Common use of Pass-mark Clause in Contracts

Pass-mark. Unless otherwise provided in this Agreement, all decisions of the Operating Committee shall be made by the affirmative vote of [the Party or Parties] [at least … Parties] who are not Affiliates having individually or in aggregate Percentage Interests of not less than per cent (..%) provided that the surrender of acreage within the Licence Area or the surrender or abandonment of the Licence shall require the unanimous agreement of all the Parties. In the event of a change of any Party's Percentage Interest at the request of any Party, the Parties shall meet to discuss whether a revision of the voting rules in Section 5.7.2 is required. Any such revision shall be subject to the approval of the Danish Energy Agency.

Appears in 2 contracts

Samples: Joint Operating Agreement, Joint Operating Agreement

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Pass-mark. Unless otherwise provided in this Agreement, all decisions of the Operating Committee shall be made by the affirmative vote of [the Party or Parties] [at least … Parties] who are not Affiliates Affili- ates having individually or in aggregate Percentage Interests of not less than per cent (..%) provided that the surrender of acreage within the Licence Area or the surrender or abandonment aban- donment of the Licence shall require the unanimous agreement of all the Parties. In the event of a change of any Party's Percentage Interest at the request of any Party, the Parties shall meet to discuss whether a revision of the voting rules in Section 5.7.2 4.7.2 is required. Any such revision re- vision shall be subject to the approval of the Danish Energy Agency.

Appears in 2 contracts

Samples: Joint Operating Agreement, Joint Operating Agreement

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