Common use of Deadlock Notice Clause in Contracts

Deadlock Notice. If a Deadlock Event occurs and cannot be resolved by the Shareholders within 20 Business Days after the date on which a Deadlock Event occurs, any Shareholder may give written notice to the other Shareholders stating that the remaining provisions of this clause will apply in relation to that Deadlock Event (a Deadlock Notice). To be valid, a Deadlock Notice must be given within 10 Business Days after the end of the 20 Business Day period referred to above. If on the expiry of the 10 Business Day period referred to above, neither Shareholder has given a Deadlock Notice in relation to a Deadlock Event, that Deadlock Event will be deemed to have lapsed. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Joint Venture and Shareholders Agreement 44

Deadlock Notice. If a Deadlock Event occurs and cannot be resolved by the Shareholders Security Holders within 20 twenty (20) Business Days after the date on which a Deadlock Event occurs, any either Founding Shareholder may give written notice to the other Shareholders Founding Shareholder stating that the remaining provisions of this clause 23 will apply in relation to that Deadlock Event (a Deadlock Notice). To be valid, a Deadlock Notice must be given within 10 ten (10) Business Days after the end of the 20 twenty (20) Business Day Days period referred to above. If If, on the expiry of the 10 ten (10) Business Day Days period referred to above, neither no Founding Shareholder has given a Deadlock Notice in relation to a Deadlock Event, that Deadlock Event will be deemed to have lapsed. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Joint Venture and Shareholders Agreement 44lapsed.‌