Deadlock on Proposed Programs and Budgets. Decision of a Member not to Fund other Members Share. If: (i) the Members, acting through the Management Committee, fail to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, or, if (ii) a Member elects to contribute to an adopted Program and Budget in some lesser amount than its respective Ownership Interest, or not at all, and the other Member is not required to, and decides not to, advance an Elected Loan in accordance with Section 4.1, then the provisions of Section 9.7 shall apply.
Appears in 1 contract
Sources: Members Agreement (U S Gold Corp)
Deadlock on Proposed Programs and Budgets. Decision of a Member not to Fund other Members Member's Share. If:
(i) the Members, acting through the Management Committee, fail to approve a Program and Budget by the beginning of the period to which the proposed Program and Budget applies, or, if
(ii) a Member elects to contribute to an adopted Program and Budget in some lesser amount than its respective Ownership Interest, or not at all, and the other Member is not required to, and decides not to, advance an Elected Loan in accordance with Section 4.1, then the provisions of Section 9.7 shall apply.
Appears in 1 contract
Sources: Operating Agreement (U S Gold Corp)