Common use of Deadlock Event Clause in Contracts

Deadlock Event. 14.1.1 There is a deadlock if a resolution is proposed to the General Meeting, but such resolution is not adopted within two (2) sequential General Meetings, to be held within 3 (three) months from the moment such matter was first discussed in the General Meeting, as a result of (i) insufficient affirmative votes by the Shareholders, or (ii) the relevant quorum for a General Meeting not being present, resulting in a material adverse effect on the interest of the Group and its business, (a "Deadlock Event"). In the event that the Shareholders do not reach agreement on whether an event qualifies as a Deadlock Event, the Management Board shall determine whether a Deadlock Event has occurred. The provisions of Clauses 14.2 (Deadlock Notice) and 14.3 (Cooling down procedure) shall apply if a Deadlock Event is deemed to have occurred. 14.1.2 Each of the Parties shall use their reasonably best efforts and act in good faith to prevent a Deadlock Event.

Deadlock Event. ‌ 14.1.1 There is a deadlock if a resolution is proposed to the General Meeting, but such resolution is not adopted within two (2) sequential General Meetings, to be held within 3 (three) months from the moment such matter was first discussed in the General Meeting, as a result of (i) insufficient affirmative votes by the Shareholders, or (ii) the relevant quorum for a General Meeting not being present, resulting in a material adverse effect on the interest of the Group and its business, (a "Deadlock Event"). In the event that the Shareholders do not reach agreement on whether an event qualifies as a Deadlock Event, the Management Board shall determine whether a Deadlock Event has occurred. The provisions of Clauses 14.2 (Deadlock Notice) and 14.3 (Cooling down procedure) shall apply if a Deadlock Event is deemed to have occurred. 14.1.2 Each of the Parties shall use their reasonably best efforts and act in good faith to prevent a Deadlock Event.