Common use of Protocol Amendments Clause in Contracts

Protocol Amendments. 20.1. Subject to Article 20.2, this Protocol may only be amended with the agreement of GGYC, the Challenger of Record and a majority of the Competitor Forum. 20.2. GGYC, in its capacity as trustee of the America’s Cup, shall unilaterally amend this Protocol if required to do so to meet the requirements of any authority having jurisdiction over the Deed of Gift. 20.3. If this Protocol is changed pursuant to Article 20.1 after a challenge for AC35 has been received by GGYC but before GGYC has accepted or rejected such challenge, the applicant may withdraw its challenge by written notice to GGYC within two (2) calendar days of being notified of the Protocol change, in which case all monies paid by the applicant with its challenge shall be refunded in full. If the applicant does not withdraw its challenge within the two (2) calendar days, its challenge for AC35 shall be considered to have been made under the revised Protocol.