Common use of Implementation of Feasibility Report Clause in Contracts

Implementation of Feasibility Report. Once the Members elect to contribute their Proportionate Share of the Construction Costs, the Participants will diligently proceed with bringing a Mine into production in substantial conformity with the Feasibility Report. If the Participants fail to commence the implementation of the Feasibility Report within twelve (12) months of Construction Costs being fully committed,(for reasons other than general economic conditions in the mining industry), any Member which forfeited the right to contribute to Construction Costs pursuant to Section 15.1 will have the right, exercisable in the thirty (30) days following the expiration of such twelve (12) month period, to reacquire from the remaining Participants not less than all of its Ownership Interest as last held, by paying its Proportionate Share of Construction Costs incurred to the end of such twelve (12) month period (together with interest at the Prime Rate, plus two percent (2%)) to the remaining Participants in proportion to their respective Ownership Interests.

Implementation of Feasibility Report. Once the Members elect to contribute their Proportionate Share of the Construction Costs, the Participants Members will diligently proceed with bringing a Mine into production in substantial conformity with the Feasibility Report. If the Participants Members fail to commence the implementation of the Feasibility Report within twelve (12) months of Construction Costs being fully committed,(for committed (for reasons other than general economic conditions in the mining industry), any Member Departing Party which forfeited the right to contribute to Construction Costs pursuant to Section 15.1 will have the right, exercisable in the thirty (30) days following the expiration of such twelve (12) month period, to reacquire from the remaining Participants Members not less than all of its Ownership Interest as last held, by paying its Proportionate Share of Construction Costs incurred to the end of such twelve (12) month period (together with interest at the Prime Rate, Rate plus two percent (2%)) to the remaining Participants Members in proportion to their respective Ownership Interests.