Failure of Operator to Submit Program Sample Clauses

Failure of Operator to Submit Program. If the Operator fails to submit a draft Program or a revised Program by the date set out in this Agreement, unless the Board has granted and extension, the following will apply: (a) the Operator will not be entitled to submit a draft Program or revised Program for the subject period; (b) any Shareholder, other than the Operator, whose Ownership Interest is not less than 20% may, within 15 days following the date by which the Operator’s draft Program or revised Program was due, submit a draft Program (the “Non Operator’s Program”) for the subject period for consideration by the Board; (c) the Board will review the Non Operator’s Program and, if it deems fit (the Operator not being entitled to vote with respect thereto), adopt the Non Operator’s Program with such modifications, if any, as the Board deems necessary; the adopted Program will then be submitted to the Shareholders pursuant to Section 6.3; (d) if the Operator is a Shareholder and elects to contribute to the Non Operator’s Program, it will remain as the Operator for the duration of the Non Operator’s Program; (e) if the Operator is a Shareholder and elects not to contribute to the Non Operator’s Program, it will cease to be the Operator for the duration of the Non Operator’s Program, and the Board will appoint another Shareholder as Operator (the former Operator not being entitled to vote with respect thereto); and (f) following the completion of the Non-Operator’s Program the former Operator will, subject to the provisions of subsections 4.4, 4.5 and 4.6, automatically become the Operator.