ELECTION TO CONTRIBUTE. 11.1 Each Party with an Interest may, within 120 days of receipt of the Production Notice, give the Operator notice committing to contribute its Proportionate Share of the Mine Costs. A Party which fails to give notice within the 120 day period shall be deemed to have elected not to contribute.
11.2 If any such Party fails to give such notice, that Party (a "non-Participant") shall forfeit the right to contribute to Mine Costs and shall suffer dilution and conversion of its Interest as provided in this paragraph. Those Parties which elected to contribute as aforesaid may thereupon elect to increase their contribution to the Mine Costs, if more than one Party then in proportion to their respective Interests, by the amount which any Party has declined to contribute. If elections are made so that Mine Costs are fully committed the Interest of each Participant shall be increased and that of each non-Participant shall be decreased so that the Interest of each Party at all times is equal to:
(a) the sum of its Exploration Costs, its Prior Exploration Costs and its contribution to Mine Costs; divided by
(b) the sum of the total Exploration Costs, total Prior Exploration Costs and the total Mine Costs of all the Parties; multiplied by
(c) 100. If any Party's Interest is thereby less than 20% it shall forfeit its Interest to the Participants, if more than one then in proportion to their respective Interests, and that Party shall be entitled to receive as its sole remuneration and benefit in consideration of that assignment and conveyance, a 5% Net Profits Royalty calculated in accordance with Appendix II. Each Participant shall severally cause to be paid to each non-Participant any Net Profits Royalty derived from the Property in the manner provided in Appendix II.
11.3 If Mine Costs are not fully committed the Production Notice shall be deemed to be withdrawn.
11.4 If Mine Costs are fully committed, the Operator shall diligently proceed to implement the Feasibility Report in accordance with normal standards in the mining industry. If the Operator fails to so implement the Feasibility Report within 12 months of the issuance of the Production Notice for reasons other than general economic conditions in the mining industry, any Party which forfeited the right to contribute to Mine Costs pursuant to section 11.2 shall have the right, exercisable during the 30 days following the expiration of such 12 month period, to re-acquire from the Participants all of its Interest...
ELECTION TO CONTRIBUTE. 10.01 Each party with an Interest may, within 60 days of the receipt of the Production Notice, give the Operator notice committing to contribute its Proportionate Share of Construction Costs. A party which fails to give that notice within the 60-day period shall be deemed to have elected not to contribute to Construction Costs.
10.02 If any party elects not to contribute to Construction Costs that party, subject to its rights under paragraph 10.04, shall forfeit the right to contribute to any further Costs under this Agreement, and those parties which elected to contribute as aforesaid may thereupon elect to increase their contribution to Construction Costs, if more than one party then in proportion to their respective Interests, by the amount which any party has declined to contribute. If elections are made so that Construction Costs are fully committed:
(a) the Interest of each Participant shall be increased and that of each non-Participant shall be decreased as Costs are incurred so that the Interest of each party at all times is that percentage which is equivalent to
(i) the sum of its Exploration Costs, its Prior Exploration Costs and its contribution to Construction Costs; divided by
(ii) the sum of the total Exploration Costs, total Prior Exploration Costs and the total Construction Costs of all the parties;
ELECTION TO CONTRIBUTE. A Participant's contribution election, made in accordance with Section 3.2., shall be effective as of the Entry date next following the date on which the election is properly made and is received by the Administration Committee. Notwithstanding the foregoing, a Participant may specify that his contribution election be effective on an earlier date which is not earlier than the first day of the payroll period during which the election is properly made and is received by the Administration Committee, and such request shall be given effect to the extent administratively practicable.
ELECTION TO CONTRIBUTE. Under the Plan, the Company shall offer each Eligible Employee an annual opportunity, to elect in advance of a plan year to have the Company set aside from his or her pay, free of federal income tax and FICA (and in certain cases, free of state and local taxes) up to $5,000 per year, but not less than $100 per year, on a payroll withholding basis throughout the plan year. The employee’s election shall not reduce the employee’s benefit-bearing wages for purposes of the savings plan, group term life insurance plan, or any other benefit that is based on an employee’s wages.
