Common use of Management Decisions Clause in Contracts

Management Decisions. The affirmative vote of all the Representatives shall be required for decisions of the Management Committee with respect to the approval of amendments to the Development Budget and to the Development Program, approval of Cash Calls in respect of Shortfall Amounts, and with respect to the terms and condition of the Shareholders Agreement and any material Project Document or Financing Agreement. If the affirmative vote of all the Representatives cannot be obtained by the Management Committee with respect to any issue stated above, then the issue shall be referred within 7 days for resolution to a meeting comprised of one senior executive management representative from each of the Parties, each such representative to have all requisite authority to resolve the issue. All other decisions in respect of the Project shall require the affirmative vote of the Representatives who represent more than 50% of the Participation Interests. The Representatives of each Party shall cast one vote which shall be accorded the percentage weight equal to that Party’s Participation Interest in the Project.