Operating Committee Approval Clause Samples
The Operating Committee Approval clause establishes that certain decisions or actions within an agreement require the formal consent of a designated operating committee. Typically, this committee is composed of representatives from the involved parties and is tasked with reviewing and approving key operational matters, such as budget allocations, project milestones, or significant changes to the scope of work. By centralizing authority in the operating committee, this clause ensures that important decisions are made collaboratively, reducing the risk of unilateral actions and promoting transparency and accountability in the management of the agreement.
Operating Committee Approval. Upon the ISO’s issuance of a final draft study report, the Eligible Customer must proceed with its study report to the Transmission Planning Advisory Subcommittee (“TPAS”) of the ISO Operating Committee within three (3) months and to the next Operating Committee meeting following the TPAS review; provided, however, if the TPAS recommends revisions or supplements to the study report, the revised report must proceed to the next TPAS meeting following completion of such revisions, and to the next Operating Committee following the TPAS review of the revised study report. Failure to proceed with its study report to the TPAS and Operating Committee within these time frames will result in withdrawal of the Study Request.
Operating Committee Approval. To the extent such action is required by Section 4.2(k) of the Operating Agreement, each Party hereby instructs its representative on the Operating Committee to take all action necessary to approve, and by the execution of this Amendment, the Operating Committee hereby approves, the Transactions.
Operating Committee Approval. The agreements of the parties set forth herein shall have the same effect as if approved by the unanimous approval of the Operating Committee pursuant to Article III of the Program Agreement. Please acknowledge your agreement with the foregoing by executing this Letter Agreement where provided below. Very truly yours, DEPARTMENT STORES NATIONAL BANK By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Title: Citi Cards Vice President and Chief Fin. Officer, Sioux Falls, SD Agreed to by: MACY'S, INC. (fka Federated Department Stores, Inc.) By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Title: SVP, General Counsel & Secretary FDS BANK By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇▇▇▇▇ Title: President MACY'S CREDIT AND CUSTOMER SERVICES, INC. (fka FACS Group, Inc.) By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇▇▇▇▇ Title: SVP & CFO MACY'S DEPARTMENT STORES, INC. By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Title: President BLOOMINGDALE'S, INC. By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ Title: Vice President The terms "Visa Fees", "Program Accounts", "Incentive Fee", "Branding Requirement" and "Term" as used in this Letter Agreement shall have the meanings given to them in the New Co-Brand Agreement.
(a) DSNB will, before entering into any amendment with respect to the New Co-Brand Agreement, consult with the Macy's Companies with regard to the same. In addition, DSNB will obtain the prior written consent of an Macy's Company before DSNB either exercises or fails to exercise any rights under the New Co-Brand Agreement, or agrees with Visa U.S.A., Inc. to modify the New Co-Brand Agreement, in either event in any way that: (i) impacts the fees charged to DSNB on Program Accounts and/or the Incentive Fee payable by Visa under the New Co-Brand Agreement; (ii) waives, alters or limits Bank's right to exclude Program Accounts from the New Co-Brand Agreement from the Branding Requirement pursuant to Section 3.2 of the New Co-Brand Agreement; (iii) waives, alters or limits the Macy's Companies' ability to issue non-Visa branded general purpose debit accounts; or (iv) extends, reduces or otherwise affects the Term of the New Co-Brand Agreement;
(b) In the event that DSNB is required to refund to Visa U.S.A., Inc. any Incentive Fees paid to DSNB by Visa and passed by DSNB to the Macy's Companies as a result of any action taken or not taken by DSNB at the written direction of the Macy's Companies (the "Refund Amount"), the Macy's Companies will refund to DSNB the ...