Participating Interest. The percentage of the costs and risks of conducting an operation under this Agreement that a Participating Party agrees, or is otherwise obligated, to pay and bear.
Participating Interest. A PARTICIPATING PARTY'S percentage of participation in an operation conducted pursuant to the Agreement.
Participating Interest. Pursuant to the Prior Agreement, you were previously granted 13.5% of the Participating Interests available for grant under the BMP Plan. Pursuant to the Prior Agreement, it was agreed that (A) your percentage of Participating Interests would not be diluted during the term of the Prior Agreement without mutual agreement, (B) if the term of the Prior Agreement ends early because you are not re-elected or re-appointed as a director of Ben Management other than for Cause, your percentage of Participating Interests would not be diluted for the remainder of the original seven-year term of the Prior Agreement without your consent, and (C) at the end of the term of the Prior Agreement or upon such earlier end of your service for any reason other than for Cause, your Participating Interest would be redeemed by BMP pursuant to the terms and conditions of the BMP Plan. Upon the effectiveness of this Agreement, Beneficient agrees to comply with, or cause other Ben Entities to comply with, the terms of the Prior Agreement as it relates to the award of the Participating Interests under the BMP Plan. Xx. Xxxxx X. Schnitzer , 2023
Participating Interest. Borrower shall have no obligation to accrue or pay Participating Interest at any time.
Participating Interest. It is the share in the obligations and rights acquired by each of the Parties in the exploration and exploitation of the Contracted Area.
Participating Interest. Each Participant shall have the undivided percentage interest determined under this Contract and/or as agreed by the Participants ("Participating Interest"), provided that each Participant's Participating Interest shall not be less than three point seven five percent (3.75%). The Companies shall participate in proportion to their respective Participating Interest in all costs, expenses and liabilities incurred pursuant to this Contract or JOA and shall own, in the same proportion, the Contractor's rights under this Contract and the Participants' rights under the JOA.
Participating Interest. (A) Subject to Article 3.2(C), the Participating Interests of the Parties as of the Effective Date are: IPC 13.609% EMANUELLE 24.161 % EMANUELLE PARTNERHSIP 19.161% ILDC 5.000% IDB 5.000 % MODIIN 19.282 % BLUE WATER 8.787% GGR 5.000%
(B) If a Party transfers all or part of its Participating Interest pursuant to the provisions of this Agreement and the Contract, the Participating Interests of the Parties shall be revised accordingly.
(C) (1) The Participating Interest of Blue Water is subject to divestment as provided in the Structure and Participation Agreement dated April 25, 2010 by and among the Parties other than GGR and PBT Capital Partners LLC ("PBT-CP" and the “PBT Agreement” respectively), and in the event of such divestment, the Participating Interest of Blue Water shall be owned by Emanuelle, Emanuelle Partnership, ILDC and IDB and Modiin (and their respective Affiliates) in proportion to their (and their respective Affiliates') Participating Interests;(2) The Participating Interest of GGR is subject to compliance by GGR with its obligations set forth in the Operating and Participating Agreement dated May 19, 2010 among the Parties (the “GGR Agreement”) and is subject to GGR’s right and option to increase its Participating Interest by 2.5% in the manner provided in the GGR Agreement; (3) the Participating Interest of GGR is subject to GGR's option to increase its Participating Interest by further 2.5% subject to the terms and conditions of the Option Agreement dated May 19, 2010 among GGR, Emmanuelle, IDB-DT (2010) and PBT-CP (the "Option Agreement").
(D) The following shall occur in the event that GGR is removed from its position as Operator pursuant to Section 4.10 (whether for breach or not):
(1) in the event that GGR is removed as Operator prior to the later of (a) March 31, 2011; or (b) the date on which GGR provides to Non-Operators its geological model which shall include GGR's designated well location and target objective for the first Exploration Well (the "GGR Model"); then at the option of two (2) or more of the total number of Non- Operators holding a combined Participating Interest of at least fifty one percent (51%), to be exercised by delivery of written notice to GGR from Emanuelle or other representative designated by Non-Operators no later than 10 days following the date of their decision to remove GGR as Operator, GGR's Participating Interest shall be reduced to 1.5% upon GGR being reimbursed by each of the Non-Operators, sever...
Participating Interest. 4 3.3 Ownership, Obligations and Liabilities ........................ 4 3.4
Participating Interest. The Capital Provider shall have the unrestricted right at any time and from time to time, and without the consent of or notice of the Property Owner, to grant to one or more Capital Providers or other financial institutions (each, a “Participant”) participating interests in the Capital Provider’s rights and obligations hereunder. In the event of any such grant by the Capital Provider of a participating interest to a Participant, the Capital Provider shall remain responsible for the performance of its obligations hereunder and Property Owner and Program Administrator on behalf of Local Government will continue to deal solely and directly with the Capital Provider in connection with their respective rights and obligations hereunder unless otherwise directed by Capital Provider.
Participating Interest. The Grantor hereby reserves in favour of the Grantee an interest in any TWL Compensation (as that term is defined in the TWL Compensation Agreement) actually received by the Grantor (the “Participating Interest”) which Participating Interest shall be equal to 3.87% of any TWL Compensation received by the Grantor from time to time, subject to the following terms and conditions:
(a) The Participating Interest shall be free and clear of all liens, claims or encumbrances.
(b) Each payment with respect to the Participating Interest shall be made within thirty (30) days of actual receipt by the Grantor of any payment from Tetrarch pursuant to the TWL Compensation Agreement. For greater certainty, the Grantor’s obligation to pay the Participating Interest to the Grantee only arises if, as and when payment(s) are received by the Grantor pursuant to the TWL Compensation Agreement.
(c) Subject to Paragraph 2 below, the Participating Interest shall remain in force and effect until the Grantee shall have received the sum of U.S.$599,850 (the “Maximum Interest”) from the Grantor pursuant to the terms of this Agreement.
(e) The Grantee shall have no right to assign, sell, transfer or convey, however accomplished (whether directly or indirectly), the Participating Interest granted under this Agreement without the prior written consent of the Grantor.
