Activities During Deadlock. If the Management Committee for any reason fails to adopt an Exploration, Pre-Feasibility Study, Feasibility Study or Development Program and Budget, the Manager shall continue Operations at levels sufficient to maintain the Properties. If the Management Committee for any reason fails to adopt an initial Mining Program and Budget or any Expansion or Modification Programs and Budgets, the Manager shall continue Operations at levels sufficient to maintain the then current Operations and Properties. If the Management Committee for any reason fails to adopt Mining Programs and Budgets subsequent to the initial Mining Program and Budget, subject to the contrary direction of the Management Committee and receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Mining Program and Budget. All of the foregoing shall be subject to the contrary direction of the Management Committee and the receipt of necessary funds.
Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extended.
Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget as a consequence of a dead-lock, subject to the contrary direction by majority of the Management Committee and to the receipt of necessary finds, the Operator shall continue Operations at levels necessary to maintain the Property and Assets but shall not commence or extend any Programs until the dead-lock is resolved. Financial contributions to such necessary maintenance shall be obligatory on all Participating Interests.
Activities During Deadlock. Subject to the contrary direction of the Management Committee and to the receipt of necessary funds, if
(i) the Management Committee for any reason fails to adopt a Program and Budget, or if,
(ii) a Member elects to contribute to an adopted Program and Budget in some lesser amount than its respective Ownership Interest, or not at all, and the other Member is not required to, and decides not to, advance an Elected Loan in accordance with Section 4.1, then, with respect to clause 9.7(ii), the adopted Program and Budget shall be deemed rescinded, and, with respect to both clauses 9.7(i) and (ii), the Manager shall continue Operations at levels comparable with the last adopted Program and Budget but in no event at levels which do not fully provide for the minimum holding costs of the Properties. For purposes of determining the required contributions of the Members and their respective Ownership Interests, the last adopted Program and Budget shall be deemed extended.
Activities During Deadlock. Subject to the contrary direction of the Management Committee and the receipt of necessary funds, if the Management Committee for any reason fails:
(i) to adopt an Exploration Program and Budget, a pre-Feasibility Study, a Feasibility Study or a Development Program and Budget, then the Manager shall continue Operations at levels sufficient to maintain the Properties;
(ii) to adopt an initial Mining Program and Budget or any Expansion or Modification Program and Budget, then the Manager shall continue Operations at levels sufficient to maintain the then current Operations and Properties; or
(iii) to adopt Mining Programs and Budgets subsequent to the initial Mining Program and Budget, then the Manager shall continue Operations at levels comparable with the last adopted Mining Program and Budget.
Activities During Deadlock. If the Management Committee for any reason fails timely to adopt any Annual Operating Plan after the First Annual Operating Plan, the Operator shall have authority to continue Operations sufficient to maintain the Assets, to comply with and fulfill all the requirements of all Licenses, to fulfill existing contracts, to comply with Laws, and, if production has commenced when the deadlock occurs, to maintain or initiate production levels consistent with the Annual Operating Plan that has previously been approved by the Management Committee. The Company shall provide funding for such Operations during deadlock and reimburse the Operator as provided in this Agreement.
Activities During Deadlock. If the Management Committee for any reason fails to adopt an Exploration, Pre-Feasibility Study, Feasibility Study or Development Program and Budget, then, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Operator shall continue Operations at levels sufficient to maintain the Property. If the Management Committee for any reason fails to adopt any Mining Program and Budget subsequent to the initial Mining Program and Budget, then, subject to the contrary direction of the Management Committee and receipt of necessary funds, the Operator shall continue Operations at levels comparable with the last adopted Mining Program and Budget. For purposes of determining the required contributions of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extended.
Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget for the maintenance of the Properties or a Mining Program and Budget for the maintenance of the Assets for any calendar year or part thereof, in the absence of contrary direction and subject to the receipt of necessary funds, the Operator shall continue Operations at levels sufficient to maintain the Properties and the Assets. In such event, for purposes of determining required contributions of the Participants and their respective Participating Interests, the last adopted Program and Budget or Mining Program and Budget, as the case may be, shall be deemed extended.
Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels substantially comparable with the last adopted Program and Budget and as necessary to protect the interests of the Members and maintain the integrity of the Project. For purposes of determining the required contributions of the Members, the last adopted Program and Budget shall be deemed extended and Article IV shall continue to apply. AMENDED AND RESTATED LLC AGREEMENT OF EUREKA MOLY, LLC – Page 35
Activities During Deadlock. If the Management Committee for any reason fails to adopt an initial or any subsequent Program and Budget, Operations shall continue to be funded at levels sufficient to maintain the Properties, subject to the contrary direction of the Management Committee and the receipt of necessary funds.
