Activities During Deadlock. Subject to the contrary direction of the Management Committee and the receipt of necessary funds, if the Management Committee for any reason fails: (i) to adopt an Exploration Program and Budget, a pre-Feasibility Study, a Feasibility Study or a Development Program and Budget, then the Manager shall continue Operations at levels sufficient to maintain the Properties; (ii) to adopt an initial Mining Program and Budget or any Expansion or Modification Program and Budget, then the Manager shall continue Operations at levels sufficient to maintain the then current Operations and Properties; or (iii) to adopt Mining Programs and Budgets subsequent to the initial Mining Program and Budget, then the Manager shall continue Operations at levels comparable with the last adopted Mining Program and Budget.
Appears in 2 contracts
Sources: Limited Liability Company Operating Agreement, Limited Liability Company Operating Agreement (Uranium Energy Corp)