Decision to Develop Sample Clauses
Decision to Develop. For [**] from the date of the First Commercial Sale of a Finished Product in the Territory if either Party or its Affiliates (such Party, the “Developing Party”) wishes, directly or indirectly, to develop for sale, or sell, in the Territory [**] the Developing Party shall provide written notice and a detailed information package concerning such [**] to the other Party. Within [**] days of receipt of such notice and information package the other Party shall notify the Developing Party in writing if it wishes to participate in the development or acquisition of such [**] pursuant to the terms and conditions of this Agreement (the “Initial Notice”). If the other Party provides an Initial Notice, then such [**]. If the other Party does not provide an Initial Notice within [**] days of receipt of the notice and information package from the Developing Party, then [**].
Decision to Develop. 16.1 Kalimantan Gold will give notice to Gladioli and BML forthwith upon completion of a Final Feasibility Study on the basis of which a Development Decision has been made, and shall provide Gladioli and BML with a copy of the Final Feasibility Study.
16.2 Following a Development Decision being made in respect of the ▇▇▇▇▇ gold deposit, BML shall (and Zedex shall procure that BML shall) make additional one-off payments to Gladioli as follows (with such payments comprising part of the acquisition cost of BML’s interest in the Bau Project):
(a) US$500,001 (United States Dollars Five Hundred Thousand and One) upon the ▇▇▇▇▇ gold deposit mine achieving 75% of the maximum rated capacity of the plant; and
(b) US$500,001 (United States Dollars Five Hundred Thousand and One) six months after the ▇▇▇▇▇ gold deposit mine achieving 75% of the maximum rated capacity of the plant (provided that such mine has operated continuously at or above such capacity for such period).
16.3 As soon as possible following a Development Decision, Kalimantan Gold shall adopt a Project Programme for the first 12 months of the relevant Project. Kalimantan Gold shall adopt an updated Project Programme for the relevant Project for each following 12-month period not less than 3 months prior to each anniversary of the Development Decision. The provisions of sub-clauses 12.1(c), (d), (e), (f), 12.2, 12.3 and 12.5 shall apply to Development Expenditure and each Project Programme in the same manner as they apply to Exploration Expenditure and each Exploration Programme.