Three-Year Budget Sample Clauses

Three-Year Budget. (a) The Corporation and the Investor hereby agree that the Three-Year Budget shall become effective immediately following the closing of the 2016 Note Offering. (b) In the event of a material adverse change: (i) in respect of the price of gold, which shall be deemed to have occurred should the price of gold fall below US$1,000 per ounce for more than 30 consecutive trading days; or (ii) in the outlook for the permitting of the Stibnite Gold Project as agreed to by the Corporation and the Investor, each acting reasonably, the Three-Year Budget shall no longer apply and a revised budget for the Corporation and its Subsidiaries shall be prepared by management of the Corporation (a “Revised Budget”) and submitted for approval to the Board in accordance with Section 3.2 within thirty (30) days of the determination that such a material adverse change has occurred in accordance with this Section 2.4(b). At the discretion of the Board, such Revised Budget may suspend or cease the permitting process and related activities and expenditures (provided that the Corporation shall in all cases continue to meet its obligations in respect of property holding costs, environmental/permit compliance, maintaining its listing on the TSX and other statutory obligations).