Cover Payment. If a Participant defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant (a “Cover Payment”). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 4 contracts
Samples: Mine Operating and Improvements Agreement (Americas Gold & Silver Corp), Exploration, Development and Mine Operating Agreement (Thompson Creek Metals CO Inc.), Exploration, Development and Mine Operating Agreement (Canyon Resources Corp)
Cover Payment. If a Participant defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant (a “"Cover Payment”"). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.39.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 3 contracts
Samples: Equity Participation and Earn in Agreement (Entree Gold Inc), Equity Participation and Earn in Agreement (Entree Gold Inc), Equity Participation and Earn in Agreement (Entree Gold Inc)
Cover Payment. If a Participant Member defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant Member may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant Member (a “Cover Payment”). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.311.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 2 contracts
Samples: Members’ Agreement (Thunder Mountain Gold Inc), Operating Agreement (Golden Phoenix Minerals Inc)
Cover Payment. If a Participant Member defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant Member may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant Member (each such advance, a “"Cover Payment”"). Each and every Cover Payment shall constitute be deemed a demand loan bearing interest from the date of the advance at the rate provided in Section 10.311.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment Payments shall apply to the aggregated Cover Payments. The failure to repay such a loan upon demand shall be a default.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (Uranium Energy Corp)
Cover Payment. If a Participant defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant (a “Cover Payment”"COVER PAYMENT"). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section SECTION 10.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 2 contracts
Samples: Agreement (Gryphon Gold Corp), Agreement (Golden Phoenix Minerals Inc /Mn/)
Cover Payment. If a Participant Member defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant Member may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant Member (a “Cover Payment”). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.311.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 2 contracts
Samples: Operating Agreement (Western Goldfields Inc), Securities Purchase Agreement (American International Ventures Inc /De/)
Cover Payment. If a Participant defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant (a “”Cover Payment”). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 1 contract
Samples: Exploration, Development and Mine Operating Agreement (Midway Gold Corp)
Cover Payment. If a Participant Member defaults in making a contribution or a cash call required by an adopted Program and Budget, the non-defaulting Participant Member may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant Member (a “"Cover Payment”"). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.311.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 1 contract
Cover Payment. If a Participant Member defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant Member may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant Member (a “"Cover Payment”"). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.311.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 1 contract
Cover Payment. If a Participant Member defaults in making a contribution or cash call required by an adopted Program and BudgetBudget Stage, the non-defaulting Participant Member may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant Member (a “Cover Payment”"COVER PAYMENT"). Each and every -------------- Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.3SECTION 11.3. If more than one Cover Payment ------------ is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 1 contract
Samples: Members' Agreement (Battle Mountain Gold Exploration Corp.)
Cover Payment. If a Participant defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant (in any case, a “"Cover Payment”"). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 1 contract
Samples: Joint Venture Agreement
Cover Payment. If a Participant defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant (a “"Cover Payment”"). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.310.3 . If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 1 contract
Cover Payment. If a Participant defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant may, but shall not be obligated to, advance some portion or all of the amount in default on behalf of the defaulting Participant (a “"Cover Payment”"). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 1 contract
Samples: Exploration, Development and Mine Operating Agreement (Royal Gold Inc /De/)
Cover Payment. If a Participant Member defaults in making a contribution or cash call required by an adopted Program and Budget, the non-defaulting Participant Member may, but shall not be obligated to, advance some portion or all of the entire amount in default on behalf of the defaulting Participant Member (a “Cover Payment”). Each and every Cover Payment shall constitute a demand loan bearing interest from the date of the advance at the rate provided in Section 10.39.3. If more than one Cover Payment is made, the Cover Payments shall be aggregated and the rights and remedies described herein pertaining to an individual Cover Payment shall apply to the aggregated Cover Payments. The failure to repay such loan upon demand shall be a default.
Appears in 1 contract
Samples: Exploration, Development & Mine Operating Agreement (Crosshair Exploration & Mining Corp)
