Common use of Expedited Process Clause in Contracts

Expedited Process. (a) The expedited process set out in this clause 3.4 applies to a proposal to amend this agreement if the Operator considers that the proposed amendments: (i) are of a minor or administrative nature; or (ii) relate to a matter that, if not addressed urgently, will result in that matter imminently prejudicing or threatening the effective operation of the Exchange. (b) The notice to be published under clause 3.2(b)(ii) must: (i) invite Members and other interested persons to submit written comments on the proposal to the Operator on or before the date specified in the notice (which must be at least 10 Business Days after the date of the notice); and (ii) specify a date (the proposed effective date) for the proposed amendment to take effect. (c) After the closing date for submissions, the Operator must, by notice published on its website, do one of the following: (i) confirm the proposal and either confirm the proposed effective date or specify a later effective date; (ii) amend the proposal and either confirm the proposed effective date or specify a later effective date; (iii) defer a decision on the proposal and provide for further consultation before the final decision on the proposal is made; or (iv) withdraw or reject the proposal. (d) The Operator must give as much notice of the expedited amendment as is reasonably practicable before it takes effect, by: (i) notifying each Member and the AER of the amendment; and (ii) publishing the amendment and the amended Exchange Agreement on its website.