Steering Committee Serving as Operator Sample Clauses

Steering Committee Serving as Operator. The JOA will initially designate as Operator a steering committee comprised of representative(s) of each of the Lead Investors and IPC (the "Steering Committee"). ITC and Bontan agree that an individual appointed by I C shall be IPC's representative on the Steering Committee. The right to appoint a member to the Steering Committee shall expire when the designating holder(s) shall hold an aggregate Ownership WI Point of less than 7.0%. Each member of the Steering Committee shall have the voting power equal to the Ownership WI Points of the Party appointing said member. If the Lead Investors determine that it would be appropriate to add EMedCo and/or ▇▇▇▇▇ ▇▇▇▇▇ to the Steering Committee, IPC will agree to such designation and the number of members of the Steering Committee shall be increased. The JOA shall also provide that resolutions of the Steering Committee shall be determined by a vote of two or more members, representing at least a majority of the Ownership WI Points, calculated on a License-by-License basis including the affirmative vote of the Lead Investors (as long as each Lead Investor holds 50% of its original interests). It is agreed that the Steering Committee shall not have the authority to require any party to dispose of, encumber or take any action with respect to its ownership interest in the Licenses and Permit, other than as provided herein below or in the JOA. Steering Committee meetings will be held when requested by a Party represented on the Steering Committee owing at least 7.0 Ownership WI Points on at least 4 days notice to the other parties. Each Party shall bear all costs pertaining to its representatives' participation in the Steering Committee meetings including travel, lodging etc., provided however, the costs of the participation or EMetco and/or ▇▇▇▇▇ ▇▇▇▇▇, if applicable, will be borne by the Parties in accordance with and prorated to their Ownership WI Points. The Party requesting the meeting shall circulate to the other members of the Steering Committee an agenda at least 24 hours in advance of the meeting. The steering Committee will provide for the retention of an independent accounting firm selected from one of the "big 4" accounting firms.