Common use of Deliberations Clause in Contracts

Deliberations. The proposals for deliberation are forwarded by the Operator to the Operational Committee. Any issue related to the Consortium may be aroused by another member of the Committee. The information necessary for the deliberation on the issue should be sent to the other Parties within a period of no less than 15 (fifteen) days after the date of the meeting. The topics listed in the Table of Powers and Deliberations shall be defined in relation to its approval from the quorum of Consortium Members with right to vote present at meetings, except for the provisions in paragraph 1.14. The percentages to be achieved for that matter to be considered as approved, within the framework of the Consortium, shall be calculated in accordance with the following procedures. Deliberations for which the column of decisions is marked with "D1" will be the percentage of decision equal to 91%. Deliberations for which the column of decisions is marked with "D2" will be the percentage of decision equal to 82.5%. Deliberations for which the column of decisions is marked with "D3" will be the percentage of decision equal to 32.5%, but the Managing Party does not have the right to vote. In the deliberation on the Declaration of Commerciality, for which the column of decisions is marked with "D4", the deliberation will be as follows: If there is vote in favor of the Operator, the Operational Committee shall declare the Commerciality of the Mine. The Operational Committee may declare the Commerciality of the Mine in absentia of the Operator, provided the Managing Party and one member of the Consortium, qualified as "Level A Operator" in the manner required by ANP, vote in favor. If the Declaration of Commerciality is proposed before the end scheduled for the Discovery Evaluation phase, the decision regarding the Declaration of Commerciality should be a type D1 decision.