Common use of Consent Process Clause in Contracts

Consent Process. (i) In the event the Trustee is required to obtain the consent of the NAS Representative pursuant to section 2.2(h) above, the Trustee shall provide the NAS Representative with a written notice stating that their consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustee proposes to take, and explaining in detail the reasons why the Trustee desires to take such action. The Trustee shall provide the NAS Representative as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances. The Trustee shall also provide the NAS Representative and the NAS Representative Professionals with such reasonable access to the Trust Professionals as the NAS Representative may reasonably request during the time that the Trustee is considering such action, and shall also provide the NAS Representative the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustee. (ii) The NAS Representative must consider in good faith and in a timely fashion any request for its consent by the Trustee, and must in any event advise the Trustee in writing of its consent or its objection to the proposed action within thirty (30) days of receiving the original request for consent from the Trustee, or within such additional time as the Trustee and the NAS Representative may agree. The NAS Representative may not withhold its consent unreasonably. If the NAS Representative decides to withhold its consent, it must explain in detail its objections to the proposed action. If the NAS Representative does not advise the Trustee in writing of its consent or its objections to the action within thirty (30) days of receiving notice regarding such request (or the additional time period agreed to by the Trustee and the NAS Representative), the NAS Representative’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this section 6.7(b), the NAS Representative continues to object to the proposed action and to withhold its consent to the proposed action, the Trustee and the NAS Representative shall resolve their dispute pursuant to section 8.15. However, the burden of proof with respect to the reasonableness of the NAS Representative’s objection and withholding of its consent shall be on the NAS Representative.

Consent Process. (i) In the event the Trustee is required to obtain the consent of the NAS Representative PI Committee pursuant to section 2.2(h) above, the Trustee shall provide the NAS Representative PI Committee with a written notice stating that their its consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustee proposes to take, and explaining in detail the reasons why the Trustee desires to take such action. The Trustee shall provide the NAS Representative PI Committee as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances. The Trustee shall also provide the NAS Representative PI Committee and the NAS Representative PI Committee Professionals with such reasonable access to the Trust Professionals as the NAS Representative PI Committee may reasonably request during the time that the Trustee is considering such action, and shall also provide the NAS Representative PI Committee the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustee. (ii) The NAS Representative PI Committee must consider in good faith and in a timely fashion any request for its consent by the Trustee, and must in any event advise the Trustee in writing of its consent or its objection to the proposed action within thirty (30) days of receiving the original request for consent from the Trustee, or within such additional time as the Trustee and the NAS Representative PI Committee may agree. An action of the PI Committee shall require approval by at least a majority of the PI Committee. The NAS Representative PI Committee may not withhold its consent unreasonably. If the NAS Representative PI Committee decides to withhold its consent, it must explain in detail its objections to the proposed action. If the NAS Representative PI Committee does not advise the Trustee in writing of its consent or its objections to the action within thirty (30) days of receiving notice regarding such request (or the additional time period agreed to by the Trustee and the NAS RepresentativePI Committee), the NAS RepresentativePI Committee’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this section 6.7(b5.7(b), a majority of the NAS Representative PI Committee continues to object to the proposed action and to withhold its consent to the proposed action, the Trustee and the NAS Representative PI Committee shall resolve their dispute pursuant to section 8.15. However, the burden of proof with respect to the reasonableness of the NAS RepresentativePI Committee’s objection and withholding of its consent shall be on the NAS RepresentativePI Committee.

Consent Process. (i) In the event the Trustee is required to obtain the consent of the NAS Futures Representative pursuant to section 2.2(hSection 2.2(f) above, the Trustee shall provide the NAS Futures Representative with a written notice stating that their his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustee proposes to take, and explaining in detail the reasons why the Trustee desires to take such action. The Trustee shall provide the NAS Futures Representative as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances. The Trustee shall also provide the NAS Futures Representative and the NAS Representative Professionals with such reasonable access to the Trust Professionals and other experts retained by the PI Trust and its staff (if any) as the NAS Futures Representative may reasonably request during the time that the Trustee is considering such action, and shall also provide the NAS Futures Representative the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustee. (ii) The NAS Futures Representative must consider in good faith and in a timely fashion any request for its his or her consent by the Trustee, and must in any event advise the Trustee in writing of its his or her consent or its objection to the proposed action within thirty (30) days of receiving the original request for consent from the Trustee, or within such additional time as the Trustee and the NAS Representative may agree. The NAS Futures Representative may not withhold its his or her consent unreasonably. If the NAS Futures Representative decides to withhold its consent, it he or she must explain in detail its his or her objections to the proposed action. If the NAS Futures Representative does not advise the Trustee in writing of its his or her consent or its objections to the proposed action within thirty (30) days of receiving the notice from the Trustee regarding such request (or the additional time period agreed to by the Trustee and the NAS Representative)consent, the NAS Futures Representative’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this section 6.7(bSection 6.6(b), the NAS Futures Representative continues to object to the proposed action and to withhold its consent to the proposed action, the Trustee and and/or the NAS Futures Representative shall resolve their dispute pursuant to section 8.15Section 7.13. However, the burden of proof with respect to the reasonableness validity of the NAS Futures Representative’s objection and withholding of its his or her consent shall be on the NAS Futures Representative.

Consent Process. (i) In the event the Trustee is required to obtain the consent of the NAS Representative FCR pursuant to section 2.2(hSection 2.2(f) above, the Plan, the TDP, or otherwise, the Trustee shall provide the NAS Representative FCR with a written notice stating that their his or her consent is being sought pursuant to that provision, describing in detail the nature and scope of the action the Trustee proposes to take, and explaining in detail the reasons why the Trustee desires to take such action. The Trustee shall provide the NAS Representative FCR as much relevant additional information concerning the proposed action as is reasonably practicable under the circumstances. The Trustee shall also provide the NAS Representative and the NAS Representative Professionals FCR with such reasonable access to the Trust Professionals and other experts retained by the Asbestos Trust and its staff (if any) as the NAS Representative FCR may reasonably request during the time that the Trustee is considering such action, and shall also provide the NAS Representative FCR the opportunity, at reasonable times and for reasonable periods of time, to discuss and comment on such action with the Trustee. (ii) The NAS Representative FCR must consider in good faith and in a timely fashion any request for its his or her consent by the Trustee, and must in any event advise the Trustee in writing of its his or her consent or its objection to the proposed action within thirty (30) days of receiving the original request for consent from the Trustee, or within such additional time as the Trustee and the NAS Representative FCR may agree. The NAS Representative FCR may not withhold its his or her consent unreasonably. If the NAS Representative FCR decides to withhold its consent, it he or she must explain in detail its his or her objections to the proposed action. If the NAS Representative FCR does not advise the Trustee in writing of its his or her consent or its objections to the proposed action within thirty (30) days of receiving the notice from the Trustee regarding such request consent (or the additional time period agreed to by the Trustee and the NAS RepresentativeFCR), the NAS RepresentativeFCR’s consent to the proposed actions shall be deemed to have been affirmatively granted. (iii) If, after following the procedures specified in this section 6.7(bSection 6.6(b), the NAS Representative FCR continues to object to the proposed action and to withhold its consent to the proposed action, the Trustee and the NAS Representative FCR shall resolve their dispute pursuant to section 8.15Section 7.13. However, the burden of proof with respect to the reasonableness validity of the NAS RepresentativeFCR’s objection and withholding of its his or her consent shall be on the NAS RepresentativeFCR.