Common use of Right to Maintain Interest Clause in Contracts

Right to Maintain Interest. If, after the completion of a program during which a Defaulting Party failed to pay its proportionate share of any expenditures, subsequent programs are proposed and carried out, the Defaulting Party shall have the right to maintain its reduced participating interest (if more than ten per cent (10%)) by paying its proportionate share of the subsequent programs based on such reduced interest, in accordance with the provisions of paragraph 6.0 of this Schedule “B”.

Right to Maintain Interest. If, If after the completion of a program during which a Defaulting Party failed to pay its proportionate share of any expenditures, default occurred subsequent programs are proposed and carried out, the Defaulting Party shall have the right to maintain its reduced participating interest (if more than ten per cent (10%)) by paying its proportionate share of the subsequent programs based on such reduced interest, in accordance with the provisions of paragraph 6.0 of this Schedule “B”.