Participation Election Sample Clauses
A Participation Election clause allows a party to choose whether or not to participate in a specific arrangement, transaction, or offering outlined in the agreement. Typically, this clause sets out the process and timeline for making the election, such as requiring written notice within a certain period, and may specify the consequences of electing or declining participation. Its core function is to provide flexibility and clarity, ensuring that parties are not automatically bound to participate and can make informed decisions based on their interests or circumstances.
Participation Election. With respect to the first Borrowing, the Borrower or any of its Restricted Subsidiary that is a Guarantor party hereto and a guarantor party under the Prepetition Secured Debt shall have submitted to the FCC an election that is agreeable in form to the Borrower to participate in accelerated clearing of the C-band; provided that the entity receiving the accelerated relocation payments shall be a Debtor subsidiary of the Borrower (the “Participation Election Form”). In determining the satisfaction of the conditions specified in this Section 7, each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in Section 7.1.
Participation Election. Each January 1 to January 25 ("Enrollment Period"), every qualified, eligible employee of the Presbytery shall receive a copy of this agreement along with an enrollment form to be completed and signed by the employee and returned to the Presbytery Treasurer no later than January 25. The enrollment form shall include at least the following options: NOT TO PARTICIPATE; TO PARTICIPATE AT WHAT DOLLAR LEVEL.
a. Election Irrevocable. Once elected, participation and dollar level may not be adjusted until the following enrollment period, except for changes in family status or employment status.
Participation Election. 16 10.3 Resubmissions............................................. 16 10.4 Operations................................................ 17 10.5
Participation Election. The Receiving Party will notify the Proposing Party in writing whether the Receiving Party elects to participate in the Proposed Well with all or part of the Receiving Party's interest in any Existing Acreage, Related Interests and Acquisition Acreage within fifteen (15) days after receipt of the Proposed Well information package, unless otherwise extended in writing by the Proposing Party. If the Receiving Party elects to participate in the Proposed Well, the Receiving Party will deliver to the Proposing Party: (a) an executed Joint Operating Agreement signature page for such Proposed Well; (b) an executed AFE for such Proposed Well; and (c) an executed Memorandum of Joint Operating Agreement for such well which will be promptly filed by the Proposing Party in the appropriate governmental office. In the event the Receiving Party is a Gothic Party and the Gothic Party elects not to participate with all or part of the Existing Acreage, Related Interests or Acquisition Acreage retained by the Gothic Parties (the "Retained Interest") in any Proposed Well or fails to elect to participate within the required time period, the Gothic Parties will be deemed to have: (i) elected not to participate in the Proposed Well; and (ii) agreed to farmout all of the Retained Interest included in the Prospect for such Proposed Well to Chesapeake at a net revenue interest equal to the existing net revenue interest of such Gothic Party with no overriding royalty interest being retained by the Gothic Party. The acreage earned pursuant to any such farmout will be limited to the Retained Interest included in the governmental production unit for the Proposed Well as finally approved by the appropriate governmental authority and will be deemed earned on the earlier of the completion of such well as a producing well or the drilling of such well to the total proposed depth. The Gothic Parties agree to assign to Chesapeake the interest earned under the foregoing farmout within thirty (30) days after such interest is earned and to execute such additional documents as Chesapeake, as the Proposing Party, reasonable requests to evidence and convey any farmouts earned pursuant to this Agreement including an outright assignment to Chesapeake of such interest coupled with an obligation to reconvey such interest if such interest is not earned in accordance with this paragraph 10.2.
Participation Election. At any time during the 20-Year Period, upon ninety (90) days prior written notice to IDTEK, Protek may elect to use only nine-tenths (9/10) of the respective percentage it was entitled to under Section 4 hereof but to multiply that reduced percentage times the gross license fee or manufacturing surcharge without the reduction for sales commissions. An example of the calculation resulting from the election under this Section 5 is set forth on Exhibit E attached hereto. Once Protek elects to receive the reduced percentages of the gross amounts, it shall have no right to revert back to the original percentages (i.e. this is a one-time election) and such election shall apply to all payments made by IDTEK under Section 4 hereof after the expiration of the ninety (90) day notice period required by this Section 5.