Common use of PAYMENT OF MINE COSTS Clause in Contracts

PAYMENT OF MINE COSTS. 15.1 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 2% per annum until paid. The Operator shall have a lien on each Participant's Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice within the 30 day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's demand notice the Operator may, without limiting its other rights at law, enforce the lien created by section 15.1 by taking possession of all or any part of the Defaulting Participant's Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection 15.2(b) the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting Participant and its successors and assigns against all other Participants and the Operator.

PAYMENT OF MINE COSTS. 15.1 15.01 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 23% per annum until paid. The Operator shall have a lien on each Participant's Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 15.02 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in paragraph 15.01 within the 30 30-day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section 15.1 paragraph 15.01 by taking possession of all or any part of the Defaulting that Participant's Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection 15.2(b) subparagraph 15.02(b), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.

PAYMENT OF MINE COSTS. 15.1 The Operator may invoice each Participant, from time to time, for that Participant's ’s Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's ’s Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 23% per annum until paid. The Operator shall have a lien on each Participant's ’s Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in Section 15.1 within the 30 30-day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's ’s demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section Section 15.1 by taking possession of all or any part of the Defaulting that Participant's ’s Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection Section 15.2(b) ), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.

PAYMENT OF MINE COSTS. 15.1 15.01 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 2% per annum two percent until paid. The Operator shall have a lien on each Participant's Interest Share Participation in order to secure that payment or advance together with interest which has accrued thereon. 15.2 15.02 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in paragraph 15.01 within the 30 30-day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section 15.1 paragraph 15.01 by taking possession of all or any part of the Defaulting that Participant's InterestShare Participation. The Operator may sell and dispose of the Interest Share Participation which it has so taken into its possession by: (a) first offering that Interest Share Participation to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests Share Participations of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest Share Participation as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection 15.2(b) subparagraph 15.02(b), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the InterestShare Participation, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.

PAYMENT OF MINE COSTS. 15.1 The Operator may invoice each Participant, from time to time, for that Participant's ’s Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's ’s Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 210% per annum until paid. The Operator shall have a lien on each Participant's ’s Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in paragraph 15.1 within the 30 day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's ’s demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section paragraph 15.1 by taking possession of all or any part of the Defaulting that Participant's ’s Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection subparagraph 15.2(b) ), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.

PAYMENT OF MINE COSTS. 15.1 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 2% per annum until paid. The Operator shall have a lien on each Participant's Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 If any Participant fails to pay an invoice within the 30 day period as aforesaid (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice within the 30 day period as aforesaid), the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's demand notice the Operator may, without limiting its other rights at law, enforce the lien created by section 15.1 by taking possession of all or any part of the Defaulting Participant's Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection 15.2(b) the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties Parties in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting Participant and its successors and assigns against all other Participants and the Operator.

PAYMENT OF MINE COSTS. 15.1 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall will pay its Proportionate Share of the Mine Costs or the estimated cash disbursements aforesaid to the Operator within 30 thirty (30) days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall will bear interest calculated monthly not in advance from the 30th thirtieth day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 2% three percent (3%) per annum until paid. 15.2 If any Participant fails to pay an invoice contemplated in Section 15.1 within the thirty (30) day period aforesaid, the Operator may, by notice, demand payment. The If the invoice relates to Construction Costs and if any Participant fails to make payment within thirty (30) days of the Operator's demand notice, the provisions of Section 10.2 will apply. If the invoice relates to Operating Costs and if any Participant (in this Article 15 called a "Defaulting Participant") fails to make payment within thirty (30) days of the Operator's demand notice, the Operator shall will have a lien on each the Defaulting Participant's Interest in order to secure that payment or advance together with interest which that has accrued thereon. 15.2 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice within the 30 day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's demand notice the Operator thereon and may, without limiting its other rights at law, enforce the such lien created by section 15.1 by taking possession of all or any part of the Defaulting Participant's Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant not being entitled to bid) at a time and on whatever terms the Operator shall will arrange, having first given notice to the Defaulting Participant of the time and place of the sale. . 15.3 As a condition of the sale as contemplated in subsection Subsection 15.2(b) ), the purchaser shall will agree to be bound by this Agreement and, prior to acquiring the Interest, shall will deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall will be applied by the Operator in payment of the amount due from the Defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall will be paid to the Defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall will be a perpetual bar both at law and in equity by the Defaulting Participant and its successors and assigns against all other Participants and the Operator.

PAYMENT OF MINE COSTS. 15.1 15.01 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 thirty (30) days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 23% per annum until paid. The Operator shall have a lien on each Participant's Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 15.02 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in paragraph 15.01 within the 30 thirty (30) day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 thirty (30) days of the Operator's demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section 15.1 paragraph 15.01 by taking possession of all or any part of the Defaulting that Participant's Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection 15.2(b) subparagraph 15.02(b), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.

