is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to the Company. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to the Company, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations period has run.

  • Governing Law; Binding Effect; Amendment and Termination (a) This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware. (b) This Agreement shall be binding upon the Company, its successors and assigns, and shall inure to the benefit of Indemnitee, his heirs, personal representatives and assigns and to the benefit of the Company, its successors and assigns. (c) No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by the Company and Indemnitee.

  • Limitation on Participant Rights A Participant shall not be entitled to receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender.

  • Effect of Vesting Upon Vesting, the Company shall cause to be delivered to the Recipient (i) a certificate for the Shares which have vested free and clear of restrictive legends and (ii) any stock powers signed hereunder by the Recipient remaining in its possession related to the vested shares. In the event that the Recipient dies before delivery of the certificate, such certificate shall be delivered to, and registered in the name of, the Recipient's beneficiary or estate, as the case may be.

  • Subordination May Not Be Impaired by Company No right of any holder of Senior Indebtedness of the Company to enforce the subordination of the Indebtedness evidenced by the Securities shall be impaired by any act or failure to act by the Company or by its failure to comply with this Indenture.

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