Interests of Participants. DEFAULTS AND REMEDIES
Interests of Participants. DEFAULTS AND REMEDIES; FINANCING................................................................................... 19 6.1
Interests of Participants. 12
4.1 Accounts of Participants 12 4.2 Allocation of Shares of Employer Stock, Income, 12 Expense, Fluctuations in Asset Value, Etc. 4.3 Allocation of Employer Contributions 13 4.4 Maximum Additions 14 4.5 Directed Investments By Eligible Participants 16 4.6 Investment of Non-Employer Stock Accounts 17 ARTICLE V BENEFITS 18
Interests of Participants. 17 Interests.............................................17 Dilution Formula......................................17
Interests of Participants. 4.01 Initial Contributions
4.02 Value of Initial Contributions 4.03 Initial Participating Interests 4.04 Changes in Participating Interests 4.05 Voluntary Reduction in Participation 4.06 Conversion of Minority Interest to Royalty 4.07 Continuing Liabilities Upon Adjustments of Participating Interests 5.01 Organization and Composition 5.02 Decisions 5.03 Meetings 5.04 Action Without Meeting
Interests of Participants. 6.01 Initial Participating Interests
6.02 Changes in Participating Interests
6.03 Voluntary Reduction in Participation
6.04 Default in Making Contributions
6.05 Elimination of Minority Interest
6.06 Continuing Liabilities Upon Adjustments of Participating Interests
Interests of Participants. Interests
5.1 On the Participation Date, PTG shall have an undivided •% Interest and the Owner shall have an undivided •% Interest. Thereafter, each Participant shall have such Interest as is determined from time to time in accordance with the provisions of this Agreement.
5.2 Subsequent to the Participation Date, the respective Interests of the Participants shall be determined from time to time as being equal to the product obtained by multiplying 100% by a fraction of which the numerator is $1,020,000 in the case of PTG and $980,000 in the case of the Owner, plus the amount of the respective Participant’s contributions to Expenditures and Production Program Costs made subsequent to the Participation Date and the denominator is $2,000,000 plus the amount of all contributions to Expenditures and Production Program Costs made subsequent to the Participation Date by all Participants .
5.3 If there are more than two Participants the dilution formula in §5.2 will be applied mutatis mutandis as required provided, that an assignment by a Participant of all or part of its Interest will carry with it an assignment of that proportion of the aggregate of the Participant’s Expenditures and Production Program Costs to the time of assignment which equals the percentage of the Participant’s Interest which is being assigned.
Interests of Participants. 5.1 Initial Participation Interests
(a) The participants shall have the following initial Participating Interests. Minera Metalin 65% Royal Silver 35% Minera Metalin's interest is beneficially owned by its parent, Metalline.
(b) In a Net Smelter Royalty Agreement executed by, among others, Royal Silver, Minera Metalin and Metalline, the parties agreed to pay certain underlying royalties, together with additional royalties to be paid to Dakota Mining Company. it is agreed that all royalties called for in the Net Smelter Royalty Agreement shall be paid out of Royal Silver's 35% participating interest.
(c) In the event Royal Silver transfers, Assigns, sells or otherwise conveys all or part of its participating interest, the interest of any transferee, assignee or buyer shall be subject to the obligations of Royal Silver to pay royalties, and shall do so in an amount equal to its proportionate share of Royal Silver's participating interest under this Agreement.
Interests of Participants. Interests
5.1 On the Effective Date, Leader shall have an undivided 100% Interest and Kores shall have 0% Interest. On the Final Vesting Date, Kores shall have the Interest that it has earned pursuant to paragraph 3.3 and Leader shall have the Interest equal to the percentage which when added to Kores' Interest totals 100%. Thereafter, each Participant shall have such Interest as is determined from time to time in accordance with the provisions of this Agreement. Dilution Formula
Interests of Participants. General 16 Section 6.2 Allocation of Shares 16
