Programs and Budgets. 8.1.1 The General Manager shall, not later than one (1) month prior to the commencement of the next succeeding Fiscal Year of the Company, prepare and submit to the Board of Managers for its review and approval a business operating budget and a capital expenditure budget for such Fiscal Year.
Programs and Budgets. The Manager shall manage, direct and control Operations in accordance with adopted Programs and Budgets, and shall prepare and present to the Management Committee proposed Programs and Budgets under Section 6.3 and proposed Amendments under Section 6.5.
Programs and Budgets. The Operator shall have the right to propose programs for exploration and, if a mine is being developed and operated, for the carrying out of all phases of such development and operations, including the construction of plant and facilities. All programs shall contain a reasonably itemized budget of the projected expenditures under such programs, including, without limiting the generality of the foregoing, exploration expenditures, development and capital costs and operating expenditures in relation to the Property. The Optionor and the Optionee shall contribute their proportionate share of each expenditure (based on their respective participating interests at the time of any particular expenditure) at such times as requisitioned by the Operator. Such requisitions shall be made on the basis of invoices in respect of such expenditures, provided that in the case of known expenditure requirements such requisitions may be made reasonably in advance of requirements.
Programs and Budgets. 9.8 The Operator will propose the work programs and budgets following the formation of the Joint Venture in accordance with the instructions of the Management Committee. Each party will have thirty (30) days from the date of receipt of a program to notify the Operator as to whether it will participate at its interest level or whether it will not participate. The participating interest of a party which elects not to participate will be proportionately diluted in accordance with the dilution formula set out in §9.9. A party which fails to so notify the Operator within the time required will be deemed to have elected to participate in the work program at its interest level. A party’s right not to participate in a work program and be diluted as aforesaid may only be exercised prior to a production decision, subject to §9.12. A party which elects not to participate in a program will not be subject to dilution to the extent that the expenditures under such program exceed one hundred fifteen percent (115%) of the budget for such program. If a party fails to pay after electing to participate that party will suffer an accelerated dilution of one-hundred fifty percent (150%) of the monies not paid. The Joint Venture Agreement shall provide that monies required for a work program must be paid no later than thirty days (30) prior to commencement of a work program. Dilution
Programs and Budgets. 14 10.1 Initial Program and Budget............................................ 14 10.2
Programs and Budgets. (i) In the event that a proposed Operating Program and Budget is not adopted by the Board of Managers prior to the expiry of the Program Period for the then-existing Operating Program and Budget, until the resulting Expert Resolvable Deadlock is resolved in accordance with Section 5.18(c), upon the expiry of such Program Period, the Management Team shall continue to undertake Operations at a level commensurate with the most recent adopted Operating Program and Budget in respect of which such Program Period ended (with appropriate adjustments to account for inflation).
Programs and Budgets. 8 CLAUSE 12 BUDGET MANUAL ............................................ 8 CLAUSE 13 INCOME BUDGET ............................................ 9 CLAUSE 14
Programs and Budgets. It has the meaning as defined in clause twelve.
Programs and Budgets. Plans of Operations shall be prepared for information purposes only, shall be delivered to the Management Committee and shall describe the Operations the Manager intends to conduct during the period covered by the applicable Plan of Operations. If the Manager desires to conduct Operations substantially different from those described in the current Plan of Operations, the Manager shall, at least five days before undertaking such other Operations, notify the Management Committee. The Manager shall not be obligated to fulfill every aspect of a Plan of Operations or to conduct the Operations described therein on any particular schedule.
Programs and Budgets. 18 9.1 Initial Program and Budget. . . . . . . . . . . . . . . . . . . . . 18 9.2
