Common use of Resolution Committee Clause in Contracts

Resolution Committee. Either Party may request at any time a finding by the resolution committee (the "Resolution Committee") to attempt to resolve disputes arising hereunder. The Resolution Committee shall be comprised of three members, consisting of two (2) members designated by the TransTexas Board of Directors and one (1) member designated by the NEG Board of Directors; provided that the designated representatives of the TransTexas Board of Directors shall not be Affiliates of NEG and the designated representatives of NEG shall not be Affiliates of TransTexas. The Resolution Committee shall designate one member by majority vote who shall act as the Chairman. The Board of Directors of either Party may submit any dispute to the Resolution Committee by written request to the chairman of the Resolution Committee, who shall, within twenty (20) days thereafter call a meeting of the Resolution Committee. The Resolution Committee shall attempt to resolve the dispute, provided, however, that the finding of the Resolution Committee shall not be binding upon either Party unless unanimously agreed. If within thirty (30) days after the Resolution Committee is convened, the Resolution Committee is unable to reach a unanimous agreement on resolution of the dispute, then either Party may pursue its legal and equitable remedies in the Bankruptcy Court. This Section 9.2 shall survive the termination of this Agreement.

Resolution Committee. Either Party may request at any time a finding by the resolution committee (the "“Resolution Committee"”) to attempt to resolve disputes arising hereunder. The Resolution Committee shall be comprised of three members, consisting of two (2) members designated by the TransTexas Panaco Board of Directors and one (1) member designated by the NEG Board of Directors; provided that the designated representatives of the TransTexas Board of Directors shall not be Affiliates of NEG and the designated representatives of NEG shall not be Affiliates of TransTexas. The Resolution Committee shall designate one member by majority vote who shall act as the Chairman. The Board of Directors of either Party may submit any dispute to the Resolution Committee by written request to the chairman of the Resolution Committee, who shall, within twenty (20) days thereafter call a meeting of the Resolution Committee. The Resolution Committee shall attempt to resolve the dispute, provided, however, that the finding of the Resolution Committee shall not be binding upon either Party unless unanimously agreed. If within thirty (30) days after the Resolution Committee is convened, the Resolution Committee is unable to reach a unanimous agreement on resolution of the dispute, then either Party may pursue its legal and equitable remedies in the Bankruptcy CourtCourt or other court of competent jurisdiction. This Section 9.2 10.2 shall survive the termination of this Agreement.