Common use of Approval of Proposed Programs and Budgets Clause in Contracts

Approval of Proposed Programs and Budgets. At the meeting of the Board, the Representatives of each Shareholder shall submit in writing to the Board whether such Representatives (a) approve the proposed Program and Budget, (b) propose modifications to the proposed Program and Budget, or (c) reject the proposed Program and Budget. If the Representatives of a Shareholder do not approve the proposed Program and Budget, then the Board shall call another meeting to be held within 15 calendar days after the first meeting to consider the Program and Budget and to vote on a revised Program and Budget. During such 15 calendar day period, the Operator shall negotiate in good faith with the Representatives to develop a revised Program and Budget that is acceptable to all of the Representatives, and shall deliver its revised Program and Budget to the Representatives at or before the subsequent meeting. At the subsequent meeting to again vote on the Program and Budget (taking into account any revisions proposed by the Representatives during the negotiation period), the Representatives of each Shareholder shall vote to either accept or reject the revised Program and Budget, but may not propose additional modifications. If one or more Representatives do not attend any meeting of the Board, the purpose of which is to review and approve a Program and Budget or an Amendment, then the Representatives present at the meeting may approve the proposed Program and Budget by a simple majority vote, but no other action may be taken at the meeting.

Approval of Proposed Programs and Budgets. At On or before December 1 of each year after submission of a proposed Program and Budget (including any updates to the Initial Program and Budget) at a meeting of the BoardManagement Committee to be held at the principal office of the Manager, or at such other place as the Representatives shall agree, the Representatives of each Shareholder Member shall submit in writing to the Board whether such Representatives Management Committee: (a) that the Representatives of such Member approve the proposed Program and Budget, (b) propose proposed modifications to the proposed Program and Budget, ; or (c) that the Representatives of such Member reject the proposed Program and Budget. If the Representatives of a Shareholder Member do not approve the proposed Program and Budget, then the Board Management Committee shall call another meeting seek to be held within 15 calendar days after the first meeting to consider the develop a Program and Budget and to vote on a revised Program and Budget. During such 15 calendar day period, the Operator shall negotiate in good faith with the Representatives to develop a revised Program and Budget that is acceptable to all of the Representatives, and shall deliver its revised Program and Budget to the Representatives at or before the subsequent meeting. At the subsequent meeting to again vote on the Program and Budget (taking into account any revisions proposed by the Representatives during the negotiation period), the Representatives of each Shareholder shall vote to either accept or reject the revised Program and Budget, but may not propose additional modificationsMember. If one or more Representatives do not of a Member fail to attend any meeting of the Board, Management Committee the purpose of which is to review and approve a Program and Budget Budget, then such meeting shall be postponed to the same place and time on a date that is not less than five (5) Business Days after that date of the original meeting, and written notice of such postponed meeting shall be provided by the Company to the Representatives of each Member. If one or an Amendmentmore Representatives of a Member fail to attend any such postponed meeting, then the Representatives present of the Members at the such postponed meeting may approve the proposed Program and Budget by a simple majority voteBudget; provided, but that no other action may be taken at the such postponed meeting.. AMENDED AND RESTATED LLC AGREEMENT OF EUREKA MOLY, LLC – Page 36