Common use of Emergency or Unexpected Expenditures Clause in Contracts

Emergency or Unexpected Expenditures. In the case of an emergency, the Manager may take any reasonable action it deems necessary to protect life, limb or property, to protect the Assets or to comply with all laws, regulations, orders or policy directives of any Governmental Authority having jurisdiction. The Manager may also make reasonable expenditures for unexpected events which are beyond its reasonable control and which do not result from a breach by it of its standard of care. The Manager shall promptly notify the Participants of the emergency or unexpected expenditures and the Manager shall be reimbursed for all resulting costs by the Participants in proportion to their respective Participating Interests at the time the emergency or unexpected expenditures are incurred.

Appears in 1 contract

Samples: Joint Venture Agreement (Halo Resources LTD)

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Emergency or Unexpected Expenditures. In the case of an emergency, the Manager ------------------------------------ may take any reasonable action it deems necessary to protect life, limb or property, to protect the Assets or to comply with all laws, regulations, orders law or policy directives of any Governmental Authority having jurisdictiongovernment regulation. The Manager may also make reasonable expenditures for unexpected events which are beyond its reasonable control and which do not result from a breach by it of its standard of care. The Manager shall promptly notify the Participants of the emergency or unexpected expenditures expenditure, and the Manager shall be reimbursed for all resulting costs by the Participants in proportion to their respective Participating Interests at the time the emergency or unexpected expenditures are incurred.

Appears in 1 contract

Samples: Mining Venture Agreement (Western Goldfields Inc)

Emergency or Unexpected Expenditures. In the case of an emergency, the Manager may take any reasonable action it deems necessary to protect life, limb or property, to protect the Assets or to comply with all laws, regulations, orders law or policy directives of any Governmental Authority having jurisdictiongovernment regulation. The Manager may also make reasonable expenditures for unexpected events which are beyond its reasonable control and which do not result from a breach by it of its standard of care. The Manager shall promptly notify the Participants Members of the emergency or unexpected expenditures expenditure, and the Manager shall be reimbursed for all resulting costs by the Participants Company, which cost shall be funded by the Members making additional capital contributions to the Company in proportion to their respective Participating Percentage Interests at the time the emergency or unexpected expenditures are incurred.

Appears in 1 contract

Samples: Limited Liability Company Agreement

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Emergency or Unexpected Expenditures. In the case of an emergency, the a Manager may take any reasonable action it deems necessary to protect life, limb or property, to protect the Assets or to comply with all laws, regulations, orders law or policy directives of any Governmental Authority having jurisdictiongovernment regulation. The Manager may also make reasonable expenditures for unexpected events which are beyond its reasonable control and which do not result from a breach by it of its standard of care. The Manager Managers shall promptly notify the Participants Members of the emergency or unexpected expenditures expenditure, and the Manager Managers shall be reimbursed for all resulting costs by the Participants Members in proportion to their respective Participating Ownership Interests at the time the emergency or unexpected expenditures are incurred.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Hecla Mining Co/De/)

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