Common use of ELECTION TO CONTRIBUTE Clause in Contracts

ELECTION TO CONTRIBUTE. 10.1 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. 10.2 If any party elects not to contribute to Construction Costs that party, subject to its rights under Section 10.4, 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; multiplied by: (iii) 100; (b) then, at the Completion Date, each non-Participant 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 shall be entitled to receive as its sole remuneration and benefit in consideration of that assignment and conveyance, the sum of $25,000.

ELECTION TO CONTRIBUTE. 10.1 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. 10.2 10.02 If any party elects not to contribute to Construction Costs that party, subject to its rights under Section 10.4paragraph 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; multiplied by: (iii) 100; (b) then, at the Completion Date, each non-Participant 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 shall be entitled to receive as its sole remuneration and benefit in consideration of that assignment and conveyance, the sum of $25,000.

ELECTION TO CONTRIBUTE. 10.1 10.01 Each party with an Interest may, within 60 sixty (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 sixty (60-) day period shall be deemed to have elected not to contribute to Construction Costs. 10.2 10.02 If any party elects not to contribute to Construction Costs that party, subject to its rights under Section 10.4paragraph 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; multiplied by: (iii) 100; (b) then, at the Completion Date, each non-Participant 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 shall be entitled to receive as its sole remuneration and benefit in consideration of that assignment and conveyance, the sum of $25,000.

ELECTION TO CONTRIBUTE. 10.1 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. 10.2 If any party elects not to contribute to Construction Costs that party, subject to its rights under Section paragraph 10.4, 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; multiplied by: (iii) 100; (b) then, at the Completion Date, each non-Participant 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 shall be entitled to receive as its sole remuneration and benefit in consideration of that assignment and conveyance, the sum of $25,000.

ELECTION TO CONTRIBUTE. 10.1 9.01 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 proportionate share of Construction CostsCosts which will be necessary to construct the Mine. A party which fails to give that notice within the 60-60 day period shall be deemed to have elected not to contribute to Construction Costscontribute. 10.2 9.02 If any party elects not to contribute to Construction Costs that party, subject to its rights under Section 10.4, party shall forfeit the right to contribute to any further Costs to costs under this Agreement, Agreement and those parties which elected to contribute as aforesaid may thereupon elect to increase their contribution to the 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 the non-Participant contributing party shall be decreased reduced 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, the total Prior Exploration Costs and the total Construction Costs of all the parties; multiplied by: (iii) 100; (b) then, at the Completion Date, each non-Participant 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 shall be entitled to receive as its sole remuneration and benefit in consideration of that assignment and conveyance, the sum of $25,000.