Recalculation of Interests At Time of Election. If a Shareholder elects pursuant to Section 4.2 to contribute to an adopted Program and Budget some lesser amount than its respective ownership Interest, or not at all, the Ownership Interest of that Shareholder shall be recalculated at the time of such election by dividing: (i) the sum of (a) the Shareholder's total actual and deemed contributions to MSX as of the date of such election, and (b) the amount, if any, the Shareholder elects to contribute to the adopted Program and Budget; by (ii) the sum of (a) and (b) above for all Shareholders; and then multiplying the result by one hundred (100). The Ownership Interest of the other Shareholder shall thereupon become the difference between one hundred percent (100%) and the recalculated Ownership Interest. Each Shareholder shall, to the extent that it contributes to an adopted Program and Budget, be entitled to subscribe such number of Common Shares through such contributions as shall result in the Ownership Interest of such Shareholder as calculated hereunder being equal to its percentage interest in Common Shares of MSX and each such Shareholder's rights to subscribe Common Shares shall be deemed to have been exercised or waived accordingly, as applicable. Solely for purposes of this Section 4.5.5, upon the Effective Date, the total equity contribution of the Shareholders to MSX shall be deemed to be Forty Million Dollars ($40,000,000), of which Glamis shall be deemed to have contributed fifty-one percent (51%) or Twenty Million Four Hundred Thousand Dollars ($20,400,000) and Raleigh shall be deemed to have contributed forty-nine percent (49%) or Nineteen Million Six Hundred Thousand Dollars ($19,600,000).