PAYMENT OF MINE COSTS. 15.1 15.01 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share =s proportionate share of Mine Costs incurred to the date of the invoiceinvoice or, or at the beginning of each month for month, an advance against Mine Costs equal to that Participant's Proportionate Share =s proportionate share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Costs or the estimated cash disbursements aforesaid amount invoiced to the Operator within 30 days as after receipt of the invoice. If a Participant protests the correctness of an invoice it shall nevertheless be required to make the payment. If payment or advance requested is not so made made, the amount of the payment or advance invoiced shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 2% per annum two percent until paid. The Operator shall have a lien on each Participant's participant=s Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 15.02 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in subsection 15.01 within the 30 day period as aforesaid, the Operator may, by notice, demand payment. If no payment is not made within 30 days of the Operator's =s demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section 15.1 subsection 15.01 by taking possession of all or any part of the Defaulting that Participant's =s Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower lowest of two appraisals obtained by the Operator from independent, well Independent well-recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bidZadar) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting Participant defaulting Participating of the time and place of the sale. As a condition of the sale as contemplated in subsection 15.2(b) paragraph 15.02(b), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from form the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting Participant and its successors and assigns against all other Participants and the Operator.

PAYMENT OF MINE COSTS. 15.1 16.1 The Operator may invoice each Participant, from time to time, for that Participant's ’s Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's ’s Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 23% per annum until paid. The Operator shall have a lien on each Participant's ’s Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 16.2 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in Section 16.1 within the 30 30-day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's ’s demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section 15.1 Section 16.1 by taking possession of all or any part of the Defaulting that Participant's ’s Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower average of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection 15.2(b) Section 16.2(b), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.

PAYMENT OF MINE COSTS. 15.1 The Operator may invoice each Participant, from time to time, for that Participant's ’s Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's ’s Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month month, plus 23% per annum until paid. The Operator shall have a lien on each Participant's ’s Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in paragraph within the 30 30-day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's ’s demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section 15.1 paragraph by taking possession of all or any part of the Defaulting that Participant's ’s Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection 15.2(b) subparagraph , the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest interest, as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.

PAYMENT OF MINE COSTS. 15.1 15.01 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 23% per annum until paid. The Operator shall have a lien on each Participant's Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 15.02 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in paragraph 15.01 within the 30 30-day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section 15.1 paragraph 15.01 by taking possession of all or any part of the Defaulting that Participant's Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection 15.2(b) subparagraph 15.02(b), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting Participant and its successors and assigns against all other Participants and the Operator.the

PAYMENT OF MINE COSTS. 15.1 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 23% per annum until paid. The Operator shall have a lien on each Participant's Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in paragraph 15.1 within the 30 30-day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section paragraph 15.1 by taking possession of all or any part of the Defaulting that Participant's Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection subparagraph 15.2(b) ), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.

PAYMENT OF MINE COSTS. 15.1 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at not more than 30 days prior to the beginning of each month calendar quarter for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the monththat quarter. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month plus 24% per annum until paid. The Operator shall have a lien on each Participant's Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in paragraph 15.1 within the 30 30-day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section paragraph 15.1 by taking possession of all or any part of the Defaulting that Participant's Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized independent appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection subparagraph 15.2(b) ), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.

PAYMENT OF MINE COSTS. 15.1 The Operator may invoice each Participant, from time to time, for that Participant's Proportionate Share of Mine Construction Costs or Operating Costs incurred to the date of the invoice, or at the beginning of each month for an advance equal to that Participant's Proportionate Share of the estimated cash disbursements to be made during the month. Each Participant shall pay its Proportionate Share of the Mine Construction Costs or Operating Costs or the estimated cash disbursements aforesaid to the Operator within 30 days after receipt of the invoice. If the payment or advance requested is not so made made, the amount of the payment or advance shall bear interest calculated monthly not in advance from the 30th day after the date of receipt of the invoice thereof by that Participant at a rate equivalent to the weighted average Prime Rate for the month month, plus 23% per annum until paid. The Operator shall have a lien on each Participant's Interest in order to secure that payment or advance together with interest which has accrued thereon. 15.2 If any Participant (in this section 15.2 called a "Defaulting Participant") fails to pay an invoice contemplated in paragraph 15.1 within the 30 30-day period as aforesaid, the Operator may, by notice, demand payment. If no payment is made within 30 days of the Operator's demand notice notice, the Operator may, without limiting its other rights at law, enforce the lien created by section paragraph 15.1 by taking possession of all or any part of the Defaulting that Participant's Interest. The Operator may sell and dispose of the Interest which it has so taken into its possession by: (a) first offering that Interest to the non-Defaulting other Participants, and if there is more than one then in proportion to the respective Interests of the Participants who wish to accept that offer, for that price which is the fair market value stated in the lower of two appraisals obtained by the Operator from independent, well recognized appraisers competent in the appraisal of mining properties; and (b) if the non-Defaulting Participants have not purchased all or part of that Interest as aforesaid, then by selling the balance, if any, either in whole or in part or in separate parcels at public auction or by private tender (neither the Participants nor the Defaulting Participant being entitled to bid) at a time and on whatever terms the Operator shall arrange, having first given notice to the Defaulting defaulting Participant of the time and place of the sale. As a condition of the sale as contemplated in subsection subparagraph 15.2(b) ), the purchaser shall agree to be bound by this Agreement and, prior to acquiring the Interest, shall deliver notice to that effect to the parties parties, in form acceptable to the Operator. The proceeds of the sale shall be applied by the Operator in payment of the amount due from the Defaulting defaulting Participant and interest interest, as aforesaid, and the balance remaining, if any, shall be paid to the Defaulting defaulting Participant after deducting reasonable costs of the sale. Any sale or disposal made as aforesaid shall be a perpetual bar both at law and in equity by the Defaulting defaulting Participant and its successors and assigns against all other Participants and the OperatorParticipants.