Termination by Deadlock. If the Management Committee fails to adopt a proposed Program and Budget by the beginning of the period to which it would apply, either Participant may notify the other that it intends to terminate this Agreement if a Program and Budget is not adopted within 30 days of the date of such notice. If a Program and Budget is not adopted within such period, a Participant may elect to terminate this Agreement by giving notice of termination to the other.
Appears in 1 contract
Sources: Subscription & Option Agreement (Fronteer Development Group)
Termination by Deadlock. If the Management Committee fails to adopt a proposed Program and Budget by the beginning of the period to which it would apply, either any Participant may notify the other others that it intends to terminate this Agreement if a Program and Budget is not adopted within 30 days of the date of such notice. If a Program and Budget is not adopted within such period, a Participant may elect to terminate this Agreement by giving notice of termination to the otherothers.
Appears in 1 contract
Sources: Option Agreement (Radius Gold Inc.)
Termination by Deadlock. If the Management Committee fails to adopt a proposed Program and Budget by the beginning of the period to which it would applyapply and the non-operator does not propose a Program pursuant to section 7.03, either Participant may notify the other that it intends to terminate this Agreement if a Program and Budget is not adopted within 30 days of the date of such notice. If a Program and Budget is not adopted within such period, a Participant may elect to terminate this Agreement by giving notice of termination to the other.
Appears in 1 contract
Sources: Joint Venture Agreement (Fronteer Development Group Inc)