ELECTION TO CONTRIBUTE. Each Shareholder may, within 30 days of receipt of the Contribution Demand, give notice to the Operator committing to contribute its Proportionate Share of the Expenditures for that Work Program and Budget. A Shareholder which fails to give that notice within the 30 day period will be deemed to have elected not to contribute to that Contribution Demand. The contributions of the Shareholders toward the Expenditures will be individually and separately provided by them. Subject to Section 9.6, each Shareholder shall, not later than 1:00 p.m. (Pacific time) on the due date for each Contribution Demand, contribute or cause to be contributed to JVC the funds (in US$ and in the manner specified in the Contribution Demand) which it is required to contribute or cause to be contributed as provided herein.
ELECTION TO CONTRIBUTE. Each party may, within 120 days of receipt of the Production Recommendation, give the Operator notice committing itself to:
(a) contribute its Proportionate Share of the Construction Costs and Production Costs to be incurred in respect of the Mine; or
(b) not to contribute thereto. If a party does not give notice of that commitment within the 120 day period, then it will be deemed to have elected not to contribute to Construction Costs and Production Costs.
ELECTION TO CONTRIBUTE. Forthwith after approval of each Exploration Program, the Operator will submit it to the parties. Subject to Section 8.6, each party will, within 15 days after the date on which the Management Committee approves an Exploration Program, give notice to the Operator whether it elects:
(a) to contribute its Proportionate Share of the Exploration Costs of that Exploration Program; or
(b) not to contribute to that Exploration Program. If a party does not give timely notice, then that party will be deemed to have elected to contribute. If any party elects not to contribute to a Program, then the Operator will forthwith give notice thereof to the other parties who will be entitled to elect, within 10 days of the Operator’s notice, to increase their contributions by the amount of the shortfall, (if more than one then in proportion to their respective Interests). If, after the operation of this Section 8.3, Exploration Costs are not fully committed, then the Exploration Program will be deemed to be withdrawn. If an Exploration Program is deemed to have been withdrawn:
(a) the Operator may prepare and submit a revised Exploration Program;
(b) the Operator will implement a mandatory program as contemplated in Section 16.4; or
(c) either party may invoke the deadlock and dispute resolution procedures under Article 28. If, after the operation of this Section 8.3, Exploration Costs are fully committed, then the Operator shall proceed with the approved Exploration Program and promptly notify each party of the percentage amount (the "Exploration Program Percentage") it has elected to contribute to the Program.
ELECTION TO CONTRIBUTE. Notice to Contribute: Each Party with an Interest may, within sixty (60) days of receipt of the Production Notice, give the Manager and the other Party a notice committing to contribute its Proportionate Share of the. Mine Costs (the "Commitment Notice"). At the time of delivery of the Commitment Notice, each Party shall provide the Manager and the other Party with documentary evidence, satisfactory to the other Party acting reasonably, confirming that such Party has access to funds adequate to finance its Proportionate Share of the Mine Costs. If any Mine Costs are incurred during this sixty (60) day period, the Manager shall not issue any invoice with respect to said costs to any Party unless the Manager has received a Commitment Notice from that Party,
ELECTION TO CONTRIBUTE. Commencing on the Joint Funding Commencement Date, Programs shall be funded by the Shareholders on a pro rata basis in proportion to each Shareholder’s Shareholding (the “Proportionate Share”). Each Shareholder may, within 30 days of receipt of the Program and Budget, give notice to the Manager committing to contribute its Proportionate Share of the Development expenditures for that Program. Each Shareholder may elect to contribute at some lesser amount than its Proportionate Share of the Development Program. A party that fails to give such notice within the 30 day period will be deemed to have elected not to contribute to that Program.
ELECTION TO CONTRIBUTE
