Voluntary Reduction in Participation Sample Clauses

Voluntary Reduction in Participation. (a) A Participant may elect, as provided in Section 7.06, to contribute to an adopted Program and Budget in some lesser amount than its Participating Interest, or not to contribute at all. Each Participant shall have the right to elect to participate or not to participate without regard to its vote on adoption of the Program and Budget. The Participating Interest of such Diluting Participant will be reduced effective as of the date the adopted Program and Budget is commenced (the "Diluting Date"). (b) A Diluting Participant's Participating Interest will be provisionally recalculated effective as of the Diluting Date according to the following formula: R = REA (P) X 100% REA (AP) Where: R = The recalculated Participating Interest of the Diluting Participant. REA (P) = The Diluting Participant's Equity Account immediately prior to the Diluting Date, as adjusted for anticipated debits and credits based on the adopted Program and Budget and Diluting Participant's election as to contributions. REA (AP) = The Equity Account balance for all participants immediately prior to the Diluting Date, as adjusted for anticipated debits and credits based on the adopted Program and Budget and all Participants' elections as to contributions. The Participating Interest of the Non-Diluting Participant shall be increased by the amount of the reduction in the Participating Interest of the Diluting Participant. The recalculations made under this Section 4.05(b) will be provisional and subject to the final adjustments provided for under Section 4.05(c). (c) At the end of each Budgetary Period, a final recalculation of each Participant's Participating Interest shall be made, with the provisional recalculations made under 4.05(b) adjusted to reflect actual debits, credits and contributions made during that period. A Diluting Participant shall retain all of its rights and all of its obligations (except as provided in Section 4.05(b) above and subject to the provisions of Section 4.06), including the right to participate in future Programs and Budgets at its recalculated Participating Interest. (d) A Participant that reduces its Participating Interest pursuant to this Section 4.05 shall have the right to redeem its position if the actual Costs are less by at least 20% than the budget as set out in the Program and Budget to which the Participant had limited its contributions. Otherwise the reduction is final. The Operator shall at least 20 days prior to the Management Committee meeting...

Voluntary Reduction in Participation. Except with respect to a Participant's obligation to make contributions toward the Venture's operating cost requirements under the most recent approved Program and Budget (as to which no election is permitted), a Participant may elect to limit its contributions toward the Venture's Capital Expenditures which are a part of an approved Program and Budget as follows: (a) to some amount less than its respective Participating Interest; or (b) not at all. Subject to section 5.7, if a Participant then elects to contribute to an approved Program and Budget some amount toward Capital Expenditures less than its respective Participating Interest, or not at all, the Participating Interest of that Participant shall be recalculated at the time of such election by dividing the sum of, (i) such Participant’s initial contribution set forth in section 5.1; (ii) the total of all of such Participant’s contributions toward the Venture’s Capital Expenditures to the date of such election; and (iii) the amount, if any, that such Participant elects to contribute toward the Venture’s Capital Expenditures in the approved Program and Budget, by the sum of (i), (ii) and (iii) above for both Participants; and then multiplying the result by 100. The Participating Interest of the other Participant shall thereupon become the difference between 100% and the recalculated Participating Interest of the Participant that made such election pursuant to this section 5.4. This resulting Participating Interest shall be contingent upon the actual expenditures incurred for that approved Program and Budget being equal to at least 90% of the amount initially required of the other contributing Participant.

Voluntary Reduction in Participation. A Participant may elect, as provided in Section 9.5, to limit its contributions to an adopted Program and Budget as follows: (a) to some lesser amount than its respective Participating Interest; or (b) not at all. If a Participant elects to contribute to an adopted Program and Budget some lesser amount than its respective Participating Interest, or not at all, the Participating Interest of that Participant shall be recalculated at the time of election by dividing: (i) the sum of (a) the agreed value of the Participant's Initial Contribution under Section 5.1, (b) the total of all of the Participant's contributions under Section 5.3, and (c) the amount, if any, the Participant elects to contribute to the adopted Program and Budget; by (ii) the sum of (a), (b) and (c) above for all Participants; and then multiplying the result by one hundred. The Participating Interest of the other Participant shall thereupon become the difference between 100% and the recalculated Participating Interest.

