Common use of CONDUCT PRIOR TO COMPLETION Clause in Contracts

CONDUCT PRIOR TO COMPLETION. 3.1 Business conduct prior to Completion (a) Subject to this clause 3, except where otherwise agreed by Rio Tinto or BHP Billiton, from the date of this Agreement until the JV Commencement Date, each of BHP Billiton and Rio Tinto must, and must procure that each of its Related Corporations: (i) operate its Relevant Period Iron Ore Assets in the ordinary course, independently of the other; but (ii) not dispose of its Relevant Period Iron Ore Assets otherwise than in the ordinary course, and must not grant any Security Interest over its Relevant Period Iron Ore Assets other than a Security Interest that would be permitted under clause 11 of the Joint Venture Agreement if it were in force. (b) Paragraph (a) does not restrict either BHP Billiton or Rio Tinto (or their respective Related Corporations) prior to Completion: (i) marketing and selling Iron Ore Product; or (ii) initiating or progressing: (A) any expansion capital project in respect of any Relevant Period Iron Ore Asset that is not listed in Schedule 4; or (B) any acquisition that falls within the definition of a New Opportunity. Implementation Agreement