Common use of Effect of Vote Clause in Contracts

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 shall be conclusive and binding on all the Parties, except in the following cases: (A) If pursuant to this Article 5, a Joint Operation (other than an operation to fulfil the Minimum Work Obligations) has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favour of such proposal shall have the right for the appropriate period specified below to propose, in accordance with Article 7, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation: (1) For proposals related to Urgent Operational Matters, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A) (1) has expired or after receipt of the Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicable. (2) For proposals to develop a Discovery, such right shall be exercisable for thirty (30) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12. (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12.

Effect of Vote. All decisions taken by the Operating Committee pursuant to this Article 5 Article, shall be conclusive and binding on all the Parties, except in the following cases: that: (A) If pursuant to this Article 5Article, a Joint Operation (Operation, other than an operation to fulfil fulfill the Minimum Work Obligations) , has been properly proposed to the Operating Committee and the Operating Committee has not approved such proposal in a timely manner, then any Party that voted in favour of such proposal shall have the right for the appropriate period specified below to propose, propose in accordance with Article 7VII, an Exclusive Operation involving operations essentially the same as those proposed for such Joint Operation:. (1) For proposals related to Urgent Operational Mattersinvolving the use of a drilling rig that is standing by in the Contract Area, such right shall be exercisable for twenty-four (24) hours after the time specified in Article 5.12(A) (1) has expired or after receipt of the Operator’s notice given to the Parties pursuant to Article 5.13(D), as applicableexpired. (2) For proposals to develop a Discovery, such right shall be exercisable for thirty ten (3010) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12.; (3) For all other proposals, such right shall be exercisable for five (5) Days after the date the Operating Committee was required to consider such proposal pursuant to Article 5.6 or Article 5.12.