Voluntary Reduction in Participation. A Participant may elect, as provided in section 11.4, to limit its contributions to the Venture's Capital Expenditures which are a part of an approved Program and Budget as follows: to some lesser amount than its Participating Interest; or not at all. In such event the Participating Interest of the Participant shall be recalculated at the time of election by reducing such Participating Interest by 1% for each $166,666 not contributed by such Participant in respect of its Participating Interest provided always that such amount is contributed by the other Participant. The Participating Interest of the other Participant shall thereupon become the difference between 100% and the recalculated Participating Interest.

Voluntary Reduction in Participation. A Participant may elect, as provided in Section 9.5, to limit its contributions to an adopted Program and Budget as follows: (a) to some lesser amount than its respective Participating Interest; or (b) to make no contribution. If a Participant elects to contribute to an adopted Program and Budget some lesser amount than its respective Participating Interest, or not at all, the Participating Interest of that Participant shall be recalculated provisionally at the time of election by dividing: (i) the sum of (a) the agreed value of the Participant’s Initial Contribution under Section 5.2, (b) the total of all of the Participant’s contributions under Section 5.3, and (c) the amount, if any, the Participant elects to contribute to the adopted Program and Budget; by (ii) the sum of (a), (b) and (c) above for all Participants; and then multiplying the result by one hundred. The Participating Interest of the other Participant shall thereupon become the difference between 100% and the recalculated Participating Interest. The Participating Interests of each of the Participants shall be recalculated at the conclusion of each Program by dividing: (i) the sum of (a) the agreed value of the Participant’s Initial Interest under Section 5.1, and (b) the total of all of the Participant’s contributions under Section 5.1 and (c) the total of all of the transfers to or from the Participant’s account under Section 6.4(b)(1); by (ii) the sum of (a) and (b) for all Participants; and then multiplying the result by one hundred.

Voluntary Reduction in Participation. A Participant may elect, as provided in Section 9.5, to limit its contributions to an adopted Program and Budget as follows: (a) To some lesser amount than its respective Participating Interest; or (b) Not at all. If a Participant elects to contribute to an adopted Program and Budget some lesser amount than its respective Participating Interest, or not at all, the Participating Interest of that Participant shall be recalculated at the time of election by dividing: M the sum of (a) the agreed value of the Participant's deemed expenditure under Section 6.1 and (b) the total of all of the Participant's actual expenditures including the amount the Participant elects to contribute to the adopted Program and Budget; by (ii) the sum of (a) and (b) above for all Participants; and then multiplying the result by one hundred. The Participating Interest of the other Participant shall thereupon become the difference between 100% and the recalculated Participating Interest.

Voluntary Reduction in Participation. During the Period of Joint Operations, a Participant may elect, as provided in Section 9.5, to contribute to an adopted Program and Budget in some lesser amount than its Participating Interest, or not to contribute at all. Each Participant shall have the right to elect to participate or not to participate without regard to its vote on adoption of the Program and Budget. The Participating Interest of such Diluting Participant will be reduced effective as of the date the adopted Program and Budget is commenced (the "Diluting Date").

Voluntary Reduction in Participation. (a) A Participant may elect, as provided in Section 8.4, to contribute to an adopted Program and Budget in some lesser amount than its Participating Interest, or not to contribute at all. Each Participant shall have the right to elect to participate or not to participate without regard to its vote on adoption of the Program and Budget. The Participating Interest of such Diluting Participant will be reduced effective as of the date the adopted Program and Budget is commenced (the “Diluting Date”). (b) Unless otherwise expressly provided the revised Participating Interest of each Participant shall be recalculated in accordance with the following formula: P.I. = P.E. +C.E. x 100 T.P.E. + T.C.E. where: P.I. = the Participating Interest of a Participant; P.E. = the total previous expenditures incurred by a Participant;

Voluntary Reduction in Participation. (a) A Participant may elect, as provided in Section 8.5 or Section 8.11, to contribute to an adopted Program and Budget in some lesser amount than the percentage reflected by its Participating Interest, or not to contribute at all. Each Participant may elect to participate or not to participate without regard to its vote on adoption of the Program and Budget. The Participating Interest of such Diluting Participant is reduced effective as of the date the adopted Program and Budget is commenced (“Diluting Date”). (b) A Diluting Participant's Participating Interest is provisionally recalculated effective as of the Diluting Date according to the following formula: R = REA (P) X 100% REA (AP)