Common use of New Project Approval Clause in Contracts

New Project Approval. Each New Project meeting the Majority-in- Interest Threshold shall be subject to the procedures set forth in this subsection 6.2.1 (a) Subject to 6.1.3, the Port shall, during the Term, develop any New Projects using the Capital Project Procedures. (b) The Port shall provide written notice to all Signatory Airlines, including Airline, of any proposed New Project subject to this subsection 6.2.1 and shall give the Majority-in-Interest, including Airline, an opportunity to determine whether or not to object to the proposed New Project. The Port’s notification shall include (i) a description of the New Project; (ii) drawings showing its location, to the extent available; (iii) estimates of its total capital cost; (iv) estimates of its O&M costs; (v) an explanation of the benefits it will provide;