GPXM Clause Samples
GPXM. Scorpio US and the Company each agrees to deliver to Beneficiary a copy of any notice of termination, breach or default that exists, arises or is delivered under the Company Agreements.
GPXM and Scorpio US wish to organize and operate a limited liability company under the Nevada Limited Liability Company Act, codified in the Nevada Revised Statutes, Chapter 86, et seq., as the same may be amended from time to time (the “Act”), to which each shall agree to contribute its respective ownership interests in the Properties and certain other Assets, to own the Properties and conduct the operations thereon contemplated by Recital B. The name of the limited liability company shall be Mineral Ridge Gold, LLC (the “Company”) and its affairs shall be governed by that certain Operating Agreement of Mineral Ridge Gold, LLC, to be dated as of the date of Closing (the “LLC Agreement”), in substantially the form attached hereto as Attachment 3 .
GPXM. Scorpio US and the Company agree that the amended definition of Commercial Production shall be used and applied in all instances in the Operating Agreement. GPXM and Scorpio US, as the sole members of the Company, together with the Company, further agree that the Operating Agreement, as amended hereby, is ratified, confirmed, continued and shall remain effective in accordance with its terms.