Common use of Joint Operating Agreements Clause in Contracts

Joint Operating Agreements. Upon the issue of an Exploration License in respect of which Avenue or its Nominated Affiliate has notified its wish to acquire a Participating Interest pursuant to clause 4.3(c), Avenue or (as the case may be) the Nominated Affiliate and the other Participants shall enter into a Joint Operating Agreement relating to their respective interests therein, such agreement shall be based upon the agreed form Operating Agreement attached hereto as Schedule B, specific to the Exploration Licenses in each prosect.