Common use of Failure to Vote or Make an Election Clause in Contracts

Failure to Vote or Make an Election. A Vote or Election to participate in a proposal is evidenced by a Party making a written affirmative response to the proposal or by a Party’s execution of the AFE associated with the proposal. Except as otherwise provided in this Agreement, a Vote or Election not to participate in a proposal is evidenced by a Party’s written negative response to the proposal, a Party’s failure to make a timely written affirmative response to the proposal or to timely execute the AFE associated with the proposal, or a Party’s failure to timely make a subsequent Vote or Election under Article 8.3 (Second Opportunity to Participate).