Common use of Deadlock on Proposed Programs and Budgets Clause in Contracts

Deadlock on Proposed Programs and Budgets. If the Board of Managers fails to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, subject to the contrary direction of the Board of Managers and to the receipt of necessary funds, the Board of Managers shall continue Operations (a) if an initial Program and Budget has not been adopted, at levels sufficient to maintain the then current Operations and Properties, and (b) if an initial Program and Budget has been adopted, at levels substantially comparable with the last adopted Program and Budget. The Members shall continue to make Capital Contributions in accordance with the Interests applicable to the last adopted Program and Budget in response to Capital Calls from the Board of Managers to fund such Operations during any period in which a Program and Budget has not been adopted.

Deadlock on Proposed Programs and Budgets. If the Board of Managers Management Committee fails to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, subject to the contrary direction of the Board of Managers Management Committee and to the receipt of necessary funds, the Board of Managers Manager shall continue Operations Operations: (a) if an initial Mining Program and Budget has not been adopted, at levels sufficient to maintain the then current Operations and Properties, Claims; and (b) if an initial Mining Program and Budget has been adopted, at levels substantially comparable with the last adopted Program and Budget. The Members shall continue to make Capital Contributions in accordance with the Interests applicable to the last adopted Program and Budget in response to Capital Calls capital calls from the Board of Managers Manager to fund such Operations during any period in which a Program and Budget has not been adopteddeadlock.

Deadlock on Proposed Programs and Budgets. If the Board of Managers fails Members, acting through the Management Committee, fail to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, subject to the contrary direction of the Board of Managers Management Committee and to the receipt of necessary funds, the Board of Managers shall Manager will continue Operations (a) if an initial Mining Program and Budget has not been adopted, at levels sufficient to maintain the then current Operations and Properties, and (b) if an initial Mining Program and Budget has been adopted, at levels substantially comparable with the last adopted Program and Budget. The Members shall will continue to make Capital Contributions in accordance with the Interests applicable to the last adopted Program and Budget in response to Capital Calls capital calls from the Board of Managers Manager to fund such Operations during any period in which a Program deadlock, subject to the provisions of Section 3.4 and Budget has not been adoptedSection 3.5, as applicable.

Deadlock on Proposed Programs and Budgets. If the Board of Managers fails Members, acting through the Management Committee, fail to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, subject to the contrary direction of the Board of Managers Management Committee and to the receipt of necessary funds, the Board of Managers Manager shall continue Operations (a) if an initial Mining Program and Budget has not been adopted, at levels sufficient to maintain the then current Operations and Properties, and (b) if an initial Mining Program and Budget has been adopted, at levels substantially comparable with the last adopted Program and Budget. The Members shall continue to make Capital Contributions in accordance with the Interests applicable to the last adopted Program and Budget in response to Capital Calls capital calls from the Board of Managers Manager to fund such Operations during any period in which a Program and Budget has not been adopteddeadlock.