Common use of Elimination of Minority Interest Clause in Contracts

Elimination of Minority Interest. Upon the reduction of its Participating Interest to less than 10%, a Participant shall be deemed to have withdrawn from this Agreement and shall relinquish its entire Participating Interest. The withdrawing Participant shall thereafter retain only a 5% Net Proceeds interest in the Property, and shall have no further right, title or interest in Assets or under this Agreement. The withdrawing Participant's relinquished Participating Interest shall be deemed to have accrued automatically to the other Participant.

Elimination of Minority Interest. Upon the reduction of its Participating Interest to less than 105%, a Participant shall be deemed to have withdrawn from this Agreement and shall relinquish its entire Participating Interest. The withdrawing Participant Interest shall thereafter retain only be converted into a 5% Net Proceeds interest in the Property, and shall have no further right, title or interest in Assets or under this AgreementInterest. The withdrawing Participant's Such relinquished Participating Interest shall be deemed to have accrued automatically to the other Participant.

Elimination of Minority Interest. Upon the reduction of its Participating Interest to less than 105%, a Participant shall be deemed to have withdrawn from this Agreement and shall relinquish its entire Participating Interest. The withdrawing Participant shall thereafter retain only a 5% Net Proceeds interest in the Property, and shall have no further right, title or interest in Assets or under this Agreement. The withdrawing Participant's Such relinquished Participating Interest shall be deemed to have accrued automatically to the other Participant.

Elimination of Minority Interest. Upon the reduction of its Participating Interest to less than 105%, a Participant shall be deemed to have withdrawn from this Agreement and shall relinquish its entire Participating Interest. The withdrawing Participant shall thereafter retain only a 5% Net Proceeds interest in the Property, and shall have no further right, title or interest in Assets or under this Agreement. The withdrawing Participant's Such relinquished Participating Interest shall be deemed to have accrued automatically to the other ParticipantParticipants PRO RATA according to the Participating Interests of the remaining Participants.