Common use of Activities During Deadlock Clause in Contracts

Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extended.

Appears in 3 contracts

Samples: Agreement (Idaho Consolidated Metals Corp), Joint Development Agreement (Idaho Consolidated Metals Corp), Joint Venture Agreement (Idaho Consolidated Metals Corp)

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Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes Purposes of determining the required contributions of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extended.

Appears in 2 contracts

Samples: Joint Venture Agreement (Trend Mining Co), Trend Stillwater Venture Agreement (Aurora Metals Bvi LTD)

Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions of the Participants and their respective Participating participating Interests, the last adopted Program and Budget shall be deemed extended. The Participants expressly agree that the Management Committee's authority shall include the authority to replace the Manager by majority vote.

Appears in 2 contracts

Samples: Mining Venture Agreement (Crested Corp), Mining Venture Agreement (Us Energy Corp)

Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining AGREEMENT-Page 27 the required contributions of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extended.

Appears in 1 contract

Samples: Mining Venture Agreement (Teryl Resources Corp)

Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions of the Participants Members and their respective Participating Percentage Interests, the last adopted Program and Budget shall be deemed extended.

Appears in 1 contract

Samples: Limited Liability Company Agreement

Activities During Deadlock. If the Management Committee for any reason fails to adopt a an Exploration, Pre-Feasibility Study, Feasibility Study or Development Program and Budget, the Manager shall continue Operations at levels sufficient to maintain the Properties. If the Management Committee for any reason fails to adopt Programs and Budgets subsequent to the initial Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions All of the Participants and their respective Participating Interests, the last adopted Program and Budget foregoing shall be deemed extendedsubject to the contrary direction of the Management Committee and the receipt of necessary funds.

Appears in 1 contract

Samples: Operating Agreement (Thompson Creek Metals CO Inc.)

Activities During Deadlock. If the Management Committee for any reason --------------------------- fails to adopt a Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extended.

Appears in 1 contract

Samples: Mining Venture Agreement (Western Goldfields Inc)

Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject Subject to the contrary direction of the Management Committee and to the receipt of necessary funds, if the Management Committee for any reason fails to adopt a Program and Budget, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining Budget but in no event at levels which do not fully provide for the required contributions minimum holding costs of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extended.Properties

Appears in 1 contract

Samples: Technical Services Agreement (U S Gold Corp)

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Activities During Deadlock. If the Management Committee for any reason fails to adopt a Programs and Budgets subsequent to the initial Production Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions All of the Participants and their respective Participating Interests, the last adopted Program and Budget foregoing shall be deemed extendedsubject to the contrary direction of the Management Committee and the receipt of necessary funds.

Appears in 1 contract

Samples: Members' Agreement (Great Plains Energy Inc)

Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management Committee and to the receipt Receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extended.

Appears in 1 contract

Samples: In and Joint Venture Agreement (Pan American Lithium Corp)

Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions of the Participants ParticipantsMembers and their respective Participating ParticipatingPercentage Interests, the last adopted Program and Budget shall be deemed extended.

Appears in 1 contract

Samples: Venturelimited Liability Company Agreement

Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject Subject to the contrary direction of the Management Committee and to the receipt of necessary funds, if the Management Committee for any reason fails to adopt a Program and Budget, the Manager shall continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining Budget but in no event at levels which do not fully provide for the required contributions minimum holding costs of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extendedProperties.

Appears in 1 contract

Samples: Operating Agreement (U S Gold Corp)

Activities During Deadlock. If the Management Committee for any reason fails to adopt a Program and Budget, subject to the contrary direction of the Management Committee and to the receipt of necessary funds, the Manager shall be entitled to continue Operations at levels comparable with the last adopted Program and Budget. For purposes of determining the required contributions of the Participants and their respective Participating Interests, the last adopted Program and Budget shall be deemed extended.

Appears in 1 contract

Samples: Development and Operating Agreement (Apollo Gold Corp)

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