Deadlock Put Option Sample Clauses

Deadlock Put Option. In the event of a deadlock situation as provided in the JV Agreement on matters requiring unanimous approval of the board of directors such as alteration of the constitution, change of registered capital, merger or demerger or liquidation of the JV Company, establishment or cancellation of subsidiaries, change in composition of the board of directors, profit sharing proposal and material litigations, each of TORAY and ORIX CHINA shall have the right to sell (“Deadlock Put Option”) all their shares in the JV Company to the Company at the price determined as follows: