Common use of FEASIBILITY REPORT Clause in Contracts

FEASIBILITY REPORT. 8.1 Upon the completion of a Feasibility Report which recommends commencement of Commercial Production, the Operator shall present the Feasibility Report to the Participants. A meeting of the Management Committee shall be convened to approve the Program and budget based on the Feasibility Report (the “FR Program and Budget”). At least sixty (60) days prior to such meeting of the Management Committee, the proposed FR Program and Budget shall be prepared by the Operator and submitted to the Participants. Within thirty (30) days of receipt of the FR Program and Budget, the Participants may submit written comments to the Operator detailing revisions or modifications that they would like to have made to the FR Program and Budget. If such written comments are received, the Operator, working with the other Participant and the authors of the Feasibility Report, shall seek for a period of time not to exceed twenty (20) days, to develop a revised FR Program and Budget acceptable to both Participants. The Operator shall submit any revised FR Program and Budget to the Participants at least ten (10) days prior to the meeting of the Management Committee to consider the proposed FR Program and Budget. The adoption of the FR Program and Budget shall require a vote of at least sixty percent (60%) approval.