Deadlock on Proposed Programs and Budgets. If the Participants, acting through the Management Committee, fail to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, the provisions of Section 8.7 shall apply.
Deadlock on Proposed Programs and Budgets. If the Participants, acting through the Management Committee, fail to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, the provisions of Sections 8.7 and 12.2 shall apply.
Deadlock on Proposed Programs and Budgets. If the Board of Managers fails to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, subject to the contrary direction of the Board of Managers and to the receipt of necessary funds, the Board of Managers shall continue Operations (a) if an initial Program and Budget has not been adopted, at levels sufficient to maintain the then current Operations and Properties, and (b) if an initial Program and Budget has been adopted, at levels substantially comparable with the last adopted Program and Budget. The Members shall continue to make Capital Contributions in accordance with the Interests applicable to the last adopted Program and Budget in response to Capital Calls from the Board of Managers to fund such Operations during any period in which a Program and Budget has not been adopted.
Deadlock on Proposed Programs and Budgets. Decision of a Member not to Fund other Member's Share. If:
Deadlock on Proposed Programs and Budgets. If the Members, acting through the Management Committee, fail to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, then the Manager shall continue Operations at levels comparable with the last adopted Program and Budget but in no event at levels which do not fully provide for the minimum holding costs of the Properties.
Deadlock on Proposed Programs and Budgets. If the Shareholders, acting through the Board, fail to approve a Program and Budget in accordance with the terms of this Agreement and by the beginning of the period to which the proposed Program and Budget applies, subject to the contrary direction of the Board and to the receipt of necessary funds, the Operator shall continue Operations (a) if an initial Program and Budget has not been adopted, at levels sufficient to maintain the then current Operations and Properties based on an Program and Budget to be decided by the Operator at their sole discretion, if necessary, and (b) if an initial Program and Budget has been adopted, at levels substantially comparable with the last adopted Program and Budget. The Shareholders which elected, or have been deemed to have elected, to participate in the last adopted Program and Budget pursuant to Section 6.6(a) shall continue to fund Cash Call Amount and Additional Cash Call Amounts in accordance with their Funding Percentage applicable to such last adopted Program and Budget in response to cash calls from the Operator to fund such Operations during a deadlock.
Deadlock on Proposed Programs and Budgets. If USE and SGMC fail to approve a Plan and Budget by the beginning of the period to which the proposed Plan and Budget applies, or if they fail to present a Plan and Budget, a Plan and Budget comparable to the last adopted Plan and Budget shall automatically be adopted.
Deadlock on Proposed Programs and Budgets. Decision of a Member not to Fund other Member's Share............................. 15 10.7 Budget Overruns; Program Changes...................................... 15 10.8 Emergency or Unexpected Expenditures.................................. 15 10.9
Deadlock on Proposed Programs and Budgets. 9.7 In the Participants, acting through the Management Committee, fail to approve a Program and Budget by the time specified in Section 9.5 ("Review and Approval of Proposed Programs and Budgets"), the provisions of Section 8.7 ("Activities During Deadlock") and 12.2 ("Termination of Inactivity") shall apply. Budget Overruns; Program Changes 9.8 The Manager shall immediately notify the Management Committee of any material departure from an adopted Program and Budget. If the Manager fails to expend 90% of an adopted Budget that a participant elects not to contribute, then such Participant shall have the right to elect to participate in accordance with Section 9.6. If the Manager exceeds an adopted Budget by more than five percent (5%), then the excess over five percent (5%), unless directly caused by an emergency or unexpected expenditure made pursuant to Section 9.9 or unless otherwise authorized by the Management Committee, shall be for the sole account of the Manager and such excess shall not be included in the calculations of the Participating Interests. Budget overruns of five percent (5%) or less shall be borne by the Participants in proportion to their respective Participating Interests as of the time the overrun occurs. Emergency or Unexpected Expenditures 9.9 In case of emergency, the Manager may take any reasonable action it deems necessary to protect life, limb or property, to protect the Assets or to comply with law or government regulations. The Manager may also make reasonable expenditures for unexpected events which are beyond its reasonable control and which do not result from a breach by it of its standard of care. The Manager shall promptly notify the Participants of the emergency or unexpected expenditure, and the Manager shall be reimbursed for all resulting costs by the Participants in proportion to their respective Participating Interests as of the time the emergency or unexpected expenditures are incurred.
Deadlock on Proposed Programs and Budgets. If the Participants, acting through the Management Committee, fail to approve a Program and Budget by the beginning of the period Montana PGM Venture Agreement February 1, 2000 CONFIDENTIAL to which the proposed Program and Budget applies, the provisions of Section 8.7 shall apply.
