Common use of Urgency Clause in Contracts

Urgency. If, in the reasonable opinion of the General Manager, a decision which would fall under the responsibility of the Board must be taken urgently in order to save the JV Company or the JV Company’s interest from loss or damages before a Board Meeting can be convened or a written resolution by the Board can be obtained, the General Manager, upon securing at least the prior consent of one Director appointed by BRILLIANCE and one Director appointed by BMW, may make the respective decision and submit the decision to the next meeting in which the retroactive authorization of the Board shall be sought. However, the General Manager immediately shall inform the Chairman and the Vice-Chairman, in writing, about the situation of urgency and the decision which is taken.