Common use of Failure of Distribution Clause in Contracts

Failure of Distribution. (a) If for any reason the Distribution has not been consummated in accordance with all applicable legal requirements within 24 months of the date of this Agreement, then and in such event the Trustee shall be authorized to sell the OnSource Shares in any manner that the Trustee may determined, in his sole judgment, to be commercially reasonable. Disposition of the OnSource Shares may be made by public or private proceedings and may be made by way of one or more contracts. Sale or other disposition of the OnSource Shares may be made as a unit or in divisional interests in such shares. In each event, the method, manner, time, place and terms of such sale or other disposition shall be determined by the Trustee. In no event shall the Trustee be personally liable for any action taken or omitted to be taken under this Agreement provided that such commission or omission does not constitute willful misconduct or gross negligence.

Failure of Distribution. (a) If for any reason the Distribution has not been consummated in accordance with all applicable legal requirements within 24 months of the date of this Agreement, then and in such event the Trustee shall be authorized to sell the OnSource Founders Shares in any manner that the Trustee may determineddetermine, in his sole judgment, to be commercially reasonable. Disposition of the OnSource Founders Shares may be made by public or private proceedings and may be made by way of one or more contracts. Sale or other disposition of the OnSource Founders Shares may be made as a unit or in divisional interests in such shares. In each event, the method, manner, time, place and terms of such sale or other disposition shall be determined by the Trustee. In no event shall the Trustee be personally liable for any action taken or omitted to be taken under this Agreement provided that such commission or omission does not constitute willful misconduct or gross negligence.