Common use of Activities During Deadlock Clause in Contracts

Activities During Deadlock. Subject to the contrary direction of the Management Committee and to the receipt of necessary funds, if (i) the Management Committee for any reason fails to adopt a Program and Budget, or if, (ii) a Member elects to contribute to an adopted Program and Budget in some lesser amount than its respective Ownership Interest, or not at all, and the other Member is not required to, and decides not to, advance an Elected Loan in accordance with Section 4.1, then, with respect to clause 9.7(ii), the adopted Program and Budget shall be deemed rescinded, and, with respect to both clauses 9.7(i) and (ii), the Manager shall continue Operations at levels comparable with the last adopted Program and Budget but in no event at levels which do not fully provide for the minimum holding costs of the Properties. For purposes of determining the required contributions of the Members and their respective Ownership Interests, the last adopted Program and Budget shall be deemed extended.